In the wake of the pandemic situation, Indian office culture has undergone complete change, marking a major shift from 9 am to 5 pm work culture. All off a sudden, work from anywhere concept has gained popularity. Even after the Covid-19 has subsided, many find the new system a boon to cut operational costs unveiling a yet another new working model – the hybrid system of working.
As per the new system, employees work from office as well as home. It would mean, at any given point of time, only a limited number of persons will work from office, while the rest of them work from homes. Many industries are inclining to implement the hybrid model. The CIRIL has released a report on the impact of hybrid model of working on realty sector. As more and more employees are switching over to this work culture, they wish to have necessary amenities in their homes. Managements of IT units or other units want their offices to be designed in tune with the hybrid model.
Business establishments have focused attention on providing efficient and faster connectivity to consumer. This has led to increasing demand for modern office plans. Increasing demand for small-format office space offering facilities for conferencing and co-working space, flexibility in design have garnered the attention of all. It led to evolution of a breed of commercial realty developers, who offer smart solutions to customers. Sensor-friendly large bed rooms that accept voice commands, storage units, automated visitor management system, flip charts in conference halls are going to improve business connectivity and productivity.
There is huge demand for such commercial properties from IT, corporate and financial service providers. During the past one year, activities in offices and co-working space have picked up. Offices have reopened because of the need to maintain the data Security and run firewalls administration and so on. Firms have been trying to derive financial benefit out of the unused office space. To attract new customers, realty developers have been adhering to safety and health standards. The demand for co-working space has increased manifold in view of the low maintenance costs and investments.
The hybrid model became so popular in Mumbai and Delhi, major markets for the new work culture. Because of sky-rocketing realty prices and large work force, many companies here have switched over to the hybrid model of work culture. Bangalore, Hyderabad and Chennai markets are gradually inclining towards the new work culture. Tier-2 and 3 cities like Ahmadabad, Jaipur, Coimbatore, Indore, Lucknow, Chandigarh, and Nagpur have also been adopting new office trends.
The concept of work near home has gained currency gradually and in fact, it is picking up in Tier-2 and 3 cities. Under the new system, smaller offices are established at different places. Even major corporate players are also trying to incorporate this working model. As a result, the demand for office space in smaller cities and towns has increased. If the office space stretches to smaller towns and cities, the demand for properties will go up there and brighten up the realty sector. In this backdrop, the small towns and cities are attracting the attention of investors.
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