Abhinav Reddy of GAR Corp.
Global companies are eager to work in countries like India and Asian countries will see increased demand for office space thanks to strong economic growth, according to Abhinav Reddy, managing director of GAR Corp.
More and more companies are looking to work in India, especially in the area of digitization, Abhinav Reddy, managing director of GAR Corp, told an international conference in Singapore on Monday.
“Businesses were forced to experiment during COVID so we are certainly seeing a lot more business coming to growing IT companies and that reflects all of their numbers, their business is up, profits are up, their hiring is up. a record high. “, he said during the session which was part of the Asia Summit 2021 organized by the Milken Institute, based in the United States.
Reddy, heads the GAR Corporation, headquartered in Hyderabad, a pioneer in creating iconic office parks over the past three decades. “The only problem is we don’t see that translating into more office space, which keeps me awake at night, but it’s only a matter of time, I think,” Reddy said. during a roundtable on ‘Investing in real assets in the years ahead’. There is a big difference between East and West. Hybrid work and remote work are easier to do and more acceptable in western countries mainly because of the way the house is laid out, he said, adding that “you can’t paint everything with the same brush.” Elaborating on Asian lifestyles, he said that most houses in Asia have three generations living there.
“So you have an average of five people per household staying there. So working in this kind of family environment is not really as conducive as when you have nuclear families in the West, ”he said, adding that this was an important factor that would change the situation. request for office space.
As economies recover from the COVID-19-induced pandemic, Reddy said at least five to 10% of the workforce will not return to the office full-time. For the remaining 90 percent, the return to power will be in varying degrees. About 20 percent of the workforce will return full-time, 30 to 50 percent will return three to four days a week and the remaining 20 percent one to two days a week, he said, adding working of the office but a kind of hybrid. Reddy believes Asian countries are going to see increased demand for office space due to strong economic growth.