How Offices and Retail Space for Rent impacted by Covid-19?

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The retail segment in commercial real estate has been severely impacted by Covid-19. The demand for commercial retail space for Rent will only increase when people will feel safe outside and return to their normal functions. Due to covid 19 that hit in March 2020, many companies resorted to remote working/ work-from-home for their employees. That has led to various discussions about the future of retail and workspaces in India. There is a transformation in

the commercial retail space because of the changing trends in the work culture and shopping patterns owing to the pandemic. The question stands: will everything come back to normal or not?

Impact on shopping and retail centers

As COVID-19 has impacted almost all sectors, the commercial office space has also been hit badly. A large number of companies declared work-from-home after the second wave hit the country till 2022. On the other hand, the lockdown has affected retail spaces, especially in shopping malls, where there was a drastic decrease in footfall because of the deadly first and 2nd waves that hit the nation. Moreover, there is a limited chance for improvement in the near future because of the prediction of the third wave at the end of the year 2021. There is no doubt, rentals for office spaces are impacted owing to remote working policies but this will be compensated by the greater demand for space keeping in mind the social distancing guidelines.

Revival of Office Space

With the Covid-19 vaccination drive going on in the country, large modern retail companies and retail stores are optimistic about the increase in footfall just like in pre-COVID times. There is a hope that the market will bounce back and there is a hope of fast-track revival because of the Covid-19 vaccination. Statistically, the month of June has been positive in comparison to the previous months. With the right cost, talent, and infrastructure, the revival of office space is inevitable. Amid all this, this pandemic has made one thing clear that during the time of utmost uncertainty in the market, real estate companies should plan for the short term instead of the long term.

As the future is hopeful for the commercial retail space in Gurgaon, companies have geared up for the future prospects. It is a fact that the traditional workspaces will be challenged after workspaces open completely. They have to revamp the office space into a safe environment that makes it safe for an employee to work. Also, a small retail shop for rent will come alive after things get back to normal. Reach pro is such Commercial property for rent in Gurugram that is reshaping itself according to the ever-changing world.

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