A latest survey report by a leading firm has revealed that most of the Tier-II cities of India have gained much appreciation in the commercial real estate market in the last few years. The factors which have played a crucial role in this increase in demand is due to launch of innovative office space like co-working spaces, small office/home office (SOHO), open floor plans, and much more.
The report also stated that the demand has been witnessed more in Tricity that comprised of Chandigarh, Panchkula, and Mohali. In the past few years, many innovations in the commercial realty market took place in these cities that resulted in increased investments from commercial property buyers.
“Launch of REITs has also played an important role in this unprecedented growth. About 63% of the investors involved in the study prioritized office assets for investment.” Report added.
However, the majority of commercial property buyers still prefer top metro cities like Mumbai, Delhi-NCR, Bangalore, and Hyderabad for office space investment.
Talking about the Tier-II cities, in the small office/home office (SOHO) segment, Chandigarh has seen many new launched. Under this, an individual can work from a home office that is equipped with internet-based technologies and let a person work over email with remote access to the office software.
Besides this, the Tricity has also seen some of the latest and most unique trends such as pre-leased hotel rooms wherein a domestic property owner ties up with renowned global hotels to serve students and working professionals. This helps in generating massive benefits such as global acceptance, higher liquidity and zero maintenance for buyers. Moreover, in the last few months, Chandigarh, Panchkula, and Mohali have also seen the emergence of Grade-A premium office spaces for co-working spaces and start-ups.