Demand for flexible office spaces has hit new high notes post the pandemic, with major companies and businesses including start-ups now opting for co-working. Latest ANAROCK data reveals that out of a net absorption of approx. 20.8 Mn sq. ft. across the top 7 cities in H1 2022, the share of co-working spaces stood at 20%. Back in H1 2021, its share was just 6% of net office absorption of approx. 9.33 Mn sq. ft.

In contrast, the share of IT/ITeS sector – India’s leading office demand driver – declined from 49% in H1 2021 to 36% in H2 2022. However, this decline is largely because many IT companies are now also preferring flexible spaces to regular office spaces.

In terms of net absorption across the top 7 cities in H1 2022, Bengaluru and Hyderabad remained on top, comprising 50% of total demand share.

Bengaluru, Hyderabad and Chennai – the top Southern cities – together witnessed net office absorption of approx. 12.2 Mn sq. ft. Of this, 18% or approx. 2.23 Mn sq. ft. was by coworking players.

Western markets of MMR and Pune saw net absorption of nearly 5.45 Mn sq. ft. Of this, 27% or approx. 1.5 Mn sq. ft. was by coworking players.
In NCR it stood at approx. 2.75 n sq. ft. Of this, 15% or approx. 0.41 Mn sq. ft. was by coworking players.

In Kolkata, merely 0.4 Mn sq. ft. office space was absorbed. Of this, 14% or approx. 0.06 Mn sq. ft. was by coworking players.

Anuj Puri, Chairman ANAROCK Group, says, “Coworking has received a major boost after Covid-19 disrupted the previous status quo. A major factor driving demand is that these spaces are not concentrated in just the city centres or major employment hubs; they’re spread across different areas, including the housing-intense suburbs. Coworking spaces are now also operating out of malls and hotels across cities. Many large office parks are also housing coworking spaces. This helps companies to remain closer to their employees and offer them flexibility.”

Another advantage is that with flexible office spaces, companies can plug-and-play at the same cost rather than wrestling with office layouts and fit-outs. The lock-in period for taking up a regular office space is anywhere between 3-4 years. All these factors have also helped boost the demand for co-working spaces.

Office Rentals
Backed by rising office space demand, average monthly office rentals are also seen to be rising across the top cities:

• NCR and Hyderabad each saw a 5% rise in avg. monthly office rentals in H1 2022 compared to same period in 2021. Currently, the avg. monthly office rents in NCR are at INR 80 per sq. ft. while in Hyderabad it is INR 60 per sq. ft.
• Bengaluru and Pune each saw a 4% yearly rise. The avg. monthly rentals in these IT hubs by the end of H1 2022 stood at INR 81 per sq. ft and INR 72 per sq. ft., respectively.
• MMR, Chennai and Kolkata witnessed a 2% rise each in avg. monthly rentals in this period. In MMR, the avg. office rentals are the highest among the top 7 cities at INR 128 per sq. ft.; in Chennai they are INR 61 per sq. ft., and Kolkata has the lowest at INR 53 per sq. ft.

Meanwhile, the top 7 cities also witnessed robust new office supply in H1 2022, aggregating to 31.8 Mn sq. ft. Bengaluru, Hyderabad and Pune dominated with a total 74% share. Given the high new completions, average vacancy levels across top 7 cities rose by 2% to stand at 15.95% in H1 2022.

Also Read: Office portfolio expansion on cards as 63% of businesses back to the office on a hybrid basis

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About 63% of the firms adopting hybrid working

Three days a week in the office is the most popular hybrid working style for India Inc, with 26% of the firms preferring the same. The survey indicated that this hybrid pattern allows businesses to pursue business goals without hindrances while offering better work-life balance to employees.

About 38% of the organizations indicated that they are planning portfolio expansion in the next 6-18 months, by leasing traditional as well as flex spaces. A majority of the businesses implement hybrid working in varying degrees, 35% highlighted that they would like to retain their existing portfolios, while 13% look to consolidate their office spaces.

