The launch of Indian REITs has transformed the Indian commercial market like never before. Today every segment of the commercial realty has witnessed an uptick in the demand that is helping corporates to enhance their portfolio. Among all the segments, office spaces are the one which has seen a major upsurge in the first quarter of 2019, suggests the latest report.
From traditional office spaces to Coworking spaces to the remote workspace, there have been major innovations in this segment that have enhanced its demand among commercial investors as well as startups and big companies. Addition of these spaces in the office rentals is fast-pacing the commercial activity.
Here’s a look at various emerging office spaces that are currently gaining momentum in rental activity and various benefits of them:
Traditional Office Space
These commercial properties are located in Grade-A buildings like IT parks, logistics centers, etc. Due to this, such office space avoids all the distractions as well as maintains focus on the work. Also, professionals from the financial world, investment and law firms favoured such office properties as they get an environment free from clutter and other office hustles. At the same time, these spaces also help in handling the client’s confidential information, etc. These types of office spaces are typically demarcated among the board-room, the bullpen, and private offices cubical and cabins.
Open-plan Office Spaces
These office spaces are most common among startups as well as leading IT/ITes companies. These companies hire a large number of workforces at the same time and to enhance coordination and communication amongst the employees, they opt for open office spaces with no cubicles or partitions. Here, the desk as arranged thematically so that employees can work on a common project on the same platform. Sometimes bean bags and recliners are also added to promote a stress-free working environ to enhance the growth of the employees. Also, with no barriers and hierarchy, one can work on a positive note and mingle up easily with another colleague even the top bosses.
A coworking office space is a shared space offered by an external office authority. The whole property is wholly and solely managed by this external source only. These office spaces usually come with all the amenities and facilities which a small business firm or a freelancer or any remote worker needs.
A coworking space is pre-equipped with all the operational needs such as IT infrastructure, fitments, housekeeping, broadband connectivity, etc. It also has small meeting rooms, event halls, office suites for a company gathering or important meetings. Because of this, many startups and smaller companies prefer to rent such office space as it saves as much as 30% on the operational costs. This is another reason for the increasing momentum of coworking office spaces in India.
Remote Work Space
Today many startups need employees that can work from remote spaces. It can be their own home, a coffee shop or a coworking space. Such spaces not only save the operational costs of the company but also help in providing a stress-free platform to the employees. Expert suggests that in recent years, the number of remote employees has increased a lot due to higher job satisfaction.