Outlook for office space market in 2021

The interest in office space looks optimistic as the market jumped by 64% at 5.43 mn. sq.ft. in Q32020 in net absorption.

January 30, 2021 / 01:01 PM IST

The office space real estate market is getting back on its feet, after witnessing a steep downfall in net absorption in 2020 due to the COVID-19 pandemic.

The Asia Pacific Outlook Report – 2021 by Knight Frank stated, “Improving economic conditions expected in 2021 will bring about some relief for the office market as more workers return to the office and firms finalise their new workplace strategies.”

The interest in office space looks optimistic as the market jumped by 64% at 5.43 mn. sq.ft. in Q32020 in net absorption. The encouraging trend is expected to continue, riding on demand from ITs/ITes, BFSI and product companies.

Thus, the office space market will see an upward trend in top cities, including Mumbai, Bengaluru, Hyderabad and Pune.

In Pune, the office space market looks promising due to several reasons such as IT hubs, college campuses, seamless connectivity to Mumbai, open spaces, etc.

The western and eastern regions of the city are expected to see an increased interest and locations such as Wakad and Chinchwad in the west will attract companies for their proximity to the IT hub in Hinjawadi, Mumbai-Pune Expressway, and availability of Grade-A workspaces of the future by developers such as VTP Realty.

For instance, in Wakad, VTP Realty has done exceptional work in providing office space with its Altitude Grade-A Commercial High-Rise Project.

The commercial project houses nine floors of office space, flexi-workspaces, marquee workspaces, two floors of stylish showrooms with 14-ft height and magnificent facade, three floors podium parking, safety, high-end lobby infrastructure, etc, making it an ideal workplace destination for the modern workforce, including millennials.

Standing tall at Dange chowk, this premium glass façade commercial gives an upmarket feel which is hard to miss.

The developer has designed the project to house modern IT and ITes workforce in almost 50% of the space. The other 50% of the office space is for smaller units. Also, Altitude comes with flexibility of converting two-three offices into one, allowing companies to have one large space for a bigger workforce.

Thus, professionals involved in individual consultancy services can look for an office space at Altitude and impress their clients, right from the entrance of the building.

From investors’ lens as well, Altitude by VTP Realty is expected to generate desirable returns as it is close to Baner and Tathawade, and residential complexes as well.

Speaking of the infrastructure and amenities, VTP Realty has incorporated sustainability in its value chain by developing a high energy-efficient building. Altitude has applied innovative methods to maximise natural light and ventilation, improve indoor air quality, and ensured water and energy conversation and robust waste management system.

Since the project is LEED-certified, it reduces carbon emissions by 34%, consumes less water and electricity, and saves money of businesses and investors. Also, following the certification, it commands high rental value and lower vacancy rates.

Talking about the automated Building Management System (BMS), businesses can work without any administrative disruption as the building’s Genset operations, lifts and common area lighting are timely monitored and upgraded. There is special focus on maintaining and managing plumbing, fire-fighting systems.

Also, VTP Realty took cognizance of every nuance that is required to build a solid workplace. It has applied the MLA philosophy in a commercial space as every unit has a provision for a washroom or a tiny pantry if required, depending on the need.

Moreover, VTP Realty values break-out sessions for the staff of the occupants  and to de-stress from  their hectic working hours, Altitude commercial building has an amenity floor, where employees can play billiards, pool, table tennis, foosball, etc. There is a quaint garden area for small get-togethers, activity lawn designated for team games, amphitheatre, and much more.

Being their newest offering in the Grade-A commercial portfolio, Altitude by VTP Realty is seeing a lot of interest from end users and investors alike. The flexibility offered by VTP Realty in combining offices or offering marquee floorplates is working very well in the market. Individual professionals like Lawyers, CAs, Doctors etc. who wish to run their practices from a swanky premium building which will add value to their brand in their customers mind are choosing to move their offices to Altitude.

A big highlight of the project is not only the grand imposing elevation and facade of the tall building but the even grander double height entrance lobby with lots of waiting area and a café inside allowing for visitors to wait comfortably. Each floor lobby has its own waiting area and smoking zone. Visitors parking, waiting lounges, 6 lifts etc are all designed keeping in mind the high footfall the project is expected to see.

Besides Altitude in Wakad, VTP Realty also has another premium commercial project KP Square in the heart of Chinchwad near the railway station, offering 92 office and 26 retail bays, each distinguished by style. Here, the office spaces start from third floor, going up till eighth, while the ground and first two floors are occupied by retail.

In a nutshell, Pune’s office space segment is set to expand due to its compelling product offering and competitive pricing. Thus, investing in an office space with developers like VTP Realty, which has pan-Pune presence, becomes an advantageous decision.

This is a partnered post.
TAGS: #Features
first published: Jan 30, 2021 12:56 pm
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