Workspace Solutions Industry Expected To Increase By 10% In Succeeding Years
The growth in the commercial sector of India is projected to influence the workspace solutions industry during the next years. The sector is going to see a 10 per cent year-on-year growth during the next 5 years, as stated by industry experts.
Workspace solutions industry in India
Workspace solution provides end-to-end real estate solutions to the companies in different sectors – from concept up to functionality. It involves calculated location surveys, transaction recommendations, fit out management that includes design and execution, and facilities management.
Close to about 35 to 40 million square feet of office space, on average, is absorbed in the country yearly, as stated by from Shrinivas Rao of Vestian APAC. From the 35 million square feet, about 25 million needs services coming from a workplace solutions provider, whether that be transactions, fit outs or facilities management.
Rao is expecting the Indian office market trend to be solid this year, with 35 to 40 million square foot absorption in 7 primary cities.
The need for a better workplace environment
According to Praveen Rawal, Steelcase India’s Managing Director, employers already realized the need to create a workplace which facilitates collaboration, boosts well-being and nurtures an employee’s emotional, cognitive and physical needs to achieve organization success and employee growth.
Rawal added that due to this, the organizations found in India are already emphasizing the creation of workplace environments, which break the usual workplace stereotypes, and building a community which creates a connection with them.
Trends in the office spaces
An open office culture is a new trend that organizations are starting to increasingly adapt to. For a lot of companies, there is a great emphasis on the open spaces.
According to Rawal, the start-up culture is rapidly evolving around the world. The successful start-ups in India designed their offices different from conventional and traditional set ups.
Co-working is also a hit for the start-up community, where a full commercial office fit out is already available complete with all needed amenities. This is gaining popularity in the country with the companies like Wework, Bhive and Cowrks providing a lot of options throughout different locations.