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How workplaces evolved?
The times are changing rapidly. We are in the mid half of 2020 and India is witnessing an unprecedented rise in the evolution of the workspace industry. The year has marked the progression of the workspace sector from co-working spaces to serviced office spaces in major commercial areas of covering almost all the cities and towns of India. The gradual growth of commercial serviced offices is the latest offering of the co-working space. These ready-to-move and ready-to-work serviced offices are the latest models for the flexible workspace solution frontier. As we move forth to the coming year, we must take a look at the historic breakthroughs that were achieved this year and what we can expect in 2020 and beyond.
Trends witnessed in 2020
One of the seminal changes witnessed in 2020 were the apparent modifications witnessed in the serviced office sectors which skyrocketed from SMEs to multinational companies. This indicates the growing pertinence of the agility factor in the corporate real estate sector analyzes leasing trends in the major metropolitan cities of India revealed the surge in proportion of mainstream corporate and established entities in the total leased co-working space. There was also the occurrence of joint ventures and acquisitions.
These trends have also ushered in globalization among the service providers as they are the harbingers of the commercial workspace revolution which has increased by 50 per cent globally. On the other hand, corporate organizations are seeking for more larger and agile workspaces which has ushered a global preference for flexible leasing terms. These numbers are expected only to increase in the coming years as the service providers are constantly looking to scale their offering in accordance with the dynamic needs of their clients.
Disruption in real estate developments
Among the major developments that disrupted the industry in 2020 was the sharp drop in the commercial leasing prices in some of the largest flexible workspace markets despite of the increasing demand. With the change in the nature of the corporate demand and the rise of the lifetime value of occupiers of the flexible space, the primary players of the sector can now offer discounts of up to 20 per cent on the market price to attract customers. Service providers in the space today see a space as not only a site of work operation but as a holistic service replete with end to end service packages that includes hospitality, administration and information technology. It is akin to a model that provides a seamless platform for enterprises that outsources the entire sourcing, designing, building and managing of the office which helps them direct all their energies in running the business.
Emerging proptech
The emergence of proptech and the digital transformation therein has redefined the real estate sector and has ushered an era of innovation and disruption. The growth of proptech can be attributed to the deep tech innovations and the upsurge of global investments in the sector. Technological innovations such as smart buildings and hi-tech furnishings also act as leverage in improving employee experience in an attempt to stay competent and retain talent. According to the global proptech, the survey reveals that around 80 per cent of the real estate players view proptech as a powerful business enabler.
Demand for clean technology and green spaces
The climate change and the depletion of natural resources such as oil and gas have led to the development of alternate modes of clean technology across all segments. Sustainability is the keystone for the plethora of budding business models that are gradually emerging in the real estate sector. The concept of eco-friendly structures such as green building solutions are today’s dominant trends that are here to stay. The green building segment has attracted commercial real estate investments of about 136.58 billion during the period of 2005 to 2019 globally and the numbers are only expected to rise in the next five years.
The commercial market is currently at an embryonic phase but it is projected to multiply with an influx of service providers and the green spaces that they offer. A fitting mix of value services such as feasible rentals, better infrastructure, technologically superior facilities and amenities along with propinquity to work will soon become as an established market norm.
Thus, this is how workplaces in India evolved.
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