AS CHENNAI UNLOCKS 4.0, IT SECTORS ARE ON JOB OF REORGANISING 'WORK AND WORKSPACE' - DETAILS!

Ever since the government eased lockdown restrictions as a part of Unlock 4.0, the question about reviving of office space sector in the city has surfaced. 

“Leasing and sale of office spaces in Chennai were hit hard by the lockdown. The city witnessed 2.1 million square During the first quarter of the financial year many firms expedited its relocation plans. Cognizant moved to 4.7 lakh square feet of office space in Mount Poonamallee, and Bank of New York moved to a new site in Pallavaram Thoraipakkam,” Chennai Savills India managing director Anup Vasanth told The New Indian Express. 

“Deals with regard to 1.5 million square feet of office space took place in the first quarter. The figure dwindled to 5 lakh square feet in the next half,” Anup added.

However, one can get a clearer picture about the situation only after six months since many firms are serving notice periods at the moment.

CREDAI Tamil Nadu Chapter chairman S Sridharan told The New Indian Express that he is optimistic about the office space situation improving once the lockdown is relaxed further. 

Similarly, A Shankar, The Chief Operating Officer of Jones Lang LaSalle, Strategic Consulting too was of the view that the work culture has undergone a massive change due to the pandemic. Hence, “The designs of office space will be revised with thrust on social distancing,” he stated.

“Although only 50 to 60 per cent of employees are working from home now compared to the initial days of lockdown, I hope at least 12 to 15 percent of workforce will continue to work from home,” Shankar added. 

Reportedly, IT officers are likely to do away with some office space and lease places close to residences of workers. 

A data available from Savills, “the office absorption in Mumbai, Chennai, Hyderabad, National Capital Region, Pune and Bengaluru, during January- July 2020 stood at approximately 13.7 million sq. ft. as compared to 32 million in the corresponding period last year.”

Experts predict that although the pattern might change, the pandemic might continue to persist and hence the country has to focus on its traditional sectors and important policy initiatives.