Pune: Vestian Global Workplace Services, a leading workplace solutions firm that specializes in providing occupier-focused solutions along with Nielsen, a leading global information and measurement company recently published a study on ‘Evolution in Workplace Trends’ that is focused on the growth of commercial/rental spaces and workplace trends in Mumbai and Pune.
According to the study, the growing foothold of the IT sector in Pune is leading to a massive absorption of office space by IT/ITeS companies. Over the next year, Pune’s commercial real estate is expected to maintain a steady pace. Almost 60% of the upcoming Grade A supply of 1.7 mn sq. ft. is expected to be available in the next quarter. At 67%, IT sector continues its dominance in the city due to which, the newly developed IT zones in Hadapsar and Airport road saw a 7% rise in rentals.
The shift in workplace trends has also led to changes in office space utilization. Key trends which are setting out the change in the workplace are office space usage; workplace practices and impact of technology.50% of the surveyed companies believed that there is improvement in employee productivity and cost effectiveness by adopting open workspace. On an average, 5-7% increase in productivity and reduction in cost.
According to the survey, 50% of the surveyed companies have said, that by improvising workplace design and practices and use of suitable technology, they have been able to cut cost by 5 – 10% and increaseemployee productivity by 15 – 20%. The most recent entrants to the workplace, the millennials have a different outlook to what they expect from their employment experience.Not only are they creating a change in how they work, they are also invested in the future. They are driving sustainability efforts and new inventions in terms of renewable energy and energy efficient systems as a means of giving back to the environment and building a better eco-system.
Sharing key findings of the study, Mr. Shrinivas Rao, CEO-APAC, Vestian Global Workplace Services said, “The study aims to get deeper insights on the ever- growing real estate market in Mumbai as well as the ever evolving workplace design and practices.The Indian workplace is evolving faster than ever before and there is a new pattern of work that is emerging; and with that, there are new technologies and behavior entering our organizations”.
Emphasis on recreation facility is increasing in most segments. Particularly in the service industry –IT/ITeS provide recreational facilities that include gym, indoor games, libraryand break-out spaces. Companies believe that providing flexibility to employeesincreases productivity by 15-20%
The study further indicates that biometrics and other automation products are projected to be used extensively in the building security system to save expenses and improve productivity
Ms. Seema Kapur, Director, Consumer Insights, PEIT and IMR from Nielson said, “The Workplace Evolution Trends report has captured a macro level working of the commercial real estate sector in Mumbai. It brings together two co-related aspects – commercial real estate and changing workplace trends to study the link between them in depth.”
The study further indicates that there is a slow but sure rise in the office space rentals in the city. The CBD area of SB Road, areas of Bund Garden Road and Airport Road topped the charts in rentals. Pune office real estate is expected to maintain a steady growth over the next year.
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