In a recent interview with Bizz Buzz, Amit Bansal, co-founder of 91Squarefeet, shared valuable insights on the evolving commercial real estate scene in India and the role of domestic firms in driving office space demand. Here are key takeaways from the discussion:
- Rising Demand from Domestic Firms: With domestic companies projected to account for over 50% of office space demand in 2024, Bansal emphasized the significant impact this trend will have on India’s commercial real estate landscape. This surge in demand highlights the growing importance of local businesses in fueling economic growth and employment opportunities.
- Growth Trajectory of 91Squarefeet: Since its inception in 2019, 91Squarefeet has been committed to simplifying fit-outs across various sectors. With a strong track record of completing over 1100 projects across 230 cities, the company has positioned itself as a leader in the industry. Looking ahead, Bansal outlined plans to deliver over 200 projects in 2024 and expand their workforce to meet growing demand.
- Impact of Grade A Office Spaces: The increasing prominence of Grade A office spaces, particularly in sectors like banking and finance, is expected to influence the leasing market significantly. These spaces, equipped with modern technologies and sustainability features, are attracting developers to offer premium office spaces for lease, albeit at higher rental prices.
- Opportunities for GCCs: As more companies establish their presence in India, there is a surge in demand for Global Capability Centers (GCCs) offering a range of services. This presents promising opportunities for GCCs to leverage India’s talent pool and infrastructure while contributing to both global companies’ success and India’s economic growth.
- Technological Advancements in Commercial Fit-Outs: Technology, such as Building Information Modeling (BIM) software and virtual reality, is revolutionizing commercial fit-out projects. These advancements streamline processes, enhance communication, and drive innovation, ultimately delivering greater efficiency and project success.
- Challenges and Opportunities in Urban Areas: In densely populated urban areas, the commercial fit-out industry faces challenges in designing efficient spaces. Collaboration with urban planners, adoption of sustainable design principles, and flexible workspace designs are key strategies to address these challenges and seize opportunities in urban landscapes.
- Implications of Domestic Companies’ Contribution to Office Space Uptake: The expected contribution of domestic companies to office space demand in 2024 signifies the resilience of the domestic economy and supports property values. This increased demand stimulates construction activity, fosters competition among developers, and enhances market stability.
- Ensuring Quality, Affordability, and Efficiency: Amid rising construction prices, the commercial fit-out industry focuses on controlling costs through effective project management and collaboration with manufacturers. Standardizing pricing and delivering quality projects are essential to ensuring affordability and efficiency.
- Elements of the Right Workspace: Organizations prioritize employee well-being by creating spaces that promote mental health and productivity. Collaborative areas, quiet spaces, and recreational zones are essential elements of an ideal workspace that caters to diverse organizational needs.
- Expansion Plans for 91Squarefeet: 91Squarefeet aims to expand its presence across various market sectors by providing a comprehensive offering, including leasing, designing, building, and financing. With a focus on retail and workplace designs, the company is poised for further growth and success in the industry.
Credits: Bizz Buzz
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