By Vyomesh Shah, Managing Director, Hubtown
A question that is doing the rounds is, if it is wise to build such large and high-end office spaces, considering the fact that working pattern is tilting towards flexible working hours and many employers are encouraging work from home. This would cut down the need for spending on office staff, expenditures on overheads, maintenance and large office space.
Advocates of the theory cite diverse reasons such as technology, economics, sociology and organizational structures for this. Instead of the current 250 sq. ft. per employee demand, according to this school of thought, will reduce to 150 sq. ft. by 2013. Mobile devices are freeing people from landlines and desk top works allowing them the flexibility to work from anywhere.
The new generation is different from earlier generations in their desire to just take responsibility for their work without having to be seen everyday by their bosses. Currently 40-70 percent of the cubicles in the U.S. are unoccupied during the workday. Similar is the scenario in Europe.
My answer to this is that need for office space in India is going to be felt even more as the pattern of globalization stabilizes. Despite many people opting to work from home and over the cell phones and few back offices functioning from small centres or satellite offices located in other parts of the town, the trend to create CBDs and new business districts with large corporate offices is here to stay. Indian managers and promoters still assign huge importance to workforce camaraderie achieved by gathering under one roof regularly.
There is a need for face-to-face interactions, socializing and holding meetings in offices and for this, plush offices would be more in demand. In fact, Indians being predominantly inclined towards ownership, many corporates are moving towards owning office buildings once they have charted out their expansion plans.
The asset value of office spaces would increase and they would be stabilized over time with built-in space for appreciation. Hence office spaces will continue to be created with a room for innovation and transformation.
