Future of Co-working & Retail Space

Change is a constant process and it matters the most when it comes to doing business. To serve these ever-growing, ever-changing consumer demands and behaviour, businesses also need to evolve continuously. Mixed-use development and the need for open retail spaces are more common than ever. The Covid-19 lockdown, in the last two years, has affected almost every business. While the first lockdown was averse to the real estate sector, the commercial builders have found a way or two to keep the businesses running during the second lockdown. Now that, the covid restrictions are partially lifted in most of the parts of the country and shopping complexes are allowed to open for limited hours, this has made retailers reinvent the structural space to make the customer feel safe and curb the spread. The one-size-fits-all theory has virtually collapsed and new ways have been adopted to cope-up with the ever-changing circumstances to stay afloat.

Mixed-Use Development: The Need of the Hour

Consumer preferences have changed and domestic investors and developers have responded to this mixed-use development. The term "mixed-use" refers to a development project that has more than a single use of land. Simply put, "mixed-use" means developing a building or community with a mix of residential, business, and retail uses by integrating retail stores, offices, and living spaces into a single project for customer convenience. The hybrid utility project aims to provide a variety of benefits to its consumers from home improvements to walking comfort between the home and other amenities. Mixed-use development is a combination of planned residential, commercial, and cultural structures within a city design to encourage cultural and social interactions. The mixed-use space is specifically designed to create commercial and residential spaces where people can meet and promote community development.

Open Spaces: A Breakthrough

The concept of open spaces has also gained prominence after Covid-19 hit the world. In recent years, keeping the Covid impacts in mind, developers have found ways to integrate open spaces into their projects keeping in mind the safety of the consumers. The concept of open spaces is becoming more relevant than ever. The open-air mall provides a safe gathering space for people and offers consumers more "breathing space" so they can better connect with the consumers. The concept of open shopping centres is different from conventional shopping centres in many ways and consumers have given a thumbs up to the concept of open spaces, most relevant to the post-Covid world. Open malls to take shopping and entertainment to a new level for the people. It provides a large dedicated space for retailers and customers. Unlike ordinary shopping malls that put everything under one roof, this mall is more like a street in a mall as a one-stop solution for the consumers.

Co-working Space: The Future of Work Space

The Covid-19 pandemic has compelled young professionals and entrepreneurs to look for specially designed and curated options suitable to them. Instead of small cubicles and congested spaces, buyers are now exploring open retail and co-working spaces with added amenities. The co-working office spaces encourage employees to seamlessly integrate social interaction. In a traditional office environment, employees must leave their cubicles to seek interaction, while open-plan offices encourage connections between workspaces. With departments sitting side by side, employees can work together in organic and unexpected ways.  From bigger spaces to custom floor plans to units with fully loaded amenities, buyers are now exploring a modern destination that is flexible enough to cater to their future needs.

At a time when no one is sure about when this pandemic will end and when our lives will return to normal, it has become apt for the realtor and the buyers to embrace the new normal. While realtors are innovating as per the needs of buyers, soon this new normal will emerge as the future of co-working and retail space in the coming days.

The author is Vice President, Reach Pro Group

DISCLAIMER: Views expressed are the author’s own, and Outlook Money does not necessarily subscribe to them. Outlook Money shall not be responsible for any damage caused to any person/organisation directly or indirectly.