Dedicated locality research platform
Enter your email address and you will receive
a link to reset your password
CBRE South Asia Pvt. Ltd. unveils a compelling shift in corporate real estate strategies through their latest survey. The findings highlight the surging popularity of flexible office spaces as the preferred short-term portfolio approach, with 47 percent of respondents planning to increase their utilization within the next year. An impressive 56 percent of participants expressed their intention to allocate more than 10 percent of their office portfolios to flexible spaces by 2025, emphasizing the enduring importance of adaptability in the corporate landscape.
To optimize portfolios and enhance efficiency, approximately 37 percent of respondents plan to consolidate operations in fewer locations. This trend reflects a focus on streamlining operations and maximizing resource utilization. The survey also highlights a growing interest in Tier II cities due to skilled talent pools and improving infrastructure. In Q1 2023, 13 percent of respondents relocated certain functions to Tier II cities, compared to 8 percent in December 2021.
The survey underscores India's long-term appeal to global corporations, with 75 percent of respondents expressing a positive outlook on portfolio expansion over the next two years. This resurgence mirrors pre-COVID-19 levels, where 79 percent of respondents in 2019 anticipated portfolio growth while only 6 percent expected contraction. Encouragingly, the survey reveals a heightened sense of optimism among occupiers, as the percentage of respondents foreseeing a substantial increase of over 30 percent in portfolio size rose from 12 percent in July 2022 to an impressive 28 percent in Q1 2023. Favourable demographics, a skilled and cost-effective talent pool, robust technology and startup ecosystems, the availability of high-quality office spaces, attractive rentals, and supportive government policies serve as the primary drivers for this sustained portfolio expansion by global corporations.
In the realm of remote and hybrid work environments, occupiers face the delicate task of striking a balance between flexibility and optimal space utilization. Consequently, meticulous attention is being devoted to formulating hybrid work rules and policies that effectively align business objectives with workforce requirements. 65 percent of respondents embrace the strategy of assigning fixed physical office locations to address the challenges faced by new hires in terms of onboarding, collaboration, cultural assimilation, and visibility. Furthermore, remote hiring is expected to adopt a combination of work-from-home (WFH) arrangements and satellite offices, allowing new employees to periodically visit the office, foster connections with colleagues, and gain familiarity with the company's practices and culture. This hybrid approach finds favour with 35 percent of respondents.
Enhancing the overall employee experience emerges as a critical component of return-to-office (RTO) planning. Occupiers prioritize strategies such as integrating employee well-being into workplace and workforce initiatives (74 percent of respondents), implementing organizational policy changes to foster greater flexibility (70 percent of respondents), engaging all stakeholders to redefine the purpose and design of office spaces (60 percent of respondents), and empowering people managers through coaching and upskilling to effectively lead hybrid teams (56 percent of respondents).
The survey also indicates a shift in occupiers' approach to office presence, deviating from the trends observed in 2021 and 2022, despite the prevalence of hybrid working arrangements. In Q1 2023, the majority of respondents (96 percent) preferred working in the office for at least three days per week, aligning with the findings of the July 2022 survey (91 percent). Notably, there has been a significant increase in the inclination towards fully office-based strategies, with 40 percent of respondents opting for this approach in Q1 2023, compared to only 18 percent in July 2022. 73 percent of respondents indicated that occupiers are expected to limit hybrid working to a portion of their workforce, specifying that less than half of their staff would have the option. Among the respondents, around 30 percent stated that hybrid working would be available to 25–50 percent of their employees.
Propscience is India’s dedicated property news portal. We cover the latest events, news, trends, deals, new launches and more.
All our services and tools are completely free of cost and available 24X7!
We use cookies to give you the best possible service while using our website, please click accept and carry on browsing if you're happy with this. For more information see our Privacy Policy.
Okay, Got it!This disclaimer ("Disclaimer") is applicable to the entire Site. Upon entering the Site it is recommended that you immediately read the Terms and Conditions and Privacy Policy listed therein. Your continued usage of this Site will indicate your unconditional acceptance of the said Terms and Conditions and Privacy Policy. You hereby agree that Propscience reserves the right to modify at any time, the Terms and Conditions and Privacy Policy governing this Site without prior notification. Your usage of the Site implies that you will be bound by any such modification. You agree and acknowledge that it is your responsibility to periodically visit the Site and stay updated with the Terms and Conditions and Privacy Policy of the Website.
The information contained in this Site has been provided by Propscience for information purposes only. This information does not constitute legal, professional or commercial advice. Communication, content and material within the Site may include photographs and conceptual representations of projects under development. All computer-generated images shown on the Site are only indicative of actual designs and are sourced from third party sites.
The information on this Site may contain certain technical inaccuracies and typographical errors. Any errors or omissions brought to the attention of Propscience will be corrected as soon as possible. The content of this Site is being constantly modified to meet the terms, stipulations and recommendations of the Real Estate Regulation Act, 2016 ("RERA") and rules made thereunder and may vary from the content available as of date. All content may be updated from time to time and may at times be out of date. Propscience accepts no responsibility for keeping the information in this website up to date or any liability whatsoever for any failure to do so.
While every care has been taken to ensure that the content is useful, reliable and accurate, all content and information on the Site is provided on an "as is" and "as available" basis. Propscience does not accept any responsibility or liability with regard to the content, accuracy, legality and reliability of the information provided herein, or, for any loss or damage caused arising directly or indirectly in connection with reliance on the use of such information. No information given under this Site creates a warranty or expands the scope of any warranty that cannot be disclaimed under applicable law.
This Site provides links to other websites owned by third parties. Any reference or mention to third party websites, projects or services is for purely informational purposes only. This information does not constitute either an endorsement or a recommendation. Propscience accepts no responsibility for the content, reliability and information provided on these third-party websites. Propscience will not be held liable for any personal information of data collected by these third parties or for any virus or destructive properties that may be present on these third-party sites.
Your use of the Site is solely at your own risk. You agree and acknowledge that you are solely responsible for any action you take based upon this content and that Propscience is not liable for the same. All details regarding a project/property provided on this Site are updated on the basis of information available from the respective developers/owners/promoters. All such information will not be construed as an advertisement. To find out more about a project / development, please register/contact us to visit the site you are interested in. All decisions taken by you in this regard will be taken independently and Propscience will not be liable for any such loss in connection with the same. This Site is for guidance only. Your use of this Site - including any suggestions set out in the Site and or any use of the resources available on this Site, do not create any professional - client relationship between you and Propscience. Propscience cannot accept you as a client until certain formalities and requirements are met.
We use cookies to give you the best possible service while using our website, please accept it and continue browsing if you're happy with this. For more information see our Privacy Policy