The days of traditional property negotiations are over; new tech has taken over the world, which includes our homes, land, offices, and so on. While an extraordinary health crisis like the COVID-19 pandemic impacted businesses all over the globe, India’s commercial property sector was no stranger to that. With the pandemic-caused lockdown, the sector that had seen continuous growth came to a standstill.
Now that activities are returning to normal, a new trend in commercial real estate has emerged as a result of the pandemic. The pandemic will have long-term social ramifications, changing workplace fundamentals and opening up a slew of new possibilities for the commercial real estate sector. Though workplace transformation with technology, sustainable development, and collaborative effort at its core began a few years ago, the pandemic has accelerated its advancement.
Let’s take a look at a few trends in the commercial real estate market that are redefining the fabric of workplace and office structures:
Increasing Demand for Co-Working Spaces
In 2020, there was a sharp rise in office shutdowns and a sudden shift to widespread remote employment worldwide. This trend continued in 2021, but as the vaccines became available, people eventually returned to work. This pandemic has did serve as the supreme test of sorts for digitalization in the workplace. To help insure employee well-being and corporate profitability balance, business owners are constantly exploring working methods while preserving workplace flexibility at the frontline. The most visible change has been the expansion of a hybrid workforce across a wide range of workspace alternatives, including adaptable offices.
Popularity of Sustainable & Environment-Friendly Commercial Projects
The awareness about the overall well-being of humanity has been at the forefront since the whole world suffered health-related consequenes on an equal footing. The realisation about the conservation and care of the ecosystem also stems from the concerns of future-proofing our tomorrow. The Indian real estate industry is expected to progress along the lines of environment, sustainability, and governance. Openness and stakeholder communication is extremely relevant for investors looking to make informed business investment choices. Developers are now emphasising LEED and IGBC certifications in construction, resulting in significant reductions in carbon footprints.
Demand for Wellness Amenities
The pandemic imbibed on everyone the importance of catering to one’s own mental and physical health. Hence, now that we see offices resuming and employees returning to work, we can notice a few changes in the way employees care for their wellbeing. Hence, the need for wellness amenities within the premises of the commercial project is evident. From a walking trail to a treadmill, a spa, an elaborate cafeteria, private work pods, or even basic standing desks have become popular features that are used by employees.
Is it the Right Time to Invest in Commercial Property?
The importance of technology in real estate development is growing by the day, and the industry is expanding rapidly. If you are in Hyderabad, the rise of the city as a popular real estate investment destination & the increase in commercial projects in Hyderabad is fairly evident. If you are considering starting a business or investing in commercial office space in Hyderabad, now is the time to do so.
To summarise, even as co-working becomes a decisive trend in office spaces, the emphasis will shift to generating an experience for employees that prioritises safety and wellness. Elements such as data democratisation through efficient use of technology platforms and user-friendly interfaces will be important in modern places of work.