Pune is now a major business hub, with many global companies, including IT and automobile industries, setting up their headquarters, which has led to a population boom and the performance of the city tripling. For over two decades, Pune has been a leader in commercial real estate due to the economic constraints that were present earlier. This city has become home to high-quality offices and modern retail shopping centers. These latest changes are due to technological advances and changes in the demand side of the market. Looking closer at Pune’s business sphere, we shall consider what drives the commercial real estate growth and its promising market possibilities. Also, we will show you the KP Annexe: an elite area in Pune with great investment value. In case you were planning to buy or rent a property in Pune, this article is just for you.
Pune Commercial Real Estate Growth Statistics
According to the findings made by JLL India, Pune is applauded for its commercial real estate growth, as rental rates increased by 5% on an annual basis. Absorption of office space in the city rose by more than 32%, reaching a staggering 7.4 million square feet. This robust expansion can be attributed mainly to the ever-increasing IT/ITeS sector which contributes immensely at 71% regarding the percentage of the total office space requirement.
There is also a good outlook for the commercial realty segment in Pune according to JLL India’s recent statistics. More so since total office space uptake for the city is reported to be 8.7 million square feet an increase of 8% from acceleration of the rest of the country, the Pune economy shows optimism and optimism is warranted. The report also estimates the region growing at a steady Compound Annual Growth Rate (CAGR) of 7% which shows that there will be healthy demand and channel openings in the real estate business.
Important Elements Fueling Expansion in Commercial Real Estate
Co Working Spaces: An Important Factor
The idea of co-working spaces has become increasingly proposed in Pune in the last few years and is not just exclusive to freelancers but also favoured by small businesses and big firms alike. These multi-purpose work stations provide a community atmosphere, up to date features and better pricing plans. Such benefits are crucial to businesses with expansion plans as they do not have to sign on lengthy contracts for commercial property space. More people working from home and giving their services on a freelance basis translates into co-working spaces further saturating in Pune, subsequently increasing the demand for commercial real estate.
Technology As A Driver
The Pune business landscape is largely technology driven and the city has emerged into a tech haven for its increasing global amenities and advanced infrastructure being put in place to its tech parks. For example, IoT systems are now being installed into office buildings which are then transforming them into smart work stations and meeting rooms are becoming powered with virtual reality this is all assisting the way businesses function and communicate within their office space. Additionally the more real estate developers know how to invest in technologies to aid with operating efficiency of the workplace and the productivity of employees to enhance the experience of the owner the more demand there is for commercial real estate to be developed in Pune.
Sustainable Solutions
Eco-friendly and wellness-focused commercial spaces are becoming the norm in Pune’s commercial property landscape. Energy-efficient designs, sustainable materials, and IGBC-certified buildings are on the rise. This has been attributed to the increasing concern for the environment by ordinary citizens and regulations set by government bodies. Apart from this, integrated wellness facilities such as gyms, green areas, and biophilic elements help to improve the workplace.
Growth in Infrastructural Projects
In the commercial real estate sector, more and more redevelopment projects are being undertaken which has greatly increased in the Pune region. In these projects, old structures such as industrial warehouses and historical structures are being converted into innovative mixed-use developments such as: office spaces, retail stores and centres for culture.
Relocation in Key Business Districts over Commercial Locations
Pune’s real estate scene is undergoing a transformation. This is encouraged by the Baner and Dream Location area with great potential as up and coming business districts with developers and users investing heavily in them.
Conclusion: Seizing New Opportunities
The investment, development and occupation sectors have an opportunity to embrace emerging trends and themes in light of the constant transformations the commercial real estate market of Pune is undergoing. Koregaon Park Annexe is an area that is sought after by leading global MNCs and high-end brands. Thus, if you are in search of the right place to take your business to the next level, it is good to consider the upmarket reputation of the region. Look up Dream Location to know which Pune properties would work best for you.
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.