Serviced Offices India

Exclusive Content Just For You aviator game legal in india The Indian office space market is experiencing a period of dynamic transformation, shaped by economic growth, evolving work patterns, and technological advancements. From major metropolitan centers to emerging business hubs, the demand for office space is shifting, presenting both opportunities and challenges for businesses looking to establish or expand their operations. This article provides an overview of the key trends, opportunities, and considerations for those navigating the office space rental market in India.

Market Overview: Demand, Supply, and Key Players

The Indian office space market is dominated by a few major cities, including:

Bangalore: Known as the “Silicon Valley of India,” Bangalore is a major hub for technology companies and startups, driving significant demand for office space.
Mumbai: As India’s financial capital, Mumbai is home to numerous financial institutions, corporate headquarters, and a robust office space market.
Delhi NCR (National Capital Region): This region includes Delhi, Gurgaon, Noida, and other satellite cities and represents a significant market with a diverse range of businesses.
Hyderabad: A growing tech and pharmaceutical hub, Hyderabad is experiencing a surge in demand for office space.
Chennai: A major automotive, manufacturing, and IT hub, Chennai offers a substantial office space market.
The market is driven by a mix of factors, including:

Economic Growth: India’s economic growth, fueled by a strong domestic market and increasing foreign investment, drives demand for office space.
IT and ITES Sector: The information technology (IT) and IT-enabled services (ITES) sector is a major driver of demand, with companies expanding their operations and hiring new talent.
E-commerce and Retail: The growth of e-commerce and organized retail is also contributing to demand for office space, particularly for logistics and warehousing.
Startups: The booming startup ecosystem is creating demand for flexible and co-working spaces.

In 2022, Pune witnessed the highest year-on-year absorption of office spaces across the country, reaching 6.4 million square feet (mnsqft), a significant increase from the 2.9 mnsqft recorded in 2021, according to Savills India Research, a real estate research firm. The improved absorption trend was notable in both office and residential real estate during the year, marked by the aftermath of the receding Covid-19 pandemic. As companies adapted to the evolving situation, either adopting hybrid work models or recalling their workforce to offices, the office space absorption, which had been paused in 2020 and 2021, experienced notable growth.

Savill’s research revealed that the top six cities—Pune, Mumbai, National Capital Region of Delhi (NCR), Bengaluru, Chennai, and Hyderabad—collectively absorbed 54.8 mnsqft of office space in 2022, compared to 36.9 mnsqft in 2021. Information Technology (IT) continued to be the driving force in the office market, constituting 38.9% of total leasing in 2022. The increased adoption of hybrid work saw a rise in the contribution of flexible workspaces, increasing from 12.7% in 2021 to 14.1% in 2022. The Banking, Financial Services, and Insurance (BFSI) sector maintained its prominence with a 12.2% share, while the Engineering and Manufacturing sector accounted for approximately 8.2% of demand in 2022.

Interestingly, Pune experienced the highest year-on-year increase in the supply of new office space, recording 7.3 mnsqft, a remarkable 136% increase from the 3.1 mnsqft absorbed in 2021. Nationally, the new supply of office space stood at 53.4 mnsqft, marking a 45.1% increase from the 36.8 mnsqft supplied in 2021. Rental rates remained relatively stable, with a vacancy rate slightly exceeding 18%.

While the first half of 2022 saw robust absorption, caution entered the market in the second half, primarily due to indications of a global slowdown that could impact the Indian markets. Anurag Mathur, CEO of Savills India, highlighted the inherent strength of demand in India. He emphasized the resilience of the flex spaces proposition and the resounding return of office occupancies, even in the tech sector. Mathur expressed optimism about the long-term potential of the Indian office market, acknowledging the need for vigilance and hoping that the policy ecosystem and industry actions would pave the way for a positive trajectory in 2023.

Eveready Industries India Ltd (EIIL) has launched its latest range of Ultima Alkaline batteries with the campaign ‘KhelengeTohSikhenge.’ Accompanying the campaign is a TV commercial showcasing the premium Ultima and Ultima Pro alkaline batteries, emphasizing their increased power and longevity.

