THE DEMAND FOR COMMERCIAL OFFICE SPACE PROPERTIES ISMOUNTING UP DAY BY DAY. THERE IS A HUGE POTENTIAL GROWTH IN END USERS ANDINVESTORS ALIKE. earlier the government retired personale use to put theirprovidend fund money into banks but now they are investing it as the commercialproperties are offering good returns along with assured rentals.
After Make In IndiaProgram, it is really happening that India is becoming one of the biggest destination for investments. TheG.D.P of India is highest among the world for the 2018. Today everyone is eagerlylooking to ace up their investments in the commercial real estate market.
Thanks to thetremendous growth of Tier 1 and Tier 2 cities of India that are absorbing theever-changing corporate environment. The demand for bigger as well as betteroffice spaces by national and multinational companies are swiftly surging inthese areas.
LISTED HERE BELOW ARE SOME TRENDS THAT ARE FRUITFUL IN SHAPING THE COMMERCIAL OFFICE SPACEMARKET IN 2020:
1. Emerging trend of Co-working places managed by Multinationals and Indian Players:
The days are gown whenco-working or shared workplaces were only looked upon by the start-ups andSmall companies or those who just want to put an address on their website.Today there are many multinationals and indian players that are providing highend office space services in Co-working place.
The perks of superiorinfrastructure, flexible work environment, Pantry, cleaning services etc areplaying wonders. Moreover, it also has the advantage of reducing theiroperational costs. Due this many bareshell commercial spaces are now seeingoccupancy.
2. Role of Technology:
The latesttechnology-powered office solutions are the game changer for the Indiancorporate real estate sector. This new trend of having robot receptionists,wireless AV systems, parking services based on apps, intuitive meeting roomsare driving the future growth of commercial estate in India. Thesetechnological innovations are propelling the corporate world.
3. Leasing is morefavorable as Buying:
The past few yearshave witnessed many companies opting to lease a commercial properties in Tier Iand Tier II cities instead of buying them. Buying is a one-time investment whichwill increase fixed investment for the company. Rather than buying a space companiesare love to rotate their money in their business to generate good profit.
Partnering withco-working brands gives an opportunity to the occupants to enjoy a vibrant workenvironment and get agile workplaces. It also turns out to be a good networkingsource. The terms are very cost-effective.
4. Space Efficiency ishelping to Boost Operational Efficiency:
These days thecorporate giants are combining their several office spaces into one.
They want their space to be resourceful. This helps them to save overheadcosts. As a result, now there is a requirement of bigger office spaces toaccommodate staff members from multiple office locations.
5. The Well BeingAspect for Employees is moving Fast:
Corporate giants havestarted giving due importance to “Wellness”. They want their employees to besound and healthy. Thus they look forward to only those projects that possessthe label of “Well Certified” to ensure the wellness of the occupants.
6. Revision on LeasePeriod is taking the Tempo High:
The lease period foroffice spaces has now been extended up to 12 or 15 years as against the earlierterm of 9 years. This is enabling the tenants to save on rent and secureoccupancy rights.
Studies reveal thatlast 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.
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