The festive season has begun and people across the world are engulfed with sanctity and excitement. There is a sense of cheerfulness at every nook and corner, and everyone is looking forward to starting a new year with a positive momentum. For the corporate world, it is that time of the year when the companies cogitate how the workplace trends evolved and fared throughout the year. Similarly, the realty sector is no different.
The Indian Real Estate Market has had an intriguing journey in 2022. Though the year did not start on a good note, with uncertainty and chaos hovering around all parts of the world, things eventually returned to normalcy once the summers progressed. In the post-COVID era, the people’s style of working also saw a major change as employees had to adapt Hybrid culture, leaving remote working behind. This transition to Hybrid work in itself is one of the most evolutionary emerging trends in the way the world works today.
Hybrid Working Giving Big Push To Office Space Leasing
Having mulled the new-normal scenario from the angles of both – the work requirements and the employees’ interest, several companies in India opted for the middle way to work – the ‘Hybrid’ model. If you don’t know about this emerging concept yet, let us explain it briefly.
‘Hybrid’ is a flexible working model where employees work partly in the physical workplace, and partly at home or from another workspace to balance both their personal and professional lives. Owing to its flexibility, Hybrid working model has already gained widespread acceptance and is now set to grow further as the time progresses.
After being confined to the four walls of homes for over two years, both employers and employees understood the importance of a dedicated office environment and conferred a physical office space as an essential part of any business. While remote working has its own set of advantages, one of the biggest shortfalls of Work From Home (WFH) was that it led to isolation.
The disconnect among employees was one of the biggest challenges which organizations were experiencing, which then paved the way for mass resignations due to lack of sense of belongingness. In order to address this issue many big organizations and small businesses opted for Hybrid culture to promote flexibility and increase employee engagement on larger levels. Apparently, this emerging trend turned out to be a major booster for Commercial Real Estate. The adaptation of Hybrid culture saw an increase in the office space leasing across all the top cities of India.
What Will The Real Estate Sector Look Like In 2023?
According to many experts, the outlook for the real estate industry in India appears positive in 2023 with growth to be expected in both commercial and residential segments. The office space market is likely to create a buzz with activity from the very beginning of the upcoming year. With the need for Hybrid working model rising every day, the future of Indian Real Estate seems to be bright.