Indians, from time immemorial have invested in gold and real estate. Before, the real estate investment was limited to residential peripherals. Now with the changing times the investments in the industry are expanding boundaries.
Decline in covid cases: With the onset of this pandemic, real estate industry is the worst hit industry among others. It saw shutting down of the offices and hence reducing the demand of the commercial real estate. Now, with the situation normalising to an extent and the government relaxing the restrictions, office spaces are opening steadily.
Recovery across the metropolitan cities: The real estate industry is reviving in stages. More so in the cities, inferable from their high speed and versatile way of life. Be that as it may, Tier-2 and Tier-3 urban communities are additionally expected to drive recovery and development, going ahead. Reasons being the normalising of work distribution and work from anywhere-models by enterprises and clients alike.
Rise of co-working spaces: Co-working spaces will play a vital role in the future of the industry. The workforce is scattered and we have learnt to co-exist from anywhere within an enterprise during this past year. Accordingly a JLL Report predicts that by 2023 India’s co-working market is likely to cross 50 million square feet. It is further said that adaptable office space is probably going to develop by a normal of around 15-20 percent for each annum over the course of the following three-to-four years, albeit this trajectory won’t be straight.
The commercials real estate is gaining momentum. According to JLL Report, India’s net absorption of office spaces stood at 4.39 million square feet in Q2 bringing a 32% YoY growth in major cities. Owing to the smooth conditions that lay ahead, the future of commercial real estate looks promising