Prestige Group – Commercial Real Estate
Prestige Group – Commercial Real Estate – The Commercial land sector in India is undergoing a metamorphosis of sorts. The office market, notably, which reached its peak in 2019, was significantly impacted by Covid-19 and therefore the ensuing lockdown. In 2020, internet absorption of office spaces witnessed around a forty five drop to 25.5 million sq. ft., while new completions stood at 36.4 million sq. ft., a fall of 27%. Prestige City
Ups and downs
With the gradual opening of the economy post the lockdown, the country’s overall office land market in Q3 of 2020 grew by around 64% against the second quarter of 2020. the expansion of the commercial land sector are often attributed to its strong fundamentals. Bengaluru and Hyderabad led within the overall absorption, with Bengaluru contributing quite 30% of the entire office space absorption within the country and quite 9 million sq. ft. precommitment.
Prestige City Mixed Development Much of the absorption was driven by the economic , manufacturing, healthcare, and e-commerce sectors. The roll-out of the vaccine is predicted to supply further impetus to the sectors.
Remote work and non-metros
IT companies, which comprise about 40 percent of office lessees in India, while adopting innovative hybrid working options that involved reduced floor space aside from permanent work from home, realised that employees, mainly from non-metro cities, faced challenges of connectivity, bandwidth, and therefore the physical impossibility of incorporating a piece area reception over an extended period.
The advantages of the remote work
Remote working also allowed organisations to tap talent from a bigger pool, for instance , women who had taken maternity breaks, individuals who had to require care of the elderly reception , etc.
Prestige City Villas and Plots New job culture led to a rise in job satisfaction and lower attrition, and thereby increased productivity. This trend will provide opportunities for prominent land players to expand their operations in non-metro cities.
Source : Appeared in Financial Express: https://bit.ly/3yt9ARv