Commercial Real Estate is a property which is dedicatedly utilized for business purposes rather than residential purposes. The commercial real estate market has been booming post-pandemic. Businesses are now looking for professional office spaces to get rid of traditional ones to offer more flexibility and value to their workforce. Considering the benefits of it, many companies are looking forward to investing in commercial real estate for lease to commence or expand their business model positively.
Harsh Binani has shared his views on the emerging modifications in the commercial real estate market since the downfall of the pandemic. Harsh Binani is co-founder of India’s largest managed office spaces platform, Smartworks. His knowledge and understanding of the market have helped the business to grow significantly post-pandemic.
Now Let's Understand the Changes and Impact of Covid-19 on the Real Estate Industry in India
Gone are those days when traditional methods were used to motivate the workforce to accomplish their tasks. Today's office spaces are revolving to build an image in the eyes of the employees as well as the clients. Tech-Enabled office spaces help employees to minimize time wastage and maximize productivity. Concepts like hot desks and IoT-enabled meeting rooms are often seen in tech-enabled workspaces.
Since the covid-19 is on the decline, many large business enterprises followed by many SMEs are interested in leasing out professional office space. The concept of flexible and managed office spaces often comes with touchless solutions. This allows the workforce to prevent any direct contact with resources to maintain health and well-being in the workplace.
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Hybrid Workplace Solutions
As we said earlier, there has been a reverse impact of covid-19 on the commercial real estate market. Predictions were made that this sector will face the consequences because of the pandemic followed by city lockdowns. But in fact, the sector has experienced significant growth post-pandemic. This is because many companies are now switching from traditional models to hybrid workplace solutions. Hybrid workplace solutions will not only help the companies to minimize their operational costs but also to maintain the work-life balance for employees.
Building Management SystemThe Building Management System is one of the most advanced approaches that has helped the real estate industry to grow. Many companies are installing and utilizing building management system software to track the performance of all the inside amenities, tools, and other resources.
Visitor and Access Management SystemSince the beginning of the pandemic, employers have been highly concerned regarding the health and safety of their workforce. Considering the importance of a hygienic and safe working environment, companies are adopting a visitor management system. This allows them to prevent any unauthorized entry into the office premises.
Hence, these are some of the major changes and advancements in the real estate sector which are helping the industry to grow significantly. Harsh Binani believes that the need for professional office spaces and hybrid workplace solutions will stay in high demand if we keep on upgrading ourselves.
Commercial real estate trends post covid have played a significant role in the overall development and growth of the coworking industry. Harsh Binani also stated that there has been a positive impact of covid-19 on the commercial real estate market and coworking industries. He said that the companies are now considering the needs and requirements of their workforce and redesigning their office spaces to offer utmost satisfaction and flexibility to them.