GURJOT BHATIA - THE PATHFINDERS

Managing Director, Project Management, India, Middle East and North Africa, CBRE

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India’s real estate market has grown tremendously in the past decade. Robust occupier interest, the rise of organised real estate developers, and the entry of institutional capital have acted as catalysts for the growth. Owning to the current situation and fluidity of COVID-19, the way we will live and work in the future is likely to undergo unprecedented transformation. However, this could be viewed as an opportunity to influence the future—and undergo focused innovation.

We are confident that once the Covid-19 situation normalises, the market dynamics will change. The global impact could potentially result into delayed decision-making, curtailed capital expenditures, thereby slowing down portfolio decisions in the short term. From a long-term perspective, we expect the market dynamics to remain stable and positive. The world economy is bound to bounce back, and real estate and infrastructure industry will have a key role to play in the evolving new normal.

Due to Covid-19, there will a noticeable shift in the way occupational health and safety are addressed at workplaces. In the short run, sanitization protocols and safety measures will change the office space, however in the longer term, sustainability will be considered while redesigning and restructuring the workplace environment. With decentralisation of workforce and a tech-driven future, upskilling and reskilling of the workforce will take place for a better and holistic approach within the organisation. This will further augment insourcing, leading to lesser dependence on third parties and evolution of the workplace