Corporate real estate likely to retain or increase office space portfolio: Knight Frank

Mumbai (Maharashtra) [India], May 21 : A recent survey concluded by Knight Frank India shows that about 62 per cent of corporate real estate executives will either retain (38 per cent) or increase (24 per cent) their current office space portfolio in the next six months.
Most respondents said their productivity was unharmed due to forced work from home since the lockdown. However, the survey highlights that 'connectivity' and 'distraction' from family were two critical challenges faced by the workforce while operating from remote locations.
The survey was aimed at understanding the changed workplace dynamics and its impact on corporate real estate strategies. An overwhelming majority of 72 per cent said that they are likely to continue with the work from home arrangement in the next six months due to the social distancing norms and as business continuity process.
A majority of respondents also said that 'maintaining social distancing' and 'physical transportation of employees' are the two main challenges at the workplace that all companies will have to find a viable solution to.
"The survey gives us a perspective that real estate users are unlikely to reduce their current portfolio mostly due to the norms of social distancing," said Shishir Baijal, Chairman and Managing Director of Knight Frank.
"Till a viable treatment for COVID-19 is found, office space users will have to maintain or acquire more space to accommodate the existing team. Work from home will co-exist but office space will not lose its importance as a strategic tool for corporate culture development and a source of competitive advantage," he said in a statement.