Conceived by Ogilvy, the campaign introduces a novel perspective on play, highlighting its significance for children. It shifts the focus from play merely being enjoyable to a form of learning through battery-powered toys. Anirban Banerjee, Senior Vice President & SBU Head (Batteries & Flashlights) at Eveready Industries India Ltd., explained that the revamped Ultima series offers a sleek look, smarter features, and enhanced capabilities, catering to high-drain devices with prolonged usage.

Banerjee mentioned that these batteries find common use in devices like wall clocks and remotes, with a significant portion of consumption occurring in households owning high-drain gadgets such as blood pressure monitors, wireless mice, and smart remotes. He emphasized the segmentation in the market, where standard products use regular batteries, while high-drain devices benefit from alkaline batteries, including toys, which are known for their higher battery consumption.

The TV commercial portrays a mother’s perspective as her children engage in continuous play with battery-powered toys, learning essential values and life skills like friendship, sharing, and compassion. The primary target audience for Eveready Ultima batteries is parents with children aged 2 to 12 years, with an extended focus on anyone using high-drain devices.

The campaign introduces Ultima, an upgraded alkaline battery line boasting 400% more power for longer-lasting toys and gadgets. Banerjee highlighted the brand’s commitment to innovation, setting new industry benchmarks in both appearance and capability.

The new range includes AA/AAA Eveready Ultima batteries, providing 400% longer-lasting power, and AA/AAA/D Eveready Ultima Pro, claiming an impressive 800% longer-lasting performance. These batteries aim to deliver consistent performance across a range of modern devices and high-drain applications such as toys, video games, smart remotes, wireless keyboard/mouse setups, trimmers, and medical equipment.

Banerjee outlined the marketing strategy, with TV and digital leading, followed by other mediums, focusing on creating awareness. He mentioned a significant increase in the advertising budget by 50-70% compared to the previous year, with a 360-degree blend of TV, digital, print, OOH, and other facets.

Sukesh Nayak, Chief Creative Officer at Ogilvy India, expressed that “Khelenge Toh Sikhenge” is an empowering platform that redefines playing with toys. It acknowledges that the games children play have valuable lessons in partnership, sharing, caring, teamwork, empathy, and more. Eveready aims to own and build this empowering platform, enabling children across India to learn something new and meaningful every day.

Eveready recently unveiled a new logo, marking a strategic brand transformation, emphasizing innovation, vibrancy, modernity, trust, and empathy.

The fate of Punit Goenka and his father Subhash Chandra, currently entangled in a legal dispute with the Securities and Exchange Board of India (SEBI) following their restriction from holding key positions in Zee and the merged Zee-Sony entity, is poised to be determined soon by the Securities Appellate Tribunal (SAT). The tribunal, having reserved its verdict on Goenka’s appeal, has prompted exchanges with legal and industry experts to delve into the matter and assess the potential ramifications of the SAT decision, whether favorable or unfavorable, on the father-son duo and the consolidated Zee-Sony entity.

**If SAT Grants Punit Goenka’s Appeal and Reverses the Ban:**

Sandeep Bajaj, Advocate, Supreme Court, suggests that a favorable SAT ruling for Punit Goenka does not signify the conclusion of SEBI’s investigation into alleged fund diversion. SEBI would continue its inquiries, albeit without the ban, allowing Goenka the freedom to participate and cooperate in the investigative process. This decision could set a notable legal precedent for future cases involving regulatory actions by SEBI, potentially establishing guidelines for the standard of fair evidence required in such matters. According to Karan Taurani of Elara Capital, Goenka’s victory would result in his inclusion in key managerial positions of the Zee-Sony merged company, providing relief to the Goenka family as the proceedings have been expedited.

**If SAT Upholds SEBI’s Ban Order:**

In the event of SAT supporting SEBI’s ban, experts anticipate that Goenka might approach the Supreme Court against the verdict. Until then, he would be barred from holding key positions in the company. Soayib Qureshi, Partner at PSL Advocates & Solicitors, notes that Goenka would remain excluded from significant roles in the ZEE-Sony entity, and the investigation, as outlined by SEBI, would persist until April 2024. Any failure to comply with SAT’s decision could lead to legal repercussions.

