Last Updated on April 18, 2023 by Admin
With the steady growth in the demand for commercial real estate, the interior turnkey solution market has witnessed a progressive trend in their sector. As commercial space demand surges, the sector is expected to further witness a tremendous opportunity to leverage in the coming years. We have discussed here the Indian Interior Fit-Out Market and opportunities For Construction Professionals
Today, various startups, collaborative workspaces, and other offices are it an established business or a new company opt for complete fit-out services.
As the one-stop solution overcomes the hassle of limited time constraints, Turnkey is a perfect solution for all commercial interiors problems.
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Though start-ups and new offices make up an impressive portfolio, old and established companies to prefer refurbishing their interiors. Companies are focusing on their workspace design to increase employee satisfaction, boost productivity, and provide a comfortable working environment.
With the visible transition in the Indian work culture, office furniture and interiors have seen a major evolution. The furniture today is specially designed to reflect the needs of modern-day employees and invoke collaboration, flexibility, and mobility.
As modern offices continue to evolve and adapt their workplaces to changing technology, workplace design and furniture also reflects the latest trends-alternate work styles, company culture, and ergonomics.
Fixed workstations and cubicles, workspaces today are implementing flexible seating, open collaborative spaces, and lounges, glass design furniture, standing workstations, Privacy Pods, multipurpose furniture, etc.
Also, more and more companies are embracing branded workplaces to communicate and reinforce the company’s position, identity as well as unifying culture.
The inception of the start-up culture has indeed disrupted the traditional office spaces of demarcation of departments, permanent seats and cubicles, and monotonous ‘comfort zones’.
Indian Interior Fit-Out Market
Along with offices, the residential sector is also expected to adapt to this new concept of integrated solutions.
Besides redesigning office blueprints to include creative spaces, the residential segment has also seen an increase in technology-led designs, using simple ergonomics to define the comfort in living.
Today, the home spaces opt to be functional yet aesthetical that expresses one’s lifestyle and standard of living.
According to ‘India Office Fit Out and Facility Management Market Outlook 2020‘ by Global Infrastructure Facilities and Project Managers Association (GIFPMA), the major factor driving the market growth is increasing FDI investment in the country.
- The country’s office fit-out market is expected to touch $2.6 billion (over Rs 17,240 crore) by 2020 on the back of rising FDI inflows, a report said.
- The office fit-out market is expected to grow at a CAGR of 10% during 2015-2020 to reach $2.6 billion by 2020.
- The market also depends on the supply and absorption of the commercial real estate and vacancy levels of existing spaces, the study pointed out.
- It is followed by mechanical and electrical installations, which account for a 25% share.
- Regionally, the South region is estimated to account for the largest share of 40% due to the high office land absorption rate in Bengaluru and Chennai.
- the Indian office facilities management services market exhibits huge potential and various foreign players are planning to venture into this industry.
- Currently, office space occupies close to 65% of the Indian facility management services market. This high share is due to increasing commercial activities in metropolitan areas such as Delhi/NCR, Mumbai, Chennai, and Bengaluru.
The study said with ongoing evolution in the commercial sector, companies are trying to be one step ahead from the rest of the industry as the changing needs of the corporate sector have called for advanced technologies and highly skilled workforce from facility management firms.
An Opportunity For Construction Professionals
With the steady growth in the demand from the commercial real estate, the interior turnkey solution market has witnessed a progressive trend in their sector. This trend in the interior fit-out will create an opportunity for the construction professional in the years to come.
As commercial space demand surges, the sector is expected to further witness a tremendous opportunity to leverage in the coming years.
As a one-stop solution overcomes the hassle of limited time constraints, Turnkey is a perfect solution for all commercial interiors problems.
Facility management companies are gradually shifting towards automation of services and strategic investments to strengthen their position in the market.
The government is also taking various initiatives for aiding the market growth, it added. The government has started calling for tenders for various facility management services in different sectors, which further bestows large opportunities for this sector.
Hence, rising demand for facility management services, upcoming industry trends, and relevant initiatives to combat the existing challenges will lay down a promising pathway for the Indian players.
By considering the above key points and available data, we can say that there will be a lot of potential in the Interior-fit-out industry.