The Future Of Commercial Office Spaces In Post-COVID India

Right when commercial offices and co-working spaces were going to expand, the world went standstill due to the pandemic. The new normal has not just changed our perception of what is right or wrong but also made everyone unsure.

Share on facebook
Share on twitter
Share on linkedin
The Future Of Commercial Office Spaces In Post-COVID India

As public places reopen for one on one interactions, meetings, and ventures, we can catch glimpses of the new normal setting alright. And what has changed the most, is the work culture, putting a direct impact on commercial real estate. 

Trends like Work From Home, Live and Play and Walk To Work will continue to gain popularity despite the unlocking, as we have seen in the first two phases of unlocking commercial spaces in India. 

Meaning Of Commercial Office Spaces 

A Commercial Office Space is a high-quality space or several spaces within a building that is available as business premises to working professionals.

While many companies are considering work from home for 15-20% of their employees, the benefits of office spaces cannot be overlooked. 

Working or setting up your base at a location makes administration easier, giving a professional look to the organization and more room to grow.

Coworking Office Spaces

As the relevance of flexible working conditions grows rapidly, the coworking idea, which was already gaining traction pre-pandemic, is expected to witness a sharp rise in its demands post-pandemic. 

Generally, a coworking space is where people from different unrelated backgrounds assemble in a space to work independently on different projects, or even in a group to work on the same project. 

As the coworking environment isn’t owned or operated by the employers, these are relatively independent spaces with flexible and relaxed working conditions. 

Is coworking the future?

Coworking spaces are gaining a reputation for being great office spaces. Known as the future of commercial office spaces, more companies are accepting the new normal as a part of their lives and shed the traditional skin behind it. It can be said that traditional office spaces might get replaced with coworking spaces. 

How To Rent A Commercial Office Space

Good office space is like a home to your business and all other projects. As the commercial sector expands and MNCs bring in more competition, commercial office spaces have become very important to provide a home for businesses and projects. As the commercial office space prices spike, grabbing the best property will only get tougher and tougher owing to the competition. So, how can you know which property is best for you?

A commercial real estate property becomes important or loses its importance depending on several factors such as the location of the property, market, and demand. It is, therefore, better to invest from a long-term point of view instead of taking short leases. 

Here are some tips to help you rent commercial office space:

  • Location

When renting an office space, ensure that the space will be easier to commute to and fro. Even if you don’t have a team right now, invest in a space that is in a highly populated locality. 

  • Amenities

Make sure that the amenities you might need on a regular basis are closer to your office space such as coffee shops, banks or meeting places. 

  • Budget

Don’t go for an office that costs over your budget as your first priority needs to be an expansion of your business and you cannot afford unnecessary expenses. Hence, have a strict budget and stick to that.

  • Clarity in Lease

Be it what utilities you will be getting access to or who will pay for the annual maintenance, make sure that everything is clearly set down before moving forward with the deal. And if you are in charge of the maintenance, include that in the budget as well. 

  • Get Expert Advice

If you can, get in touch with a commercial real estate agent or broker who is familiar with dealing and properties. 

Commercial Office Space as an Investment

The pandemic was a testimonial to how reliable a real estate investment can truly be. As the demand for commercial real estate office space spikes, these also make great investment options. 

As commercial real estate properties are leased for long durations, they make great low-risk, long term investments. With technological advancements, the CRE investment sector is opening up to individual investors as well. 

Fractional ownership of the commercial real estate and Real estate Crowdfunding are two of the most popular investment options in India. 

While Chennai commercial office spaces are witnessing a sharp price hike owing to new startups, new office spaces for renting are coming up in Bangalore and Hyderabad.  These make great places for investing your assets. Assetmonk offers great investment deals in high-end properties. Visit our website to know more. 

FAQ'S

Demand for open office spaces may rise, along with this as the public inclination towards a hybrid system grows, we will see more spacious offices with special emphasis on connecting with remote colleagues. The coworking culture will also witness a nice boom.

Commercial office space is generally a building or series of buildings dedicated to a business or a business project.

The abrupt shutting down of commercial establishments and shopping destinations did lead to an economic hiatus, many commercial spaces were shut down but at the same time, the awareness about commercial real estate spaces also increased in India which led to more and more individual investors experimenting with the sector to create a win-win situation for both parties.