**Impact on ZEEL and Zee-Sony Merged Entity:**

If SAT upholds SEBI’s ban on Goenka, substantial implications would affect the involved companies. The fundamental terms outlined in the merger agreement, particularly Goenka’s continuation as the MD and CEO, would need significant modification. The Zee-Sony merger, which has already faced challenges, including legal disputes with lenders, could encounter further disruptions. The governance and operational dynamics of the merged entity would be significantly influenced by SAT’s decision, potentially affecting its market performance and future prospects.

However, if SAT rules in favor of Goenka, it would be a positive development for Zee Group and the merged entity. Taurani suggests that, irrespective of the SAT decision, the Zee-Sony merger is expected to proceed as per timelines, with re-listing anticipated by the first week of December. Positive factors such as synergy benefits, MNC control, the impact of industry consolidation, and the scaling up of the OTT business support a positive stance on the merged company’s future prospects.

The gross leasing of office space experienced a remarkable annual surge, surpassing 2.5 times in April-June across six major cities, totaling 14.7 million square feet, driven by a lower base effect and heightened corporate demand, according to Colliers India. In contrast, the corresponding figure stood at 5.6 million square feet in the same period last year. The housing and office space demand had suffered a substantial setback during the April-June quarter of the previous year due to the impactful second wave of the COVID pandemic.

For the January-June 2022 period, Colliers reported that gross office space leasing soared by more than 2.5 times, reaching 27.5 million square feet across six cities, compared to 10.3 million square feet in the corresponding period of the preceding year. Ramesh Nair, CEO of Colliers India, commented on the data, noting, “The quarter saw increased office occupancy after a hiatus, as demand outpaced supply by a significant margin.” He highlighted that the absorption in the first two quarters of the year had already exceeded 80% of the total absorption recorded in the entirety of 2021.

Nair projected a robust outlook, stating, “Clearly, office demand is well headed to close at 40-45 million sq feet by the end of this year. Resultantly, rentals are also likely to firm up in the next two quarters as the occupancy levels rise.”

According to Colliers India’s data, the gross office leasing in Bengaluru surged from 2.2 million square feet in April-June 2021 to 4.4 million square feet in the same period of 2022. In the first half of the 2022 calendar year, the absorption of office space rose from 4.2 million square feet to 8.4 million square feet compared to the corresponding period of the previous year.

Similarly, in Chennai, gross leasing increased from 0.4 million square feet in April-June 2021 to 1.1 million square feet in the same period of 2022. The January-June leasing figures saw a jump from 0.8 million square feet to 2.6 million square feet compared to the previous year.

Delhi-NCR witnessed an increase in gross leasing from 1.2 million square feet in April-June 2021 to 2.7 million square feet in the same period of 2022. In the January-June duration, leasing escalated from 1.9 million square feet to 4.5 million square feet compared to the previous year.

The Hyderabad market experienced an increase in gross leasing from 0.7 million square feet in April-June 2021 to 2.3 million square feet in the same period of 2022. In January-June, the gross leasing in the city rose from 1.1 million square feet to 4.5 million square feet compared to the previous year.

Mumbai saw a rise in gross leasing from 0.9 million square feet in April-June 2021 to 2.8 million square feet in the same period of 2022. In January-June, the number increased from 1.6 million square feet to 4 million square feet compared to the previous year.

Pune experienced a significant surge in gross office space leasing, jumping from 0.2 million square feet in April-June 2021 to 1.4 million square feet in the same period of 2022. During January-June 2022, Pune’s office space leasing reached 3.5 million square feet, compared to 0.7 million square feet in the corresponding period of the previous year. Colliers India, a prominent real estate consultant, provided these insights.

Teads has unveiled the outcomes of its collaborative research with Ipsos, focusing on unraveling the key creative elements that drive success in the omnichannel automotive campaign landscape. Leveraging Ipsos’ advanced AI capabilities and statistical modeling techniques, Teads gained profound insights that will revolutionize the crafting and optimization of automotive advertisements for maximum impact.

