The changing face of workspaces in India
Major commercial real estate players like best real estate developers in India, K.Raheja Realty are preparing to rapidly re-strategize their workspaces and commercial premises to meet the rapidly changing consumer demand of the real estate sector in India, especially the commercial real estate. The unprecedented scale and impact of the novel coronavirus pandemic have forced drastic reordering of modern-day work life. More than 60% of the organizations have opined that they would increase their spending on virtual collaboration tools that are far more inclusive and intuitive. Remote working has altered employees' expectations of work as well as their priorities. Nowadays, everyone wants to work from their preferred location, and at their own pace.
The latest report by Anarock, 'Workplaces of the Future' states that the Hybrid Model is the future of workplaces. It has estimated that the market size of real estate sector in India is likely to double in the next 5 years, growing at 15% CAGR. The report further states that IT-ITes, e-commerce, and professional services would emerge as the most shining candidates for the hybrid work model. The report also highlights the cost-benefit analysis that shows that 53% of employees wish to work in a 'Hybrid' setup, whereas 34% prefer working from their office and 13% prefer to continue working from home. Some 68% of companies have reported higher employee satisfaction during remote working. It is also their preferred option due to cost advantages, flexibility, work-life balance, and safety reasons.
Every company is evolving its respective business premises and workspace to suit its specific needs, but with people-centricity as the focal point. Broadly the metamorphosis of the Indian commercial premises is likely to take on the following shape:
Work from anywhere culture
The Covid 19 pandemic has given rise to the work-from-anywhere culture. Companies are most often headquartered in buzzing cities. Not needing to go to the office for work, many employees preferred to leave their office in mumbai and other cities they were based in and moved back to their hometowns. Companies as a result have had to adapt their work culture. A survey of company leaders conducted by Godrej Interio found that over 65 percent of companies were considering incorporating flexible work to a much greater extent into their company cultures. More than half planned to embrace hybrid work.
Change in role and scope of the business premises
This, however, does not mean the era of the office and commercial real estate has ended. But, the business premises or the commercial real estate as we knew before the pandemic, will certainly change. To begin with, companies embracing the work-from-anywhere culture are likely to set up smaller satellite offices. Initially, this may seem to be a significant financial investment but in the long run, it will result in greater savings as they can scale down the size of their headquarters and major commercial premises in cities. These satellite offices will feature specialized furniture to facilitate safe and healthy collaboration and working. They will also get smarter with the digitization of telecommunication. A return to office and business premises in the future, while boosting face-to-face collaboration will not necessarily spell the end of digital communication. Several commercial premises and offices in Mumbai and other cities for safety reasons will conduct large meetings virtually. Moreover, video conferencing has become an indispensable collaboration tool. According to a recent study “Metamorphosis of the Indian Workspace”, more than 60 percent of the organizations said they would increase their spending on virtual collaboration tools that are far more inclusive and intuitive so that even those attending remotely feel as much a part of the meeting. Consequently, this will lead to the development of new-age offices, business premises and other commercial real estate providing people with a digital workspace experience. The year 2022-23 will see a complete transformation of offices for sale and other commercial real estate into smart and dynamic workspaces that incorporate the latest technologies to enable a better and more fulfilling employee work experience. Future commercial premises and workspaces will need agility and resilience; therefore, technology will enable organizations to seamlessly work with distributed teams while maintaining company culture.
Business premises and other commercial real estate in India will also incorporate voice assistants, smart analytics, sensors and touchscreens, coffee dispensers that work on a QR scan basis instead of the need to press buttons, facial recognition-based entry points, automated parking areas, etc.to make workspace functioning smoother than ever before and reduce touch at managed commercial premises. One unexpected benefit of the pandemic was the savings companies made on costs like utilities. They will not be inclined to give these up and smart technology will only help them operate their business premises and other commercial real estate more efficiently.
Enhanced Focus on Employee Wellness Most corporates and business enterprises have either instituted or ramped up their well-being programs to help employees cope with the stresses of the pandemic. Going a step further, companies have started designing their offices, business premises and other commercial real estate in a way that boosts employee well-being.
Commercial premises and workplaces of the future will be all about the physical, mental, and emotional well-being of the employees, higher productivity, and better level of employee satisfaction. The commercial offices, business premises and other commercial real estate of the future will incorporate a green eco-friendly environment, and biophilia apart from ergonomic furniture, lighting, and décor. There will also be special relaxation zones for quick breaks to reduce stress and anxiety at work.
Diverse and Inclusive Workforce
Today the workforce expects a culture that is diversified and inclusive. A healthy work culture becomes imperative to attract, engage and retain talent. Flexible workspaces offer their members the benefit of networking and collaborating. Best business ideas happen over a conversation, when one feels inspired in a beautiful workspace and where ideas flow freely. Additionally, the advantage that flexible workspaces and business premises offer is an expanding talent pool, enabling businesses to hire from anywhere and retain talent successfully.
Equal opportunity for women in the workplace
With work moving to home over the last couple of years, women are finding themselves walking the tightrope between their familial and professional commitments. Some women have had to make the difficult choice of leaving their jobs or taking a career break. But flexible workspaces will restore a sense of routine, and balance, as well as provide a safe, personal space for many working women. To continue supporting women in the workplace, options like working near home, or working from anywhere may ease their burden and restore boundaries.
The pandemic has accelerated change to the extent that our lives will never be the same again. They may have already changed for the better, forever. This is certainly true of offices, their work culture and workspace evolution that have begun putting the interests and safety of employees first. The commercial premises and workspaces of the future and the flexible work culture will provide organizations with a conducive environment to stay focused on what's important for their business-the well-being of employees, the health and prosperity of the business, and a thriving and vibrant company culture.
And far-sighted real estate developers like the best real estate developers in India, K.Raheja Realty, are already implementing amenities to fulfill these changed expectations by its clients, by developing marquee commercial real estate addresses like the Infinity IT Park at Goregaon East, and Interface IT Park at Malad West.
Designed with the best entrepreneurial facilities, Infinity IT Park, at Malad East is a high-performance commercial building for a robust work-force. Situated in the heart of the Mumbai-Western Suburb, the best real estate developers in India, K.Raheja Realty have instilled the best practices in design, technology, advanced safety systems, and sustainability at the core of these future-ready office spaces. A plethora of hi-tech IT Park facilities and state-of-the-art amenities as well as uninterrupted 24×7 operations coupled with future-ready infrastructure and excellent commuting facilities makes Infinity IT Park by K Raheja Realty, the best choice among future-ready office spaces in Mumbai.
Interface IT Park is a 4.7 million square feet commercial building at Malad West is another signature landmark for future-ready commercial offices in Mumbai, developed by the best real estate developers in India, K.Raheja Realty. Its iconic architecture, internationally bench-marked functional design, and privileged comforts, will make your productivity soar. The future-ready commercial offices and business premises provide a world-class work eco-system that lets you focus on what you do best-your business.
Moreover, it's environmentally conscious commercial building, congestion-free location, easy access to all kinds of conveniences, excellent connectivity by road and upcoming metro rail, & ample parking spaces makes Interface IT Park at Malad West one of the most coveted and sought-after commercial office buildings property in Mumbai.