Historically, Pune was one of the most preferred residential areas in India due to its climate, and apparently, that is common to say. But of late, the real estate sector saw a commercial boom making Pune a prime city for investment. With the rise of IIT and other engineering colleges, it pushed the average demand for highly skilled individuals who sought after employment opportunities. Gradually, it paved the way for substantial growth in the demand for commercial property in Pune. In this blog, we will explore the recent trends in retail and office spaces that make Pune a perfect destination for investment.
Transforming Retail Scenario in Pune
The retail space of Pune has massively grown in all aspects as well as transformed to meet the needs of its ever increasing diverse population. The following points identify certain trends in the retail sector that have been noted:
Strategic Locations for Retail Investments
Most of the investments have gone into retail operations which are positioned close to transport links and housing developments. The consistent amount of foot traffic in such sites guarantees a high degree of success for the retail store owners.
Malls and the Experience Economy
The conception of Malls as destinations for shopping has greatly evolved over the years. It’s quite normal now to see an entertainment area, some great restaurants and interactive areas in addition to shopping malls. Other technological devices like smart parking spaces or digitally controlled shopping are also fascinating features of this new culture.
If you are thinking of buying a commercial property in Pune, think about investing in a retail space in a mall, it could be one of the most lucrative options.
Local Brands Joining Forces with International One
The emerging landscape of the retail industry of India has opened new horizons for local brands by enabling them to be viable alternatives to global brands with respect to visibility. From pretty little shops to global brands, things have really picked up in Pune and the shopping streets are more flashier than what the discerning shopper would expect.
Retail Technology: What We Can Expect
Pune retail outlets are increasingly incorporating technology. These include contactless payment systems and AR technology in dressing rooms, as well as customized shopping experiences. Retailers then make use of digital analysis and marketing to predict people’s behaviour and make targeted offers.
Interesting Fact
India’s first retail listing of REIT is now widely considered a success. By the year’s end, a new office REIT is expected to be back by a coalition of established asset owners with 600 millione square feet under control.
Changing Dynamics of Office Spaces in Pune
Now that we have covered the background of the retail sector, let us see what new trends are appearing in relation to the transformation of office spaces.
The Increase in Need of Modern Offices
As I mentioned earlier, teh demand for modern offices is always increasing in Pune since it is well known as being an IT and education centre. This has drastically changed the scenario of Pune’s commercial offices.
The Rise in Coworking Spaces
Coworking spaces are rapidly increasing in Pune, especially among start ups and freelancing workers who get attracted to the looser coworking environments. Major regions are seeing growth in coworking spaces which are more cost effective in sharing space.
Workspaces and Sustainability Makea Good Match
Pune’s commercial real estate is now adopting sustainable principles in the commercial real estate space through green buildings, energy efficient designs, and other sustainable features. Employees and companies seek workspaces that consider eco friendliness.
The Rise of Mixed-Use Developments
Planning and making mixed-use developments has been made easier because people no longer want to distinguish between working and living. Locations like Kharadi, Koregaon Park Annexe and Magarpatta are including workspaces within their large buildings and complexes thereby establishing a live-work-play setup.
An Overview of The Office Sector Investments
In time period Q2, certain activity was registered about the investment appraiser showing an amount worth INR 158.5 billion (USD 1.92 billion). This figure is 63% more than the previous quarter and 60% more than Q2-22. Out of the total resurgence in the investment activity on office assets, 65 % were new offerings by private equity investors. About 84% of these investments were made by international investors and were primarily institutions from Singapore, Canada and USA.
Promising Future for Commercial Properties
In the event that you wish to buy or rent a space for business purposes in Pune, the Dream Location World Towers and the Dream Location Business Tower should make it on your list. The two developments have made significant contributions to the commercial space in Pune and are supposed to serve as a blueprint of how to deliver a worldwide experience.
For more information about Dream Location and to search your dream property, please visit Dream Location on Google Map. Contact us today to know more about the best real estate deals in Delhi and North India; we will connect you to the right property investment.