In its quest to unlock the secrets to success, Teads carefully curated a vast collection of 500 videos spanning from 2019 to 2022, representing 18 different automotive brands across 23 countries. This comprehensive assortment embraced a wide array of video formats, covering the entire spectrum of the digital marketing funnel. Certain videos underwent meticulous optimization by Teads Studio, while others served as benchmarks, allowing for an exploration of the profound impact of these enhancements.

Teads and Ipsos aimed to gain a comprehensive understanding of the strategies employed within the automotive industry as a whole. By immersing in various successes and shortcomings, Teads extracted invaluable insights that inspired its own optimization endeavors.

To provide Ipsos with a holistic view, Teads shared key performance indicators (KPIs) and corresponding percentages of in-view time. Ipsos employed AI algorithms to cluster and organize the data, revealing hidden patterns and trends.

The research culminated in the identification, categorization, and quantification of the key elements present in successful omnichannel automotive campaigns. Statistical analysis, using the innovative Shapley values technique from game theory, established the influence of each visual characteristic on output, specifically in-view time, shedding light on the significant factors contributing to campaign success.

Collaborating closely with Ipsos, Teads conducted a meticulous manual review of sample videos, translating raw information into actionable findings. Here are some top insights:

1. **Beyond the Vehicle:** Videos focusing less on the vehicle and integrating it into a larger storyline tend to have higher in-view times.

2. **Revealing the Interior:** Showcasing interior features can be as engaging as telling a complete story, particularly in consideration-focused ads.

3. **Brand Clarity:** Prominently featuring the brand logo and name captures audience attention and provides a strong hook.

4. **Wide and Simple Perspectives:** Wide shots conveying a sense of freedom and movement engage viewers. Videos with fewer scenes have higher in-view times, requiring less cognitive effort to comprehend.

5. **Color Contrasts:** Chromatic contrasts, like blue and orange, make videos more appealing and increase in-view time. Dark-colored videos have lower in-view time, but adding a lighter element can make a significant impact.

Henner Blömer, VP Global Client Partnerships, emphasized, “Creativity is the crucial component of successful digital car campaigns,” highlighting the collaborative effort’s significance. Jessica Sleep, Brand Communications and Social Media Manager at MINI, expressed excitement about the study’s insights and the implementation of Teads’ recommendations in upcoming campaigns.

Ogilvy India has revealed a series of leadership changes set to come into effect on January 1, 2024, marking a transition with senior Ogilvy India veterans taking the next steps in their lengthy tenures with the agency.

Piyush Pandey, currently Chairman Global Creative & Executive Chairman of Ogilvy India, will assume the role of Chief Advisor. In this position, Piyush will closely collaborate with the leadership team to ensure the enduring impact of the Ogilvy legacy across all functions and levels of the agency in India. He will continue working closely with major clients, the executive team, and engage with industry bodies and award forums.

SN Rane, Group Executive Co-Chairman India & COO South Asia, will serve as Business Advisor to Ogilvy Asia Pacific. Rane will facilitate a smooth transition for Ogilvy India under the new management and advise on various business operations and planning issues.

Hephzibah Pathak, Ogilvy India’s trusted partner for key clients, will become the Executive Chairperson, making her the first woman in this role. Hephzibah will lead and drive the strategic direction, growth, and transformation agenda of the company.

VR Rajesh will transition from Group President to Chief Executive Officer (CEO) of the agency, partnering with Hephzibah to accelerate the transformation agenda and oversee operations across offices in India and its business units.

Joining the Ogilvy India Board will be the agency’s three Chief Creative Officers (CCOs) – Harshad Rajadhyaksha, Kainaz Karmakar, and Sukesh Nayak, as well as Chief Strategy Officer (CSO) Prem Narayan. These additions to the board aim to provide continuity, experience, and commitment to the next phase of growth and excellence for Ogilvy India.

Devika Seth Bulchandani, Global Chief Executive Officer, Ogilvy, expressed confidence in the new leadership team and their ability to take the iconic agency to new heights. Piyush Pandey emphasized his continued passion for creativity and its impact on clients’ businesses, pledging to partner and guide the new leadership to maintain and enhance core strengths.

