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Co-working, co-living sectors buck pandemic to emerge as new asset class
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SME Times News Bureau | 27 Jul, 2021
The Covid-19 pandemic has changed the way we live and
work, towards a new normal lifestyle, which has created vast
opportunities for shared spaces in terms of co-working and co-living as
an emerging asset class for futuristic growth in the real estate sector.
Addressing
a webinar, National Real Estate Development Council (NAREDCO) President
Niranjan Hiranandani noted Covid has disturbed the momentum in the
co-working space as businesses are going through a phase of uncertainty
and are trying to figure out how things would evolve and it would be the
responsibility of the co-working companies to design customised space
in sync with evolving needs of industry players, inclusive of scale,
modularity and sustainability.
Exuding confidence over the
outlook for the sector, Hiranandani said that he felt extremely bullish
on this segment and indicated that if the IT industry takes a turn
towards co-working spaces, then there would be major growth for this
realty asset class.
The webinar was organised by NAREDCO along with Cushman & Wakefield.
Hiranandani
also mentioned that there will be a rise in hub and spoke model in
commercial real estate on the back of dispersed portfolio towards
suburban business districts in wake of decongestion and avoid long haul
commute to promote employee wellness and productivity.
Cushman
& Wakefield's Managing Director, India & South East Asia, Anshul
Jain felt that while the co-working spaces are currently more
attractive than ever before, co-living, has been temporarily impacted by
the pandemic largely due to work-from-home policies.
He was of
the view that co-working spaces are the need of the hour for corporate
occupiers in these uncertain times as they offer smart business
solutions to enterprises in the form of flexibility, CAPEX savings, and
new-age design that seeks to promote the organisational culture and a
collaborative work environment.
In regard to the co-living
spaces, he said that co-living and other associated asset classes such
as student housing and industrial living a boost, as travelling becomes
safe, vaccinations gain momentum and India's large young and the migrant
population returns to work.
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