Finance

Boost of Indian Economy Leading to Surge in Demand for Workspaces


In 2023, while most of the economies in the world are going through recession and slowdowns, India has remained a bright spot. According to premium world institutions such as the world bank and IMF, India is expected to record a growth rate of around 7% in FY 2023. Accordingly, it is made India a favorable destination for businesses to expand their business operations in India. Likewise, it is common for prominent enterprises to seek to lease quality Office Space in Bangalore and other prominent locations. In particular, managed office spaces have been the premium choice. Here are the advantages that these flexible workspaces have:

Flexibility

From the entrepreneur’s point of view, it is important to have a workspace that is not very expensive. As a result, it should be customized based on the organizational requirements. With a managed office space, they have the leverage to customize their business place accordingly. This flexibility ensures that businesses are able to avoid incurring any additional expenses.

Platform for networking

It is important for businesses of different scales to develop valuable connections that would be beneficial. Besides even the established international enterprises who their offices in major Indian cities consistently look for valuable partnerships with local partners to have convenient access. 

Top class amenities

The managed workspace contains workspaces that have world-class amenities to choose from. With the help of these amenities, businesses can ensure to create a productive environment. Large reception areas and meeting rooms with advanced technological features are some of the essential amenities that businesses of different domains seek to set up in their office space.

Related Articles

Digital transformation

 The digital revolution in India has transformed the overall way how different businesses operate. Since lockdowns due to covid pandemic in India ended, individuals prefer a workspace which has features such as high-speed internet connectivity and flexible work arrangements, to name a few. These aspects have led to a surge in demand for a managed workspace.

With the rise of the hub and spoke model in India, many companies have recognized the significance of a workspace that fosters collaboration, creativity and team bonding and hence business look for a quality workspace that consists of essential Infrastructure and amenities.

In sync with digital India initiative the managed office spaces in various cities of India are packed with amenities such as high-speed internet, RFID access for employees, Meeting rooms with video conferencing facilties to name a few.

Prosperous future of the Indian economy 

According to the report by CBRE, more than 55 per cent of corporates in India tend to have an office and a flexible workspace by 2025. It is expected that having a flexible workspace provides a short-term strategy to transform their business. Accordingly, adopting a flexible workspace in India would also focus on attracting suitable investments.

With the spending power of Indian consumers significantly increased in recent years, enterprises have found India as a suitable market to enhance their business. Along with this, tier 2 cities in India have gained significant traction due to their improving Infrastructure. Besides, these cities offer a talent pool of workforce who are willing to contribute effectively to the success of the organization.

According to experts, India’s status as an attractive destination for businesses is expected to continue for the long term. Multinational corporations are bullish about the prospects of expanding business in Indian cities, and the government of India is ensuring that valuable Infrastructure is developed to ensure India remains a top location for businesses to attract their business. As a result, there has been a surge in demand among enterprises to take the first mover advantage and claim the untapped potential in these markets.

 Check JLL-Smartworks Report on India’s Flex Space Market Analysis : FY23

Conclusion

As India embraces its position as a rising economic power, the demand for quality workspace among enterprises is expected to increase. The managed workspace promises to deliver a productive work environment that will surely attract talented pools of individuals. The Indian government can utilize this momentum to ensure that businesses find no hassles in setting up a workspace here. This would deal with initiatives that foster innovation and development to create a positive environment for businesses to thrive.

 As per report from Colliers the demand for leasing an office space in India are strongly led by tech firms that account for 20% of office demand in India among all sectors. New completion of commercial building in metro cities such as Delhi-NCR, Mumbai, Bengaluru, Pune, Kolkata, Hyderabad and Chennai have prompted the requirement for managed office space. The strong demand for office spaces has also pushed co working businesses to launch more commercial centers where market demand is high. As Indian economy is growing and becoming resilient the Indian office market is expected to rise exponentially. Rest assured the boost of Indian economy would play a driving force for rise in leasing number in managed office space.

Related Articles

Back to top button