Office sector to see green shoots of recovery by 2021 led by de-densification and expansion by corporates

Office occupiers are now considering de-densification of workplaces, better structure ventilation and scavenging, voice or action triggered openings and elevators to reduce the number of points of contact, and anonymous reporting of sickness amidst originating cases of COVID-1 9 in the country. A recent canvas conducted by Colliers International says that around 50% of the office gap occupiers expect nearly 30% of their workforce to return to the office in a phased style over the next two to three months. “De-densification of the workplace is important to open benefits in the upright COVID era. It helps occupiers protecting social distancing, enhance the office space wellness criteria, and abbreviate infrastructure woes of a city. The success of occupation from home mannequin in the IT/ ITES sector earmarks occupiers this flexibility today”, said Arnab Ghosh, National Director, Fitout at Colliers India. The inspect also indicates that about 46% of occupiers plan to resume their business operations with the combined effects of policies such as flexible work hours and rotational shifts.“Occupiers are exploring new business modelings which is forcing landowners and occupiers be adjusted to new demands. The real estate strategy now glanced upon by some occupiers is around building a’ flex and core’ portfolio that includes a adaptable power space for medium and long-term lease for core operations. The tech area has been adopting’ flex& core’ models quite successfully”, said Sanjay Chatrath, Managing Director, North India at Colliers International. Most of the companies surveyed are also evaluating devalue workplace density by up to 20% compared to pre-COVID situation. Further, 25% of occupiers stated that they plan to expand their footprint over the coming six to eight months by up to 20%. Amongst occupiers planning to expand their CRE portfolio in the next 6-8 months, 40% intend to lease new position seat, another 5% intend to lease flexible workspace while 12% plan to incorporate a flex and core model.“As occupiers begin implementing policies with the purposes of belittling physical interaction, Colliers expects de-densification coupled with their swelling plans to augur well for the leasing work resulting the sector to show signs of recovery by 2021 ”, says Megha Maan, Senior Associate Director, Research at Colliers international. The inspection was conducted over 70 occupiers operating in the technology, financial services, professional services, engineering& inventing, flexible workspaces and healthcare and pharmaceuticals areas.

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