“The tier II story is back in the market. Large firms, especially, are leading this trend as almost 70% of the large enterprises are open to exploring flex in non-metro cities, while only 27% of the smaller firms are considering the same. About half of the firms who are planning office expansion in the next 6-18 months are from the Technology sector, followed by BFSI. This is led by the massive growth these two sectors are seeing over the last two years. Interestingly, about one-third of the occupiers surveyed revealed that their productivity increased by 5-10% with hybrid working. Offices are now evolving into centers of collaboration and innovation, with the wellbeing of employees at the core. A hybrid work style needs to be supported by apt technological intervention to ensure seamless collaboration and communication”, said Ramesh Nair, Chief Executive Officer | India and Managing Director, Market Development | Asia, Colliers.

A new dawn for non-metro cities

About 35%of the firms are willing to set up flex office spaces in non-metro cities to cater to changing employee needs.

Employee convenience and higher occupancy costs in metro cities are prompting occupiers to consider non-metro cities. Since last year, flex spaces have been seeing a surge in enquiries from firms for office space in non-metro cities.

“Consulting, BFSI and Technology companies are keen on setting up offices in non-metro cities. Overall, the interest levels towards building offices in non-metro cities will help reduce the infrastructure load on metro cities, and at the same time help build a cohesive business ecosystem in the smaller cities, leading to more equitable growth,” said Vimal Nadar, Senior Director and Head of Research, Colliers India.

Also Read: Office leasing activity up 1.48X Y-o-Y at 5.8mn sq ft:

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By Nakul Mathur

Offices around India are now reopening. From large tech companies to mid-sized enterprises to start-ups, most organizations are implementing back-to-office initiatives.  

Meanwhile, the past iterations of the virus have also made a major change in the way offices are conceptualized & designed and workflow is implemented.  

The future of offices will differ from its previous versions. The idea of productive collaboration and meaningful engagement will take the central stage. Similarly, there will be a growing focus on reducing the overall cost of leasing.

Amidst such as wider shift, flexible offices are going to play a much larger role. Small enterprises & start-ups alongside large MNCs will pivot to co-working spaces and managed office spaces.

Steady Growth in Popularity

There is a steady rise in the demand for flexible office spaces. Interestingly the demand is emanating not just from start-ups and SMEs but also from large enterprises. (Even prior to COVID, large enterprises such as KPMG, IBM, Microsoft, etc. have leased co-working spaces apart from regular premises.)

Flexible office spaces offer a vibrant yet cohesive working environment that not only nurtures meaningful social and business associations but also improves overall individual productivity.

Increasingly shared space providers are using advanced technologies and spatial design formats to give elevated working experiences and enhanced productivity without compromising on the fun quotient. They are also coming up with a simple, flexible, and scalable leasing agreement, which is the need of the hour.   

Effective in Optimizing Costs

Indian economy is bouncing back, which is a good sign for Indian businesses and enterprises. However, after the repeated onslaughts of the pandemic in the past, most enterprises will continue to operate on tightened budgets and reduce their overall operational and capital expenditures. This will drive the demand for flexible office segments as they offer an affordable alternative to owning/ leasing a commercial premise.

Leasing out an office space constitutes a large part of the organizational operational expenditure. Taking a flexible space can significantly reduce expenses and unlock funds for other important activities such as business development, R&D, talent acquisition, etc.

Moreover, flexible offices are managed spaces and the tenant does not have to get involved with the day-to-day operations.

Fits in with the Hybrid Working Models

The post-pandemic period is marked by the emergence of new workflow models. Although offices are reopening, in most organizations, a large chunk will still continue working remotely. Co-working spaces fit in cohesively with this hybrid model. Organizations will prefer leasing out small and flexible co-working spaces rather than large office premises. This would not just reduce cost overhead but also boost individual productivity and give a more relaxed working atmosphere to the employees, who will be re-joining.

Likewise, in the new normal long commutes will be avoided. Organizations rather than owning a large central office will prefer a hub and spoke model, wherein alongside the central unit there will be a large network of small offices spread throughout the city. This will give employees the flexibility to log in from their nearest office rather than long commuting and wasting time. In such an arrangement, the interest in flexible spaces will further increase.

Authored by Nakul Mathur, MD, Avanta India, views expressed belong to the author and do not represent the views of SquareFeatIndia.

