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| Megan/Pixabay |
With India's task force abandoning offices for the safety of working from home, the demand for new office space all but vanished from April 2020.
As a series of lockdowns and movement restrictions began, companies too began cutting costs amid an ambience of uncertainty. Naturally, with staff working from home and no opening date in sight, office spaces were the first to be axed out of the monthly fixed costs section.
One Sector's Nightmare is Another Sector's Dream
Netflix and Prime Video rose to stellar heights as cinema brands with billions invested watched from the sides, sucking their thumbs in dismay.
While all the local supermarkets remained inaccessible for months, e-commerce giants gained market share rapidly and numerous last mile delivery startups breathed to life, irrespective of the Coronavirus in the air.
As schools and colleges downed their shutters, online education portals swiftly moved in with curricular and extra curricular virtual classes.
Get the point? Something is always thriving on this planet and thriving organisations need space to grow.
IT, Healthcare and Edutech Sectors to Revive Office Demand
As pilots, hospitality and real estate folks destroy laptop touchpads tapping the 'Apply to this job' button, other people are laughing all the way to the bank.
IT/ITes - The pandemic has ensured that online presence is paramount now. As a result, everyone has suddenly decided to hire IT teams. Websites, CRM installs, custom software and digitalisation of traditional workflows are the in things now.
For bigger e-commerce/brick-and-mortar business players that have accomplished these already, the leap is into big data, marketing automation and cloud based technologies.
IT firms and their related clan need loads of office space now to cater to this ever increasing demand.
Healthcare - This sector didn't just suffer from gaps. In fact, it was hiding craters that surfaced as the second COVID wave washed away the murky top. A steep growth curve in such a situation is inevitable and legit.
Established players, new players and many who pivoted into healthcare from other industries saw technology as the apt tool to scale up and integrate more manpower into their offerings, sky rocketing hiring.
Result? Need for more office space.
Edutech - With India's obsession for degrees and certificates, old and new players in the education sector are building virtual learning platforms with new interactive features to bring education on the same small screens meant for Candy Crush and PUBG.
This also translates into the need for more office space.
Is Office Space Demand Reviving?
Umm, guess it should.