The commercial office space market in India is witnessing a enormous change in 2020.
THE DEMAND FOR COMMERCIAL OFFICE SPACE PROPERTIES IS MOUNTING UP DAY BY DAY. THERE IS A HUGE POTENTIAL GROWTH IN END USERS AND INVESTORS ALIKE. earlier the government retired personale use to put their providend fund money into banks but now they are investing it as the commercial properties are offering good returns along with assured rentals.
After Make In India Program, it is really happening that India is becoming one of the biggest destination for investments. The G.D.P of India is highest among the world for the 2018. Today everyone is eagerly looking to ace up their investments in the commercial real estate market.
Thanks to the tremendous growth of Tier 1 and Tier 2 cities of India that are absorbing the ever-changing corporate environment. The demand for bigger as well as better office spaces by national and multinational companies are swiftly surging in these areas.
LISTED HERE BELOW ARE SOME TRENDS THAT ARE FRUITFUL IN SHAPING THE COMMERCIAL OFFICE SPACE MARKET IN 2020:
1. Emerging trend of Co-working places managed by Multinationals and Indian Players:
The days are gown when co-working or shared workplaces were only looked upon by the start-ups and Small companies or those who just want to put an address on their website. Today there are many multinationals and indian players that are providing high end office space services in Co-working place.
The perks of superior infrastructure, flexible work environment, Pantry, cleaning services etc are playing wonders. Moreover, it also has the advantage of reducing their operational costs. Due this many bareshell commercial spaces are now seeing occupancy.
2. Role of Technology:
The latest technology-powered office solutions are the game changer for the Indian corporate real estate sector. This new trend of having robot receptionists, wireless AV systems, parking services based on apps, intuitive meeting rooms are driving the future growth of commercial estate in India. These technological innovations are propelling the corporate world.
3. Leasing is more favorable as Buying:
The past few years have witnessed many companies opting to lease a commercial properties in Tier I and Tier II cities instead of buying them. Buying is a one-time investment which will increase fixed investment for the company. Rather than buying a space companies are love to rotate their money in their business to generate good profit.
Partnering with co-working brands gives an opportunity to the occupants to enjoy a vibrant work environment and get agile workplaces. It also turns out to be a good networking source. The terms are very cost-effective.
4. Space Efficiency is helping to Boost Operational Efficiency:
These days the corporate giants are combining their several office spaces into one.
They want their space to be resourceful. This helps them to save overhead costs. As a result, now there is a requirement of bigger office spaces to accommodate staff members from multiple office locations.
5. The Well Being Aspect for Employees is moving Fast:
Corporate giants have started giving due importance to “Wellness”. They want their employees to be sound and healthy. Thus they look forward to only those projects that possess the label of “Well Certified” to ensure the wellness of the occupants.
6. Revision on Lease Period is taking the Tempo High:
The lease period for office spaces has now been extended up to 12 or 15 years as against the earlier term of 9 years. This is enabling the tenants to save on rent and secure occupancy rights.
Studies reveal that last year in 2019 even Non-IT companies like healthcare, biotech, telecom, consultancy businesses, and others actively showed interest to occupy the commercial office space market in India