Commercial real estate mainly includes retail outlets, office spaces. Ever since the inception of the pandemic, the commercial real-estate market was hit the hardest. Several IT offices implemented the work from home strategy and start-ups haven’t renewed their respective leases. Owing to the lockdowns, even the retail outlets weren’t popular. People now prefer shopping online for the most basic of their requirements. The commercial real estate sector did begin its healing process as some offices and retails had started working as like the olden days but since the peak of the second wave, major cities in the country went under lockdown inevitably and hence the revival of the commercial real estate market may take more time. The net leasing of office spaces in India dropped by about 50% since 2020. It is, hence, being debated whether commercial real estate would be able to reinvent itself, to remain relevant in the post-COVID world, where the Work From Home (WFH) culture and online shopping threaten to eat up the market share of retail and office space segments, which were highly lucrative till recently.
The New COVID-induced World
There was a time when people loved going to the malls, having their children enjoy in the play zone, maybe grab a movie, and have dinner together. But the COVID-19 pandemic forcefully changed those habits to ordering food and watching Netflix at home. The one major drawback with working and staying at home is that you lose the boundaries between your personal and professional life. You could be at an important virtual meeting but, your kid doesn’t want to stop crying. Productivity has been affected vastly, and there’s a large number of people who can’t wait to go back to their respective offices and have a work-life balance. Before the rise in the cases of the new strain, most shops, malls, and even some theatres had opened up. Few companies have resumed their work-from-office routines as well. The hope for commercial real estate is not lost, and being patient is likely going to pay off in the long term.
Adapting to Post-COVID Market
With the changing times, you just have to keep up with changing trends or you’ll be left behind. An innovative attempt by real estate developers to keep up with the new world is the increased production of hybrid real estate projects. Hybrid real estate projects include both commercial and residential options. The lower floors of the building can be commercial retail outlets followed by office spaces and a few floors of residential apartments. This is a great strategy as commercial shops boost the footfall of the crowd and allow the residential inhabitants the flexibility and convenience of getting what they want from below. The commercial outlets also aid in boosting the value of the residential part of the building. Hybrid real estate projects offer excellent amenities and usually have very attractive facades thoughtfully placed in locations that have a large number of footfalls frequently.
At Pyramid Lifestyle, we accommodate experts of the market who make the best use of their innovative minds to keep our projects up to date with the changing times. Atlante is a magnificent project that has been crafted using the hybrid model and accommodates residential and commercial properties of the highest quality. It is strategically located in the western part of Pune, Wakad, close to all major industrial hubs, and has a large number of footfalls daily. Visit www.pyramidlifestyle.com to know more about us and our projects. Feel free to book a site visit at any time!