Related Articles

istockphoto 1439112216 612x612 1

EPF Form 31 – Partial Withdrawal

EPF Form 31 is used by employees to register claims for a fractional withdrawal of money from the EPF. Employees’ Provident Fund is a savings scheme backed by the govt. that can help employed persons establish a substantial corpus to satisfy their financial obligations after retiring. Employees are expected to deposit a percentage of their basic salary (12 percent) per month to this type of PF. The employer then makes a matching contribution to this investment. The corpus for workers is generated by pooling these deposits with relevant government interest. Employees might also opt to pull from their EPF savings throughout their job tenure to pay any unexpected bills that may occur. Also, read EPF Form 11. When can you withdraw your EPF funds?  An individual can withdraw his EPF money in part or in full via EPF withdrawal Form 31 only under particular conditions. Employees are eligible for withdrawal of their whole EPF savings amount in the events listed…

Read more
istockphoto 1200759231 612x612 1

EPF Passbook Download

Employees can download EPF Passbook online. Employee provident Fund Organisation offers an EPF passbook service online. It functions similarly to a passbook of a bank in that it records an individual’s EPF account spending. It allows one to easily see, import, and print their account statement. This online EPFO member passbook may also be accessed via the program. But, prior to installing the EPFO passbook, the UAN passbook must be unlocked. So, the EPF passbook is a database that contains a record of all contributions made to EPS and EPF accounts by the worker and the employer. The passbook details all contributions made each month. Interests earned in the account of the beneficiary are still kept in the passbook. Read EPF – Employees’ Provident Fund, EPFO Benefits & Process. Information in the EPF Passbook The company’s or employer’s name The ID of the establishment  The type and name of the EPFO office Contributions from both the employer and the employee…

Read more
istockphoto 1353920585 612x612 1

PF Form 19

The Employees’ Provident Funds and Miscellaneous Provisions Act of 1952 requires a worker to pay a set compensation payment to the PF account, and an employer must contribute an equivalent amount. Withdrawals under this program need to complete several forms, one of which is PF Form 19. Read EPF Withdrawal: How to Fill PF Form & Get Claim Online. PF Form 19 Is? Whenever a subscriber wishes to finalize his PF account, PF Form 19 must be completed. This only applies to workers without a UAN or Universal Account Number. So, it is possible to fill even if one does not possess a Universal Account Number, and an employee will only have to provide his PF account number. PF Form 19  will be utilized to request a settlement that is final of the PF account or to withdraw pension payments. A variety of PF Forms are accessible, each having a particular function. To achieve the intended result, these forms must…

Read more
National Pension Scheme tier 1 account

National Pension Scheme Tier 1

The National Pension Scheme Tier-1 Account represents the most fundamental type of pension fund account provided by GOI.  The govt plan aims to meet the retirement demands of private and public sector workers. To provide a framework for the use of NPS, the govt has divided it into two separate tiers: Tier 1 & Tier 2. The National Pension Program (NPS) is a national pension scheme that attempts to meet employees’ retirement needs in private and public industries. Read NPS Vs PPF: Comparison, Return Rates & Which is Better. Tier 1 NPS Account Aspects The following are a few major features of the Tier 1 NPS Account that distinguish it from the NPS Tier 2 account. Tier 1 NPS Account constitutes the most fundamental type of pension account. Early withdrawals from the Tier 1 NPS Account are permitted, but only like reimbursable advances and only after the investor has served for fifteen years. These withdrawals are permitted only in an…

Read more
password reset

UAN Password reset

As all Employee Provident Fund activities are being done online, the UAN, or Universal Account Number, is now the only ticket to operating the online EPF platform. With the advent of UAN, activities such as PF withdrawal, monitoring PF balance, applying for loans against PF, and so on have become much easier and more accessible to individuals. Furthermore, the UAN stays constant and transferable across an employee’s career. Employees must have membership IDs, that are eventually connected to the employee’s UAN, even if they change employers. Given the gravity of the situation, you must not lose your UAN and passwords. But, if you continue to lose or forget your UAN Password, follow the instructions below to generate it. Read EPF – Employees’ Provident Fund, EPFO Benefits & Process. But what if you forget your UAN Password? To restore or modify your UAN password, abide by the rules below: Open the EPF online portal. On the webpage, on the right-hand side,…

Read more
Customer care support

NPS Customer Care

The National Securities Depository Limited Central Record Keeping Agency or NSDL CRA (NPS Customer Care) may be reached @ (022) 2499 3499. One can also lodge any complaint electronically with the NSDL CRA’s Central Grievance Management System (CGMS) or with Karvy CRA. In the NPS, NSDL and Karvy are Central Recordkeeping Agencies (CRAs). NSDL’s location is 1st Floor, Times Tower, kamala Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013 and Fax Number: (022) 2495 2594/ 2499 4974. The details for NPS grievance escalation are shown below. If one is dissatisfied with the settlement offered by NSDL/Karvy, one may submit a complaint directly to the watchdog, the Pension Funds Development and Regulatory Authority (PFRDA). Do not miss NPS Vs PPF: Comparison, Return Rates & Which is Better. NPS Grievances Escalation Level Level I Escalation  Official’s Name Mr. Chandrashekhar Warange Details For Contact  Tel Number: 022 24993499 Email: gro@nsdl.co.in Position Grievance Redressal Officer (GRO) Level II Escalation Official’s Name…

Read more