Commercial spaces have been present in our country since time immemorial. But the modern commercial real estate has evolved and differs a lot from the old ones in many ways. Incorporating new and contemporary aspects of office space, it is rapidly redefining the landscape of the Indian of Indian real estate.
Modern and newly-emerging commercial spaces are located in key areas of cosmopolitan buzz and economic activity. They are situated near expressways, metro stations, and corridors. This change has taken place due to people’s growing demand to live in the vicinity of major townships and centers of prominent affairs for a safer and better travel or commute.
The second commonality in newly-emerging commercial spaces is ample parking space and elaborate security arrangements. Earlier, commercial spaces did not have suitable parking spaces, and many times, no parking space at all. The absence of parking facilities caused significant inconvenience to the working people as they encountered vehicle parking issues. Modern commercial buildings offer capacious parking areas and standard and enhanced safety measures such as CCTV, security cameras, gates, additional systems, and similar devices. The installation of security measures empowers the vision of an uber-cool, secure contemporary office-retail set-up.
The latest trend is integrated wellness commercial complexes where complete ecosystem is maintained for office employees as they get each and everything within their campus.
Many commercial developments offer LEED Platinum, earthquake resistant structures, MERV 14 Filters, designed Floorplates to facilitate maximized light penetration and space utilization, and an integrated building management system (IBMS) to enable energy management. These features are raising the bar pertaining to commercial real estate buildings in India.
Shop-cum-Offices are also the latest trend dominating the commercial real estate circuits today. It encompasses retail and office space in a single domain thriving off each other. Commercial developers are practically selling spaces to pharmacies, medicine shops, food, and beverage retailers so that all the basic requirements of the office people are met.
Many commercial spaces offer free WiFi amenities, employee lounge, upgraded building styles, plans, conference rooms, fitness centers, etc.
Commercial developers are prioritizing greenery and ecological sustenance like parks, lawns, technoparks, and lush green surroundings in their commercial spaces. People want to work in a commercial space that offers an environment-friendly atmosphere radiating good health and well-being.
Due to all the recent concerted efforts made by commercial developers, the future of commercial real estate seems vibrant because it has shown the tendency to consistently and constantly improve and upgrade itself and be responsive to the changing times.
(By Kunal Bhalla, Co-Founder & CEO, CRC Group)