Also Read: Digital transformation to rewrite future of real estate sector

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By Varun Singh

With the impact of the pandemic ebbing, the corporates are inviting their employees back to office as the situation has improved a lot now. The floating population of the city is slowly crawling its way back; however, they are facing the heat as they have to shell out more for everything including the house rent.

The return of the floating population has directly impacted the rental rates in the city.

Describing the current scenario, Ram Naik, Director, The Guardians Real Estate Advisory said, “The rentals across Pune have increased around 10%. We have witnessed a significant price hike in the areas where the college students and IT professionals stay. The rents will rise steadily as the young urban population returns back to the city. The pandemic too had encouraged the need for owning a home. Therefore we will not be surprised if there is a transition from rented to owned apartments soon.”

“The prices have increased because of the demand-supply chain. The property prices too have increased in the last two months because of several factors. The home loan rates too have gone up which have forced the property owners to pass on the burden to the tenants,” said, Mr. Rajendra Pate, President, NAREDCO Pune.

A property owner in the Koregaon Park area said, “During the pandemic, I had no tenants and my family income suffered. Now that the demand has increased, I have increased the rate of one room by Rs 2,000 per month.”

The floating population which includes students and working professionals are struggling in the city to find flats since the last few months. An IT professional claimed, “With companies calling employees back, the demand for rental property is soaring. I have contacted 13 brokers, but in vain. Many are moving to the outskirts as they cannot afford rent in the city.”

A student of Indology at Tilak Maharashtra Vidyapeeth said, “Most college students rent flats in peth and Kothrud areas. The rents for flats and PG accommodation have doubled. Some of us have started living together so that the cost can be divided.”

As the prices of rental flats soar, the floating population bears the brunt.

Also Read: Pune leads in housing sales and new launches in Q1 2022

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By Varun Singh

Occupiers in India have started opening their doors to employees after a hiatus of two years. Over the last two months, cities like Delhi NCR, Mumbai and Pune have seen employees returning to workplaces at a relatively faster rate. These cities have economically well-diversified commercial markets spanning trading & manufacturing, BFSI, which are contact-intensive services. Moreover, domestic companies have been at the forefront of bringing employees back to offices in a phased manner. Service-oriented markets such as Bengaluru and Hyderabad, which have a strong technology base have also seen a steady return of employees to their workplaces.

The overall market is seeing a surge in workplaces opening in the last few months after the diminishing impact of the third wave of Covid-19, and good vaccination coverage among the eligible population. Beginning March 2022, several technologies and IT companies have started calling employees to the workplace at least two times a week, with most of these majors opting for a hybrid work policy.

Some global companies and MNCs have reopened with a hybrid model of working, but many continue to chalk out their hybrid policies. Overall technology companies are taking more time to develop policies as they continue to work remotely. Indian IT companies have started opening offices in March 2022, with many of the companies planning to return to offices in a phased manner beginning in April 2022. At some companies, the senior management employees are coming into the workplace a few times a week. Consulting companies have also adopted a hybrid work model with employees coming into the workplace 2-3 times a week on a rotational basis.

“Returning to the workplace has been a running theme for the last two years, soon after every wave. However, we are seeing companies opening the office with greater fervour only now. Q2 2022 will be a crucial period as we expect more companies to open up workplaces to their employees through a hybrid model. We have already started seeing companies encouraging in-person team meetings, team huddles and brainstorming meets that were done virtually over the last two years. We are also seeing companies opting for next-gen office spaces that act as centres of collaboration and innovation,” said Ramesh Nair, CEO, India and Managing Director, Market Development, Asia, Colliers.

Overall, business sentiments have significantly improved after the third wave of Covid-19 in January 2022. To corroborate the above trend, Colliers studied the key trends emerging from the Google Covid-19 Community Mobility Reports to understand the change in patterns of visits to workplaces across the top six cities. The study showed that Delhi NCR, Mumbai and Pune have seen a steady increase in visits to workplaces, compared to other cities and are almost inching towards pre-pandemic level. Having said that, the traffic has significantly improved across all the cities in the last 2 weeks. (The visit to the workplace is a comparison of visits in March 2022 from a baseline of five weeks between January-February 2020 pre Covid-19).

Companies need to focus on ‘What will employee want in the workplace’

Overall, occupiers are showing a clear preference for next-generation offices. The focus needs to be on building the office for employees wants, which will keep ‘employee experience’ at its core.

