Sameer Saxena foresees GenZ’s influence, emphasising flexibility, sustainability, and technology as crucial for the future corporate real estate landscape.

“Currently, India is in a sweet spot, with the GDP growing at 6 to 7 per cent, and the industry growing at a rapid pace, with interesting developments in services,” said Sameer Saxena, Real Estate Services Leader for the India region at Marsh & McLennan Companies, discussing the future of the corporate real estate and its related aspects, particularly in India.

“Compared to developed countries like Singapore or Australia, the yearly addition of corporate real estate in India is expected to be much higher, at around 3 million. This presents an interesting opportunity for the future,” he added.

Furthermore, Saxena highlighted that social connections are important for GenZ, “The need to socialise with co-workers, easier collaboration and even surveys have given us this picture,” said Saxena.

“Surveys have also shown that this is a key driver for their job satisfaction. Additionally, flexibility is a highly appealing factor for the GenZ generation, as they can strike a balance between work and personal life, especially since the commute time is no longer necessary,” he added.

The future of the corporate set-up will be shaped by GenZ, according to Saxena. He cited reports showing the benefits of working in an office, such as the ease of socialising with coworkers, the ability to collaborate easily, and the boundary between work and personal life.

However, Saxena also emphasised that the flexibility of not having to commute has impacted both employees and employers, as well as the real estate industry. “Major indicators for developers like us who are handling the real estate projects. Natural light and outdoor spaces have become crucial now.”

Looking ahead, Saxena, one of the keynote speakers at the BW Facility Management Conference 2024 on 6th February, stated that technology in the workplace, along with developing the Environmental, Social and Governance (ESG) framework, is important. “Focusing on sustainability and the environment cannot be overlooked anymore. In six Asian markets, 70 per cent of lease renewals from the top 100 occupiers will be tied to carbon commitments. By 2030, 50 per cent of occupiers plan to lease space only in green energy buildings, marking a big change in the real estate industry.”

To enhance the workplace or colleague experience, emotional, contextual components, and functional aspects become of utmost importance. Outsourcing facility management, risk mitigation, consistency, imbibing digital transformation, embracing the human experience, remote monitoring and operation, and data-driven decision-making are critical for the future of the workplace.

“The future of workplaces and real estate will prioritise carbon-neutral environments, integrated building solutions, health and safety commitments, transparency, flexibility, expansive common areas, and wellness spaces. Paving the way for concept-based office designs,” concluded Saxena.