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The CRE Opportunity: Decentralization Of Work Setups

With organizations transitioning towards remote working setups, commercial real estate will only stand to gain from the burgeoning demand for decentralized workspace.

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With organizations transitioning towards remote working setups, commercial real estate will only stand to gain from the burgeoning demand for decentralized workspace.

A year into the pandemic, businesses across sectors are reporting widespread changes in their operations as they adapt to a post-COVID-19 new normal.

With the shift in corporate culture and alteration of space, the ‘new office’ is now focusing on decentralized workspaces with an aim to lower their capital expenditure and improve agility. A decentralized workspace provides an equilibrium between work from home and work from office while bringing out the advantages of each model of working. 

The silver lining amidst these challenging times, is that coworking players are emerging as winners in providing optimum support to enterprises thereby enabling business continuity. With organizations transitioning towards remote working setups, commercial real estate will only stand to gain from the burgeoning demand for decentralized workspace.

Some of the key benefits of both employees & employers opting for this model include: 

  • Putting Flexibility First – During these unprecedented times, corporates/ large companies are avoiding investing in long term leases or in their own building. Coworking spaces offer flexible lease structures which can be scaled up or down basis an organization’s requirement. This provides an opportunity for corporates to migrate as per their needs without having to worry about logistics.
  • Zero costs towards Management– Flexi spaces employ experts to look after design, maintenance, F&B and other services. With these aspects taken care of, businesses can focus where it matters the most. These well managed centres also boost employee productivity and satisfaction scores by ensuring their basic needs and welfare are taken care of.
  • Fostering Collaboration – Over a year of work from home for most employees has led to feelings of fatigue and isolation. Being social animals, human crave interactions. Coworking spaces are cultural melting pots that provide collaboration and interaction opportunities at all fronts. 
  • Convenience – Employees no longer wish to commute to office and instead want to save time and money. Strategically located coworking spaces provide the ideal workplace environment, right next door, that are safe and well equipped to support an employee’s workplace needs.

With cutting-edge technology and the safety of employees as top priority, coworking spaces will be the preferred choice of every growth-driven business in the years to come. The multifold benefits of coworking spaces have been rediscovered and apart from corporates, even real estate developers are finding solace in partnering with flexi spaces during these uncertain times. It has impacted not only the way people work but also the real estate industry in general, including landlords, developers, and investors. 

Additionally, with emergence of work from home and work near home, coworking spaces have been able to meet their existing leases and commitments on time which do not hamper the leasing agreements. Furthermore, real estate developers are partnering with coworking operators to strengthen their office portfolio and gain access to pan India presence.

According to a recent report, the total flexible workspace stock in the top six Indian cities is equivalent to 4.3% of commercial office stock and is expected to account for 5.4% of the total office portfolio by 2022 fueled by the increasing demand for shared workspaces. The increasing demand for flex spaces and will emerge as the flag-bearer of recovery in the real estate industry.

DISCLAIMER: The views expressed are solely of the author and RealtyNXT.com does not necessarily subscribe to it. RealtyNXT.com shall not be responsible for any damage caused to any person/organisation directly or indirectly.

ALSO READ: Indian Real Estate: The Road to Recovery

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