New Workspace Trends to Dominate Kochi’s Commercial Real Estate
Kerala, the land of the literates, is fast emerging as one of the leading commercial states in India. The Kerala government's effort to boost the technology sector and create employment opportunities for millions living in the state has borne fruit. All this has also uplifted the real estate market and opened up new avenues for property investment.
The Tech Boom in Kochi City
Keralites working in oil-rich Gulf countries have also played a crucial part in funding the state and urbanizing the cities with their remittances. Cities such as Kochi are going to become the tech hub of Southern India. Kochi has been chosen by SOTI, an international software firm for operating as its headquarters. The Canada-based firm is setting up a huge 18000 square ft office, which may be operational by the year-end at SmartCity, Kakkanad. Office space in Kakkanad is much sought-after by commercial enterprises.
Preparing for a Mega Change
The state of Kerala is soon to undergo a great transformation, very much like its hi-tech neighbouring states Tamilnadu and Karnataka. The Kerala government has successfully built many commercial sectors all over the state such as Technopark in Thiruvananthapuram, Infopark in Kochi, and Cyber Park in Kozhikode. Apart from that, the state government has also constructed highways, dams, airports, seaports, and Metro Rail. Now the state officials have turned their attention towards financing the economy by helping create a tech-savvy system, digital gateways, and tough infrastructure.
Commercial Market Scenario in Kochi
The people of Kerala love big luxurious homes. More than 55% of the population are homeowners with sprawling residential spaces and just 5 to 8 percent of the state population live in dingy derelict houses. With the increase of student population in cities like Kochi and Thiruvananthapuram, developers are catering to the high demand for bigger educational properties and hostels.
The waterfront location in Kochi is ideal to build cottages, apartments, villas, and commercial complexes. Waterfront properties have always commanded premium prices and helped the cause for the real estate boom.
The Workplace Trends
Kochi's IT industry has successfully combated the pandemic with fewer casualties. The city is slowly limping back to normalcy considering the usual work pattern. However, a new hybrid work model has been set in. The staff is given a choice to work from home or work from the office. Within the IT sector, they are hiring more staff with good job offers and higher salaries.
With the clearing of the health crisis, more staff members are willing to accept the hybrid work model in the Kochi job market. New projects are being developed due to an increase in demand and supply. This can attract more investors for doing lucrative business.
The city's commercial real estate market is picking up as neighbouring cities Thrissur is almost sold out in terms of property. Developers and real estate firms are on the lookout for fresh new land spaces and Kochi is prime property. Office space for rent in Kochi can be found on property search platforms online.
The Use of Technology in Buildings and Offices
Big projects and major constructions are under-way by eminent builders and developers who are promising swanky new IT buildings with all the facilities. SmartCity in Kochi is a classic example with 6 million square feet of land filled with commercial IT workspaces.
The use of technology with top designs, operation guidelines, sustainable and seamless features offer the best safety and comfort for the occupants of these modern buildings. While there is significant demand for industrial space in Kochi, smaller office spaces for rent in Kochi are being allotted by business owners for commercial purposes and to save on rental rates.
For A Grade commercial buildings, you can approach reputed developers Brigade Group in Kochi. They are the authentic and licensed owners of the famed World Trade Center all over South India.