Evolving Office Trends In A Post Pandemic World

While IoT and automation present many advantages and are opening doors to many new possibilities, facilities managers should also be cognizant of specific barriers and challenges that tag along as well.

The way we view offices is changing, but they remain pivotal to an organization’s growth. As we emerge stronger from a tough phase, we look at how office space absorption has changed over the last 30 months. In this report, Colliers observes leasing patterns pre-pandemic and post-pandemic. While leasing has declined from April 2020, there are some interesting trends that have emerged. Firstly, NCR and Bengaluru emerged as the most resilient office markets. Secondly, occupiers are renewing existing spaces, while postponing fresh leasing decisions. Thirdly, BFSI companies are continuing to expand their footprint, post-pandemic. Occupiers are looking to be in new-generation offices with modern amenities with a focus on health and wellness. There will be more emphasis on flexibility, with occupiers keen to explore coworking spaces for a decentralized workforce. The future is hybrid. Office usage patterns will change, and occupiers will become nimble to maximize efficiency. As occupiers devise their strategies, developers too will become more adaptable.

We’re observing a paradigm shift in how office occupiers are planning their current and future real estate requirements. The future will be hybrid and leasing trends project a sense of cautious optimism. Commercial real estate continues to be resilient and is showing signs of a strong recovery in some cities. Bengaluru leads the pack with momentum across all sectors including emerging ones. There are clear signs of consolidation in front office leasing and certain micro-markets remain the preferred choice for blue-chip corporates. But in the constant threat of a new COVID variant, the real estate industry is beginning to adapt to this unprecedented crisis.