Companies can overcome employees’ fatigue to resume office by making the workplace safety compliant. These new-age offices will promote health, safety, protection and wellness through various facets. At the same time, technology will be an important enabler as offices evolve into a space for collaboration, innovation, socializing.

Landlords and developers can also focus on:

a)     High-performance buildings (A high-performance building facilities technology, environment, energy and efficiency parameters to enable greater productivity, health and wellness.)

b)    More space for common amenities

c)     Sustained wellness measures to bring back employees to offices and highlighting the same to tenants

d)    Assisting tenants with renovations to maintain social distancing requirements

There will be immense scope for landlords to upgrade existing facilities. Colliers estimates that landlords and developers have a scope to upgrade around 100 million sq feet of office space in the top six cities, accounting for 14% of the existing stock. Retrofitting of buildings is crucial and can fetch as much 20% increase in rents for developers/landlords. Upgradation should make these offices more attractive to occupiers, leading to a) increased rents and lower vacancy levels, b) high tech buildings and c) sustainability benefits like reduction in carbon emissions.

Also Read: ASSOCIATION OF APARTMENT OWNERS OF NBCC GREEN VIEW DEMAND IMMDIATE REFUND OF THEIR MONEY WITH INTEREST AND COMPENSATION FROM NBCC

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By Varun Singh

When it comes to buying a home, the concept till now has been homebuyers prefer projects that are close to the city centre.

However, the pandemic, followed by the lockdown which made Work for Home a reality in Metro cities has changed the dynamics.

Even in real estate all of a sudden there appears a scenario where homebuyers would go for peripheries rather than city limits. Even developers are changing with time and demand.

The reason is simple, Work from Home would mean less travel, thus Walk to Work will not be much adopted.

Take example of the pricing, which will also be a major factor for people opting for peripheries over city.

According to Anarock Property Consultants, in Mumbai Metropolitan Region, average price of standard 1,000 sq. ft. home is 70% higher in city limits than in peripheral areas.

The same in NCR is 57%, and in the difference between peripheries and city limits in Bengaluru is 38%.

In MMR, the average price for a standard 1,000 sq. ft. property in areas within city limits is approximately Rs 1.85 crore, against Rs 55.35 lakh in the peripheral areas – a 70% cost difference.

In NCR, the average price for a standard 1,000 sq. ft. property in areas within city limits is approximately Rs 88.20 lakh, against Rs 37.50 lakh in the peripheral areas – a 57% cost difference. 

In Bengaluru, the average price for a standard 1,000 sq. ft. property in areas within city limits is approximately Rs 69.80 lakh, against Rs 43.50 lakh in the peripheral areas – a 38% cost difference. 

Even when one compared the rentals of city limits, a deep analysis shows that, buying a home in peripheries would be a preferable idea,

In MMR, the average monthly rental outgo in city-limit areas is Rs 45,800. For five years, this equals nearly Rs 28.66 lakh (including standard rental escalation for this period). This is almost 52% of the total average cost of a property in MMR’s peripheral areas.

In NCR, the average monthly rental outgo in city-limit areas is Rs 22,000. For five years, this equals nearly Rs 13.77 lakh (including standard rental escalation for this period). This is almost 37% of the total average cost of a property in NCR’s peripheral areas.

In Bengaluru, the average monthly rental outgo in city-limit areas is Rs 18,500. For five years, this equals nearly Rs 11.57 lakh (including standard rental escalation for this period). This is almost 27% of the total average cost of a property in the peripheral areas.

“The work-from-home concept may become the next fulcrum for homebuying decisions, where the walk-to-work option had held the longest sway,” says Anuj Puri, Chairman – ANAROCK Property Consultants.

Puri further added, “With the rise of the WFH culture, many may now prefer to live in more spacious and cost-effective homes in less central areas. While sufficient supply currently exists in most of the peripheries, this new demand will eventually also dictate fresh supply. Bigger homes, affordable prices and more generous open spaces in the peripheral areas will draw demand from tenants and buyers alike.”

To add to this, the current home loan interest rates are at an all-time low, averaging around 7.15-7.8% – with the possibility of more reduction as the RBI recently cut repo rates even further.

