Property
Is the office facing an imminent death?
V Sanjugtha | 03 Aug 2018 00:30
The concept of office as we know it is dying. Technology disrupts, and office space is not spared. While market observers are upbeat on take-up potential in the country, globally, the office market is fast gaining notoriety as the scourge of the real estate market as wasted commercial space inch up each year.

With office lease eating up the second largest chunk of operating expense, organisations are striving to ensure space is utilised optimally.

The days of cubicle styled offices, reminiscent of Dilbert cartoon strips, are long gone, replaced by open spaces where the concept of office experience, or the hospitality side, leads space utilisation.

This means today’s office market is all about fewer long term leases, increased connectivity, fewer dedicated buildings for a single company or dedicated floors and a change in design to incorporate more space outside and greater automation.

It also means the dawn of an era where workplace complements home life. Integrated services such as childcare, laundry, hairdresser, gym and fitness, bicycle storage and shower facilities are considerations.

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