Commercial Real Estate Trends In Mumbai
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The real estate market has been buoyant and
Mumbai’s commercial real estate landscape is especially witnessing an upward
trend. Commercial real estate is a dynamic sector and it goes through several
ups and downs depending on the market forces. Let’s understand what we can
expect in the commercial realty sector in 2024.
- Rise in
flexible lease arrangements
There is an increased demand for flexible
workspaces. Companies of varied sizes are seeking flexible spaces to set up
their business. Coworking spaces provide flexible lease terms, allowing
businesses to scale up or downsize easily. They foster a sense of community,
reducing isolation for remote workers and freelancers. Places like Andheri have
a vast number of co-working spaces which has contributed to the growth of commercial real estate in Andheri.
- More
focus on amenities
Tenants and buyers have higher expectations
for amenities, seeking spaces that offer convenience, comfort, and a range of
facilities. Commercial spaces these days come with a host of amenities.
Developers are incorporating amenities such as communal spaces, gyms, and cafes
to gain an edge over competitors and enhance their offerings to tenants.
- Enhanced
use of technology
Technology is making inroads in all sectors
and commercial real estate is no different.
Commercial growth factors in andheri are integrating
technology in various ways to improve efficiency. Smart Building Management
Systems, Workspace Management Software, and Access Control Systems are a few
technologies commercial developers have started integrating in real estate.
- Growth in
micro-markets
Commercial properties in micro-markets often
offer more affordable buying
or renting commercial spaces prices compared to prime locations, making
them attractive to businesses looking to reduce costs. Commercial spaces are
witnessing growth in micro markets like Andheri East due to this reason.
- Affordable
office spaces
Andheri's location in the suburbs of Mumbai
makes it relatively more affordable compared to prime commercial areas in the
city centre. Developers are focused on building flexible office spaces in less
popular areas like Andheri. Andheri is well-connected by road, rail, and metro,
making it accessible to employees commuting from different parts of Mumbai and
beyond.
The commercial real estate landscape is
evolving rapidly, driven by factors such as technological advancements,
changing work environments, and economic conditions. Developers and investors
are adapting to these changes by focusing on sustainable and flexible spaces.
As the market continues to evolve, collaboration between stakeholders, and
innovation in design and amenities will be key in shaping
the future of commercial real estate.
Article authored by: Team Proptranxact
Date: 27th May, 2024