Nandini Taneja, a 39-year-old trailblazer, has been able to advance through her career by viewing the real estate industry from a wide lens to identify business drivers, understand complex issues, take actions and drive results. Her 15+ years of experience, resourcefulness and autodidacticism, has enabled her to explore opportunities and serve some of the leading organizations in the real estate domain. Nandini has taken up the position of Vice President at ReachPro Group. Her responsibilities range from lease management systems, streamlining the entire process of mall management from project completion to leasing strategy, execution, standardization of processes to customer engagement management, among other duties.
The Indian commercial real estate sector has emerged as a successful business over the past couple of decades. It has been driven by technology along with that, competitive office rentals have strengthened the market fundamentals which has resulted in robust growth.
Amid the pandemic/testing times, the majority of the sectors has gone through immense change whether it is in customer, market behaviour or revenues. The retail sector is one of the sectors which has seen tremendous changes in terms of customer’s sentiments and behaviour.
The traditional office spaces have taken a hit along with Co-working spaces due to the spread of the lethal virus.
Now, what the future holds for retail and coworking spaces and the answer lies with the real estate sector. Real estate not only consisted of bricks, glass, mortar but also an enabler of wellbeing and existence.
In amalgamation with technology, accelerated stockholder engrossment and tenant-friendly policies shall lead to a sustained recovery of the country’s realty sector.
Retail realty and Coworking spaces will take the real estate to a higher/ new level post-pandemic.
Technology will remodel the Retail sector
As we all are thumping towards normalcy, technology in the not so distant future will bridge the gaps between the markets, clients and consumers.
The retail sector is going to alter its function with an end to end technological altercations in the market, advertisement and selling. It will lead to open up more enterprise businesses as the population is going for no-crowded malls and plazas.
The E-commerce sector is expected to be involved in sustainable and innovative shopping experiences for its consumers. The retail sector is going to turn into the e-commerce sector which will result in taking up office spaces.
Flex Spaces will thrive
Flex workspace means flexible workspace which conforms to the needs of whoever is using it. It is a space that is created to support employees whose work and focuses change from time to time.
The flexible workspace comes with meeting rooms, entertainment zone, cafes. Accompanying these, newer developments are coming out in a planned way which attracts retail business owners and enterprises.
The opportunity of opening more flex spaces sounds beneficial for real estate as well as for the retail sector. Small or bigger enterprises can take up the spaces according to their needs and workforce in order to meet the demand and supply change.
The world needs everything online nevertheless, it does not lessen the importance of having a space for goods and products and workforce.
High-rent yielding coworking spaces have already gone forward with more business and now demand is going to increase because the retail is going to take up.
Reboot, Reimagine and Regain – the super mantra
Rebooting the whole retail business is going to be a tough job nevertheless, it is going to start anew and metamorph traditional shopping into something more personalised shopping for customers.
There is going to be a demand for common space with an open sky with different access to every showroom.
In upcoming years, large-format of the shopping centres like malls and plazas will go forward with the automation technology with AI components while the retail sector will opt-out for more customised shops to give customers personalised experiences.
Now, the retail sector is not just limited to high street open sky shopping and customer experiences but also going to join in hands with Co-working spaces.
Managed coworking spaces with supporting retail will add a new business angle to the overall commercial office market space.
Outsourced workspaces will be in fashion
The traditional office has its own importance in the corporate world henceforth, companies will work on revamping the spaces according to the post-COVID 19 norms while opting for the option of outsourced spaces like meeting rooms, space for staff, private cubicles.
Health and hygiene will take priority and office spaces will be redesigned for the post-covid world.
As companies are seeking infrastructure status to coworking spaces, it will be easier for real estate to take the task of investing in such spaces.
As Coworking is going to be the new normal along with that, it is going to play a vital role in economic growth, ready to take up a magnificent chunk of commercial real estate.
The growing demand for collaborative open and flexible spaces will be able to encourage corporate giants to go forward with coworking workspaces.
It is safe to say that in the near future, managed workspaces with safety precautions, safe distancing will be in more demand.
In the initial years of coworking spaces, start-ups, small enterprises and freelancers were the key clients.
Now, when time has changed, large enterprise clients have escalated to the concept of flex spaces as the profits of flexibility with lease papers, more saving in terms of lower capital expenditure and services could be customised at the different price lists.
Reshaping of Developers and buyer relationship
Due to COVID-19, scores of business owners and employees are going through a hard time and in this critical situation, real estate has changed its approach towards realty business. Adoption of technology by the real estate developers like 3D- site walkthrough, online documentation and support has given the ease to the buyers in this pandemic period. The power gained through technology is definitely going to reshape the relationship between buyers and developers.
Real estate enables our lifestyle to the core and the future lies in it as norms and conventional methods of business and consumerism are changing rapidly and in the long run, real estate, retail sector and coworking spaces together are going to change the commercial office market spaces.