A recent report by JLL, a real estate company, highlights that a significant number of global employees who have been working from home due to the pandemic miss the experience of stepping into their offices. The Asia Pacific report, titled “Home and Away: The new hybrid workplace?”, reveals that 82% of surveyed office employees in India miss their workplaces primarily due to the lack of personal interaction. The survey also indicates that the pandemic has shifted 66% of surveyed employees in India to work from home arrangements.

Ramesh Nair, CEO and country head (India) at JLL, emphasized that while employees in India have successfully adapted to remote work, there is a growing desire for the cultural and human experience offered by office environments. He noted that the office is likely to remain a crucial aspect of work, but the increasing acceptance of remote work will necessitate a new workplace model for many corporations in the region.

The report, based on a survey of 1,500 employees at major corporations in five Asia Pacific markets, reveals that the eagerness of India-based professionals to return to the office surpasses the regional average of 61%. However, both in India and across the Asia Pacific, employees express a preference for a hybrid model that combines flexible work arrangements in the future.

On a regional level, the report highlights that 81% of millennials feel technologically ready, with 52% reporting increased productivity while working from home. However, some face challenges, as not everyone can afford accommodation with the necessary space and amenities for successful remote work.

In terms of confidence in their company’s future, India stands out, with 86% of employees expressing confidence compared to 65% for the Asia Pacific region. The report suggests that employers have a responsibility to foster optimism and enhance human performance and productivity, whether their teams are working from home or in the office.

Key considerations for employers looking to explore a hybrid model include the understanding that office space is here to stay. Higher acceptance of remote work will lead to a more distributed and diverse workforce, but challenges in productivity and efficiency may arise. Offices will be reimagined as social hubs, serving as a cultural center and social hub for employees to connect on common goals, purpose, and vision. The future footprint will facilitate choices and flexibility, with a need for corporations to redefine their real estate footprint by leveraging distributed and liquid spaces, including home offices, co-working spaces, satellite offices, and the central headquarters, leading to a truly hybrid office model.

Dr. Samantak Das, Chief Economist and Head of Research & REIS, India, JLL, predicts that offices will continue to play a central role in defining company culture and meeting employee needs for personal and professional fulfillment. However, the impact of COVID-19 will reshape the look and feel of offices as hybrid models with flexible work arrangements become mainstream.

Managed and serviced co-working spaces take an additional stride to foster a healthy lifestyle. Research indicates that employees working in a health-conscious environment tend to experience improved well-being, heightened productivity, and a positive attitude toward the company.

Establishing an optimal office setup and transforming it into an ideal workplace often entails substantial expenses. From leasing office space to furnishing, insurance, equipment, and investments in health and hygiene, the costs can be considerable.

Puneet Chandra, Founder & CEO of Skootr, a managed office solution provider, outlines the five essentials for creating the perfect office space:

1. **Maintaining Hygiene:**
Health measures are ineffective if the workstation itself harbors illnesses and lacks basic sanitation. A clean and hygienic workplace, including pristine washrooms, boosts employee morale and enhances productivity.

2. **Seeding Plants:**
Scientific studies emphasize the physical and psychological benefits of having plants in the office. In addition to contributing to fresher air and a cleaner environment, indoor plants are a cost-effective alternative to air purifiers, crucial for cost-conscious business owners.

3. **Pantry Services:**
Clean and healthy food is integral to employee happiness and efficiency. Pantry services, which provide nutritious snacks, help in fostering a healthy work environment and contribute to significant savings in healthcare spending by discouraging unhealthy lifestyle choices.

4. **Bright Interiors, Comfortable Furniture:**
Specially designed offices promote innovation among employees, with bright-colored furniture and lively interiors proven to enhance productivity. Comfortable ergonomic furniture reduces stress, creating a positive work environment. Interactive work desks, allowing height and position adjustments, encourage collaboration and adapt to employees’ comfort postures.

5. **Gyms for Strong Work Life:**
Recognizing the link between prolonged sitting and health issues, co-working and managed office spaces offer on-site gyms. These facilities help employees maintain energy, enthusiasm, and positivity, promoting better health and fitness.

In conclusion, the integration of these elements not only contributes to a healthier and more enjoyable work environment but also aligns with the changing expectations of employees regarding their workplace.