Even developers agree that the shift will happen towards peripheries and have started working on those lines. According to Arvind Goel a developer from Navi Mumbai, the half bedroom that he use to offer in 1.5 and 2.5 BHK will now be planned as office space.

“Peripheries will see a rise in demand, but those projects which have a proper infrastructure not some stand alone building in a corner. The half bedroom if converted in to an office shall be the Work for home,” said Goel. Not just officer goers, but even small business can operate form this half bedroom, that can be used as an office.

Meanwhile, developers also want government to help the real estate industry, for a very long time there has been this demand from various indsutrialists and even ministers that developers should reduce price.

Goel, who also is associated with CREDAI-MCHI says, that time has come government acts, because unless they don’t amend the Income Tax Act, and reduce ready reckoner rates, builders won’t be able to lower the prices. One of the major demand is that of lowering stamp duty.

Also Read: Societies now demand COVID test reports of maids

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By Varun Singh

Commercial real estate did well even when the residential sector was facing problems. However, the coronavirus has now thrown a serious question towards its stability.

The lockdown has forced many organizations to go for WFH concept. Recently even TCS announced that up to 2025, TCS will ask a vast majority of 75% of its 4.48 lakh employees globally (including 3.5 lakh in India) to WFH.

Ashutosh Limaye, Director & Head – Consulting, ANAROCK Property Consultants, says, “The COVID-19 pandemic has been a major gamechanger, making WFH a respectable and even altruistic decision. There are at least three major benefits. First, companies can save a lot of revenue on office space occupancy. Secondly, WFH can be a major productivity enhancer as employees save the time which they would ordinarily spend on daily commutes. Thirdly and as a derivative of the second benefit, it can significantly boost employee wellbeing.

WFH is obviously not a catch-all solution – many business verticals and functions still require employees to work in an office setting. A large chunk of work needs constant monitoring and professional infrastructure which only an office setting can provide. Nevertheless, market dynamics are changing quickly now, says Limaye.

• Coworking – Coworking is likely to see subdued demand over the next few quarters, but will also see the fastest revival – the pandemic pressures will eventually ease out many businesses will look to restart in these flexible workspaces. Coworking spaces are not only the most cost effective, but also offer flexibility in terms of time period of rental agreements. Coworking spaces can be rented on a monthly, day-to-day and even hourly basis.  
• Conventional Offices – Traditional office spaces are currently a source of worry for both tenants and landlords. This is because it is difficult to visualize and plan for a post-pandemic market scenario. However, when the Government’s focus shifts back to economic growth, it will roll out business-boosting incentives that will revive the fortunes of commercial office spaces quickly.

Monthly Per-desk Rentals in India’s Major Business Centres (Coworking and Conventional Offices)

Mumbai Metropolitan Region (MMR)

• Average monthly rentals in Grade A office spaces in CBD (central business district) areas like South Mumbai and Bandra Kurla Complex are anywhere between INR 18,000–27,000/desk/month for coworking spaces, and between INR 24,500–30,000/desk/month for conventional commercial Grade A offices. All non-Grade A office spaces in CBD areas are lower by at least 15-20%.
• Average monthly rentals in Grade A office spaces in SBD (secondary business district) areas like Lower Parel, Andheri Kurla Road range anywhere between INR 12,000–18,000/desk/month for coworking spaces, and between INR 15,000–18,000/desk/month for conventional commercial Grade A offices. All non-Grade A office spaces in SBD areas are at least 25-35% cheaper.

New Delhi

• Average monthly rentals in Grade A office spaces in CBD areas like Connaught Place range between INR 13,000–19,000/desk/month for coworking spaces and between INR 20,000–25,000/desk/month for conventional commercial Grade A offices. Non-Grade A office spaces in the CBD areas are at least 15-20% cheaper.
• Average monthly rentals in Grade A office spaces in SBD areas like South-East Delhi and Delhi International airport, East Delhi and North Delhi are anywhere between INR 5,000–10,000/desk/month for coworking spaces and between INR 10,000–20,000/desk/month for conventional commercial Grade A offices. Non-Grade A office spaces in SBD areas are lower by at least 25-35%.

