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Property‘Office spaces adopting new normal’

‘Office spaces adopting new normal’

Published: 24th Oct 2020 12:05 am | Updated: 23rd Oct 2020 11:25 pm

Continued quality development and participation of institutional investors can make Hyderabad the most attractive destination. With the demand and supply parameters of the city’s real estate sector reviving in the third quarter of 2020, there has been a significant improvement in the overall sentiment.

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Samson Arthur, branch director – Hyderabad, Knight Frank India, tells Telangana Today how Hyderabad is performing across all asset classes and what will drive city’s real estate growth in future.

Q. How is the buyer/tenant and developer sentiment in office space?

Office space has shown a remarkable resilience. The Q3 positive index could not have been predicted at the peak of lockdown. We see visible green shoots of recovery and willingness to embrace the new normal. The technology companies we are engaged with have shown stability in their core sector. Those with clear visibility of business have commenced their office plans, albeit with reconfigurations of their new space requirements.

Q. How is the scenario in residential space?

Q3 results are a proof of the strong end-user sentiment in the housing sector. This is coming on the back of a very strong 2019, which continued until Q1 2020. To see ready inventory move is a healthy sign.

Q. How is the sentiment in retail and warehousing?

Retail is getting reconfigured and has a while to go to reach pre-Covid levels of activity. Nevertheless, most formats are recalibrating their business models and thereby their estate requirements too. Warehousing though is a positive environment, Hyderabad’s concern is availability of ready inventory in this asset class. However, with the advent of institutional developers, growth of third-party logistics and ecommerce players, thanks to growing digital consumption, we can expect healthy interest in this asset class amongst all stakeholders.

Q. Your take on real estate rentals?

With demand continuing to show healthy signs and limited inventory in respective categories of housing, warehousing and Grade A space, the rentals have remained resilient.

Q. What will drive growth for Hyderabad realty?

Growth of core sectors such as IT, Life Sciences, Engineering and new initiatives in providing a robust ecosystem for investors and occupiers is the key. Industry-friendly initiatives ensuring ease of doing business (EoDB) will ensure new investments and thereby commercial realty will grow with these drivers. City living index will drive home immigrants and thereby will become a fillip to the housing sector. A continued show of end-user consumption, quality developments and participation of institutional investors can make Hyderabad the most attractive destination.

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