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Office Space Segment Unlikely to Witness Drastic Changes: Realty Experts
New Delhi, May 5, 2020: Despite the COVID 19 pandemic having a significant impact on the economy, most of the office space developers ruled out any major impact on the segment. Participating in a Realty web series titled ‘Office Spaces – The Changing dynamics post-Covid 19’ co-organised by Realty & More magazine and ICCPL, most of the participants agreed that the pandemic will have some short term impact, but ruled out any drastic changes in the office space segment.
Kumar’s argument found some support as well. “Only some departments can continue to work from home, others will be required to be present in the office for smooth functioning,” added Khair.
But it’s not going to be business as usual. Some of the players are witnessing drop in queries and content for both sales as well buying.
Salil Kumar agreed with the fall in the demand but added that there are some interesting phenomena unfolding as well. “In the IT industry current, the space occupied by each employee is about 50-55 sq. ft. and with social distancing norm, the space will have to increase to 100-110 sq. ft. Under the new norm cabin sizes will be bigger, canteen sizes have to be increased and corridors need to be widened among others. This may offset the fall in demand to a large extent.”
But there is little doubt most of the companies as well as customers will revisit their plan and decide accordingly. It may have short to mid-term term impact on the sector.
The second edition of the Realty Webseries is scheduled for Tuesday, May 12 at 1 pm on the topic – “Covid 19: Retail Tales”.
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