The pandemic has accelerated what the technology workforce was looking for, remote work or hybrid work where people can work from anywhere. Many companies had already adopted remote work but we see that a lot of organizations’ cultural and technological barriers are reset now.
A lot of people working from their own locations means that there are significant changes in the entire supply chain that involves the in-office work. This includes the transportation which means fuel and parking, civic design, restaurant and food, retail, facility’s maintenance, security, and so on.
An analysis commissioned by IWG brand Regus and conducted by independent economists concluded that flexible working could contribute $10.04 trillion to the global economy by 2030, thanks to cost savings for businesses and increased productivity.IWG (source)
Impact on commercial real estate for office space
The commercial real estate is already planning the business complex and office space, differently. The landlord-tenant relationship is changing because the hybrid model brings a different set of working conditions. So the terms and conditions of the lease contract are changing.
In addition to the lease, the office design standards are also changing. The occupants are looking for some wellness areas, and the tenants want to know if the facilities comply with the sustainability standards in building design.
“As they adapt to the “new normal” of office work, some real estate owners are transforming their portfolios to meet the needs of today’s hybrid workforce—and capitalize on the growing corporate appetite for flexspace.” says this Bloomberg report that is sponsored by IXG.
There are many new commercial office space projects coming up in Mohali Aerocity, and on the Mohali Airport Road. The entire real estate design approach is changing from the leasing strategy, project design plans, designing the internal facilities, and to retain the tenants. All of them have a chance to improve their real estate portfolio if they adapt fast, and smart.