Bangalore

• Average monthly rentals in Grade A office spaces in CBD areas like M.G. Road, Millers Road, Vittal Mallya Road and Residency Road are anywhere between INR 7,000–15,000/desk/month for coworking spaces and between INR 10,000–18,000/desk/month for conventional commercial Grade A offices. Non-Grade A office spaces in the CBD areas are lower by at least 15-20%. 
• Average monthly rentals in Grade A office spaces in SBD areas like Koramangala, Bannerghatta, Hosur road, Electronic City etc. are anywhere between INR 3,600–8000/desk/month for coworking spaces and between INR 6,500–15,000/desk/month for conventional commercial Grade A offices. Non-Grade A office spaces in SBD areas are lower by at least 25-35%.

Pune

• Average monthly rentals in Grade A office spaces in CBD areas like Laxmi Road, Camp, Bund Garden, Koregaon Park, Shivaji Nagar etc. are anywhere between INR 4,750–9,500/desk/month for coworking spaces and between INR 10,000–12,500/desk/month for conventional commercial Grade A offices. Non-Grade A office spaces in the CBD areas are lower by at least 15-20%.
• Average monthly rentals in Grade A office spaces in SBD areas like Kalyani Nagar, Yerwada, Viman Nagar, Aundh, Baner etc. are anywhere between INR 3,600–7,200/desk/month for coworking spaces and between INR 8,000–9,000/desk/month for conventional commercial Grade A offices. Non-Grade A office spaces in SBD areas are lower by at least 25-35%.

Chennai

• Average monthly rentals in Grade A office spaces in CBD areas like Anna Salai, Nungambakkam, RK Salai are anywhere between INR 5,700–13,300/desk/month for coworking spaces and between INR 7,000–15,000/desk/month for conventional commercial Grade A offices. Non-Grade A office spaces in the CBD areas are lower by at least 15-20%. 
• Average monthly rentals in Grade A office spaces in SBD areas like T.Nagar, Alwarpet, Kilpauk, Egmore, Chetpet, Royapettah, Kotturpuram etc. are anywhere between INR 5,400–8,600/desk/month for coworking spaces and between INR 7,500–10,000/desk/month for conventional commercial Grade A offices. Non-Grade A office spaces in SBD areas are lower by at least 25-35%.

Hyderabad

• Average monthly rentals in Grade A office spaces in CBD areas like Gachibowli, Madhapur, Manikonda, Kondapur etc. are anywhere between INR 4,750–7,650/desk/month for coworking spaces and between INR 6,000–9,000/desk/month for conventional commercial Grade A offices. Non-Grade A office spaces in the CBD areas are lower by at least 15-20%.
• Average monthly rentals in Grade A office spaces in SBD areas like Pocharan, Uppal etc. are anywhere between INR 3,600–6000/desk/month for coworking spaces and between INR 3,500–7,000/desk/month for conventional commercial Grade A offices. Non-Grade A office spaces in SBD areas are lower by at least 25-35%.

Noida

• Average monthly rentals in Grade A office spaces in Noida are anywhere between INR 4,750–9,500/desk/month for coworking spaces and between INR 6,000–10,000/desk/month for conventional commercial Grade A offices. Non-Grade A office spaces are lower by at least 10-20%. 

Chandigarh

• Average monthly rentals in Grade A office spaces in the city are anywhere between INR 4,750–7,600/desk/month for coworking spaces and between INR 6,000–9,500/desk/month for conventional commercial Grade A offices. Non-Grade A office spaces are lower by at least 10-20%. 

Work From Home – Not A Catchall Alternative

For India Inc, the evolution of the WFH option is at least as exciting as that of coworking – if not more, considering its multiple benefits. That said, it will not work for every type of company. Most major industries have functions which require a high level of centralized supervision as well as data security which are only available in a formal office setting. As is becoming evident in this trial by fire, video conferencing technologies have very distinct limitations, too. 

Most employees depend on the infrastructure provided in their offices to do their work efficiently, and also require a formal office setting to get into ‘work mode’. While WFH is not a one-size-fits-all workplace alternative, social distancing norms are likely to remain in place for a while to come and more and more companies will need to consider this option. 

Also Read: Construction work resumes at non-hotspot zones, MMR not to benefit

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