After a loathsome 2020 due to the Coronavirus pandemic, 2021 is probably going to be a time of expectation and monetary recuperation. India has demonstrated flexibility and is rising again after seeing an enormous 24% compression in GDP in the April-June quarter of 2020 and we may see record GDP development of 11-12% in 2021. Inoculation will start and expectation it extends quickly from January onwards. Need certainty to return so as individuals think that it’s safe to shop, travel this is yet to resuscitate. When the certainty returns then we will see an upsurge in GDP development from the second half of 2021 (H2’21). All this will have a significant impact on the commercial real estate market also; the positivity that 2021 has brought with it has also effused a sense of relief in CRE market as well. It’s time to mirror on what the year went by has ushered on us and what trends will rule the roost in the year 2021. Let’s take a look.
- Rethink & Reset your office space needs – Owing to COVID-19 crisis, lockdowns and health-related protocols about social distancing all through 2020 have made many companies to make their employees work remotely. This has made a few openings in the business office space market that wasn't there previously. It’s an ideal time to scout for the perfect office space that meets your discreet & discerning needs.
- Time to return to the office – On the other side of the scale, scores of businesses are pushing their employees to come back to the office as soon as it’s out of harm's way to do so. There are certainly plenty of rationales to keep your office in a post-COVID world, including more competent training, teamwork, and project conclusion.
- AIF: A much-needed thrust to the real-estate sector: The real estate sector hasn’t performed its best in the last few years, more so ever because it is sitting on a large inventory of unfinished or held up projects. To provide steadfastness to the situation, Category II Alternative Investment Fund (AIF) that is SEBI approved has been infused to add some life into this sector. While this is a welcoming move for the realty sector, the test of its efficacy does lie in funding and implementation.
- Personalized retail experience: Retail industry trend that is becoming progressively more imperative to patrons is having a personalized shopping experience. Personalization in the retail world often involves retailers giving consumers suggestion based on their preferences, location, order history, and previous searches.
- Augmented medical retail opportunities – Aside from this year’s pandemic, medical retail spaces have turn out to be more accepted due to the need for moving some health services exterior of already crowded hospitals.
- A big drive towards industry –There has been a surge in e-commerce since the beginning of the pandemic. From impulse buying to necessities, almost everything can be ordered via the internet these days. Extra demand means more of a need for industrial space including warehouses, distribution centers, and even smaller spaces that support the big businesses.
- Increased manufacturing and production – Throughout the year, it was witnessed that greater than before interest is made-in-India goods, in particular those about COVID-19. As concerns about velocity and straightforwardness of bringing products to market arise, so do they need for manufacturing and production space.
- Rise of Cloud Kitchen- Cloud Kitchen concept has steadily gained the grounds during the pandemic due to the massive shift toward online ordering. Cloud kitchen offers flexibility to restaurateur startups to affordably open and tests new concepts before splurging on a build-out.
- Last Mile Distribution- These properties are the last stop for conveyances before they head off to the homes and workplaces of the beneficiaries, so they're regularly situated inside the metropolitan center or deliberately positioned in high-thickness zones to arrive at the most extreme populace. Numerous retailers are additionally retrofitting their current stores to fill in as these item conveyance centers with the goal that they can amplify their present land property.