The real estate sector is undergoing a transformative journey to cater to the evolving demands of future-ready workspaces. With the advent of technology, changing work trends, and demographic shifts, office spaces are no longer merely physical structures but dynamic hubs designed to enhance productivity, collaboration, and well-being. According to JLL’s recent report, the office sector is poised for strong y-o-y growth of 20-22% in 2024, underscoring its resilience and strong demand. It further states a substantial increase in net absorption, reaching between 45-47 million sq-ft. in line with overall market sentiments.
The integration of technology into the workspace goes beyond convenience, and here comes the evolution of a smart and sustainable environment in the workplace. In Delhi, NCR, there is a surge in demand for smart office spaces that are equipped with IOT devices, advanced security systems, and more. Embracing these technological advancements in workplaces not only enhances the overall work experience but also aligns with global sustainability goals, making workspaces more responsible and future-ready.
Commenting on this, Ashish Sharma, AVP operations, Brahma Group, said, “The real estate industry is witnessing a paradigm shift towards future-ready workspaces, characterized by innovative designs and advanced technologies. This transformation, driven by evolving work culture dynamics and the integration of cutting-edge solutions, is likely to enhance productivity and employee well-being. Additionally, sustainability has now become a core focus, with developers implementing eco-friendly practices and energy-efficient features to reduce environmental impact. Moreover, the use of smart building systems is also enabling seamless operations and personalized environments. According to a recent report by Colliers, Gurugram has flourished with commercial developments, making it the largest contributor to Grade A offices. The leasing activity in Gurugram in Q4 2023 accounted for almost 30% of the demand for office space in Delhi-NCR with a projection of an upcoming supply of 53% in Q1 2024. Thus, Gurugram’s growing commercial sector is poised to lead in innovative office spaces, catering to evolving demands and preferences. Furthermore, as the real estate landscape continues to evolve, the emphasis on future-ready workspaces will further shape the industry’s trajectory.”
In Delhi-NCR, there is notable growth in both the commercial and retail sectors, propelled by heightened demand from startups and multinational corporations seeking establishment. In response to this increased demand, developers are strategically expanding into new territories beyond central business districts.
Vipin Sharma, founder & chairman, Aarize Group, commented, Delhi-NCR epitomizes the revolution in commercial real estate, embracing integrated developments that redefine workspaces. These modern hubs seamlessly blend work, leisure, and lifestyle elements, catering to the discerning needs of today’s professionals. As the Indian commercial sector scales unprecedented heights, with projected leasing exceeding 50 million square feet in 2024, it’s evident that the landscape is evolving. Our commitment is to create future-ready workspaces that not only meet but exceed expectations. By integrating data-driven design, sustainable practices, and amenities that prioritize well-being, we are shaping environments where productivity thrives, collaboration flourishes, and lifestyles are enhanced. In this era of rapid change, we stand at the forefront, shaping tomorrow’s workspaces with precision and foresight.
Office spaces are now increasingly recognized as significant contributors to carbon emissions. With the rise of regulations focused on environmental, social, and governance (ESG) criteria and heightened awareness of sustainability, offices are now prioritizing investments in tools and technologies to enhance the intelligence and energy efficiency of the workforce. The future of workspaces will look and feel quite different now compared to how offices used to look in olden times.
As India surges towards becoming the world’s third-largest economy by 2029, the commercial real estate sector emerges as a beacon of stability and growth. The focus now shifts from traditional office space to future-ready workspaces that offer dynamic, technology-enabled spaces and environmental sustainability that make the future of workspaces smarter and more energy efficient compared to the offices of olden times.
