June 7, 2022
Demand for occupational and flexible workspaces in urban centres has witnessed an increase.
Segments such as flexible and co-working spaces will take the lead in the commercial and real estate segment
With a rise in remote and flexible working, property rates might undergo a downfall in the near term
Smaller cities are also an attractive investment option for the end consumer as well as the investor.
With work from home becoming the new normal, there is a surge in demand for occupational and flexible workspaces located in urban centres for accessible accommodation of the employees according to a research note by real estate research agency, CIRIL.
The real-estate business in India is not only looking for resilience through versatile forms of real estate, even property developers and landlords are seeking a sustainable model of building a need-based ecosystem that fosters the growth of work for hybrid models with acceptable working conditions, stated CIRIL. With a rise in remote and flexible working, property rates might undergo a downfall in the near term. However, segments such as flexible and co-working spaces will take the lead in the commercial and real estate segment.
The report also states that corporates and developers need to work together to adapt to the needs of the hybrid work culture and improve the infrastructure in place. , Smaller cities, especially Tier 2 and Tier 3 cities, also becoming an attractive investment option for the end consumer as well as the investor.
Although working from home might be a convenient option for many, declining interaction with peers, increased chances of employee burnout, improper work-life balance, lack of organizational structure, no team building activities, and mental health issues may arise as potential downsides. These factors have led to creation of brand new models of hybrid and collaborative working environment that helps in the building of the right work-life balance and inculcate a healthy realtionship between employers and employees. IT and ITeS sectors have been experimenting with hybrid models for a while and other sectors are also gradually adapting to this model post the pandemic.