Shortly, millennials’ preferences and values will be mirrored in commercial real estate in India.
Commercial leasing in India is once again on the rise. Significant corporations like Google, Samsung India, ABB, Veritas, and others have acquired large-scale transactions. Most IT and technology firms are expanding due to their long-term development potential.
Large companies are also deploying back-office processes, bolstered by declining COVID instances and a nationally effective immunization campaign. Until the dread of the third wave arrives, we can reasonably conclude that India’s commercial real estate is on the mend after experiencing dampened demand during the epidemic months.
However, it is equally critical to recognize that to flourish in the new normal, or rather the new reality, one must first grasp a vital but frequently underestimated force – the millennial. India is a youthful country with a median age of roughly 28 years. Approximately 65 per cent of the Indian population is under the age of 35. Millennials currently make up the majority of wage workers, and their sheer numbers indicate that they will play a critical role in determining the future of commercial leasing in India. Shortly, millennials’ preferences and values will be mirrored in commercial real estate in India.
Value-added services (VaS):
The contemporary workplace would have more than simply office furniture and conference spaces. It should feature value-added amenities like gyms, play areas, open rooms, and gaming zones to ensure a lovely time at work. Similarly, the cubicle culture may not be widely accepted. Instead, the future will be about soft furnishings that can be customized as desired.
Eco-friendly innovative workplaces:
Millennials are becoming more open to eco-friendly offices that optimize energy and water use, lower total carbon footprint, and support long-term sustainable living.
In the future, developers must prioritize green and sustainable technology and innovation. This should involve expanded use of water recycling methods, recycled construction materials, more brilliant gadgets, innovative metering technology, enough water supply and a lot of ventilation and sunshine.
Experience Retail:
The moment has finally arrived for experiential retail in India. While developing new-age retail, it is also necessary to reconstruct and reimagine retail through personalization, localization, and the seamless integration of technology with retail services. These are no longer marketing fads but rather the realities of the moment.
Footfall at malls and high-street retail stores is expected to increase. On the other hand, buyers would not open their wallets to purchase. They require genuine involvement and experience. New stores will need many rest places, ventilation, and natural lighting. Similarly, considerable space would be necessary to test products and items (a key differentiator for physical stores, and they need to leverage it smartly).
The Rise of Suburbia:
Indian metropolises are also catching up with the concept of suburbia, in which cities emerge on the outskirts of the town. Many millennial households moved to suburbs or suburbia to avoid traffic and crowded living in urban cores. The affordability of housing is also influencing the upward trend. These new corridors attract new offices, co-working spaces, malls, and high streets to meet the changing demand.