Software services giant Cognizant has appointed real estate management firm JLL as an adviser to find buyers for leasehold land tied to its globally largest facility by area located in Chennai, according to three people familiar with the matter. The move to exit its Siruseri, Chennai facility comes after Cognizant in May unveiled a restructuring plan to cut costs by $400 million in two years, including giving up 11 million square feet in office space, or around 80,000 seats. Teaneck, New Jersey-based Cognizant, which has two campuses in the facility owned by the State Industries Promotion Corporation of Tamil Nadu (SIPCOT), holds a long-term lease on the land which it plans to sell, one of the sources added.
The current economic environment is creating challenges for investors and occupiers to make the case for investing in retrofitting and futureproofing their real estate. JLL's new The Commercial Case for Making Buildings More Sustainable report outlines three key factors that should be prioritized in occupiers' and owners' decision-making to create a more resilient and sustainable built environment.
The holiday shopping season's marquee event is finally here: Black Friday. Retailers begin their promotions earlier and earlier every year, with stores pushing discounts as early as October in 2023. Jones Lang LaSalle Incorporated (JLL) President of Retail Naveen Jaggi joins Yahoo Finance Live to talk retail sales data and the strength of the US consumer. The US consumer is as resilient as ever, and they have proven time and time again, they will spend when given the opportunity to spend, and no better example than when we came out of the pandemic... when we saw the whiplash at a mass of 60-70% year-over-year in holiday sales from 2020 to 2021," Jaggi says. "Look for the US consumer to surprise us this holiday season, I predict between 5 and 6% above last year's trends." For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.