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Cleaning Industry Trends

by Clean India Journal Editor
2 comments

Trends 2024 Analysing Office Space, Housing & Retail Markets

What changes can we expect in the way we work and live, in office spaces and in retail? Which city will offer the most affordable homes in India? What factors will affect a homebuyer’s choice? All this and more in Trends 2024, with global and regional forecasts by Knight Frank, CBRE and JLL in the facilities and asset management sectors. A glimpse

Office Spaces 2024

While significant changes are predicted for offices and workspaces in the UK, the same can be extended to other geographies, including India as well, because this acceleration has been brought about by the single-most important factor, the global impact of the COVID-19 pandemic. Evolving work cultures, technological advancements and changing employee expectations have resulted in the push for hybrid work patterns, coworking spaces and smart office solutions.

Hybrid working

The number of employees having flexible working arrangements, where they split their time between the office and home, blending remote and in-office activities, is growing and has led to changes in how office spaces are designed, utilised, and managed. More organisations are predicted to embrace this approach in 2024, optimising their workspace strategies accordingly.

Flexible office space

Flexible office space providers are evolving their products and services to meet the demands of hybrid working. Offices are emerging as dynamic hubs for collaboration and networking, catering to a diverse professional demographic that values flexibility, community, and innovation. They no longer run places to just rent desks but are catering to dedicated areas for tech startups, creative studios and entrepreneurs. While continuing to offer well-equipped workspaces, they are investing in robust technology infrastructure, virtual platforms to support remote work and collaboration, on-site fitness centres, meditation rooms, and healthy food options for wellness and well-being, thus providing a holistic work environment.

Technology and remote collaboration

Hybrid work culture has brought into focus technologies such as cloud computing, AI, collaboration tools, and virtual meeting platforms as essential for bridging the gap between remote and in-office teams. These technologies will become more integrated, intuitive, and essential in 2024, in supporting a seamless hybrid working experience.

Sustainable Office Design

Sustainability is becoming a key consideration in office design. Eco-friendly materials and energy-efficient systems are being increasingly utilised in office constructions, reflecting a growing consciousness about environmental impact. As corporates eye their upcoming 2030 sustainability targets and re-assess their post-Covid workplace strategy, focus is sharpening on low carbon buildings. Space that is electrified and powered by clean energy is in growing demand, not only because it is resilient to changing regulation but also meets near-term corporate sustainability targets.

Office Space Trends for 2024

Agile Workspaces: Breaking free from traditional layouts, these flexible and adaptable spaces encourage collaboration, boost productivity, enhance well-being and potentially reduce costs. They also incorporate biophilic design elements such as natural light, plants, and outdoor access to foster a connected, productive and well-being-focused workforce.

Smart Office Solutions: These optimize operations with automated systems, intelligent office solutions and seamlessly integrated IoT devices thus streamlining processes, reducing errors, and enhancing the overall work environment. From smart lighting to intelligent scheduling tools and collaboration platforms, these technologies are revolutionising the way we work, making offices more efficient, productive and engaging.

Serviced Office Spaces: These office spaces provide businesses with the agility to adapt to changing market conditions, optimise their workspace utilisation, and reduce overhead costs. They also cater to the preferences of employees who may prefer a hybrid work arrangement, combining in-office collaboration with remote work flexibility.

Housing Markets 2024

In the last year, headlines were dominated by surging inflation and consequential interest rate hikes. Despite these challenges, global economies have displayed surprising resilience, with recent inflation figures suggesting a turning point. What drives this positive shift in outlook? Some prime buyers appear confident that the worst is now behind us. Globally, on the demand side, with inflation receding and interest rate hikes entering their final chapter, buyer appetite has strengthened in some markets. Meanwhile, on the supply side, high construction costs, labour issues and planning delays are collectively contributing to a shortage of new stock entering the market

Housing forecast for India

The affordability for home purchases is expected to improve for the better in 2024, basis the expectation of a 60-80 bps repo rate cut during the year, says JLL’s report on the Home Purchase Affordability Index (HPAI). This will keep buyers’ affordability within a very comfortable range and sustain the momentum in the market in 2025 as well.

While India was not fully insulated from global shocks in 2023, improving domestic inflation levels and India’s economic growth outpacing the rest of the world gave enough headroom to the central bank to maintain status quo through a large part of the year. The response from the residential markets was spectacular, as sales for the first nine months of 2023 rose to approximately 90% of the full-year figures of 2022.

Homebuyers look at multiple factors including but not limited to the prevailing economic scenario and future expectations of income and inflation. Also, employment market prospects, income & job stability and current & future savings targets are equally critical when making home purchase decisions. Affordability levels remain much above the pre-COVID and worst affordability periods for all cities, clearly highlighting the headroom for market growth to continue”, said Siva Krishnan, Managing Director and Head of Residential Services, India, JLL.

Kolkata, Pune and Hyderabad most affordable

While Kolkata remains the most affordable residential market in India among the top seven cities, Pune is expected to follow along with Hyderabad. Mumbai has the most expensive residential market in the country. However, all cities will remain lower than their highest affordability levels seen in 2021, thus they are likely to see robust market activity prevail to the end of 2024.

Retail Markets 2024

Rising consumer demand and the fast-paced tourism recovery continue to boost retail activity across the Asia Pacific region in the post-pandemic era. Shopping malls and physical stores need to differentiate themselves and stay relevant. A few trends listed below would keep retailers ahead of the competition.

Retail media networks as a revenue stream: Retail media empowers retailers to turn their first-party data and audience insights into a profit source. The advantage lies in the creation of a strong income channel.

Mixed-use spaces: Combining two or more asset classes into one building is not new but it has grown more popular in recent years and could play a pivotal role in commercial real estate’s future.

Consumerism slowdown amid sustainability concerns: As people become increasingly aware of the impact their choices have on the environment, they seek out products that are eco-friendly and have a lower carbon footprint. The issue of social responsibility is another driving factor for sustainable consumption.

Adoption of sustainability KPIs to boost customer loyalty: As consumers become increasingly conscious of their environmental impact, they seek out brands that align with their values and positively contribute to the planet. As a result, the second-hand resale shopping market has risen in popularity as a more eco-friendly shopping alternative.

Increase in engagements that recreate physical experiences: Curating every detail across multiple touchpoints that include what people see, hear, smell, taste and feel is part of experience design and it engages people and draws them in.

Strong interest in social experience at retail spaces: For retail business, social factors such as family, community and socio-economic status affect as well as define the lifestyle. An example would be a place where you can participate in community events, find out what is going on in the area and the world, or just relax and enjoy a coffee and a chat.

Unique digital experiences needed to engage, retain customers: In an increasingly digital world, content becomes a primary way to connect with consumers. Personalized content, tailored to customer’s unique preferences can create a positive experience and increase their loyalty to the brand.

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2 comments

Deepak Omprakash Sethi March, 2024 - 10:40 am

I want to join and take subscription for your magazine

Reply
Telkom University March, 2024 - 4:45 am

What are the emerging trends in the cleaning industry as discussed in the article “Cleaning Industry Trends 2”?

Reply

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