Sunday, July 21, 2024

The Rise of Shop-Cum-Office (SCO) Spaces Transforming India’s Commercial Real Estate Sector

The Indian real estate market has undergone a significant transformation with the emergence of Shop-Cum-Office (SCO) spaces. These innovative concepts combine retail and office spaces in a single building, transforming the commercial real estate landscape. The SCO spaces are attractive for their versatility, efficiency, and providing strategic results to businesses that stimulate economic growth. The National Capital Region (NCR) and its peripheral areas are experiencing a significant demand due to the rise of SCO spaces. These multifaceted complexes offer businesses a strategic solution for optimizing property usage, streamlining operations, reducing costs, and creating a dynamic environment for collaboration and innovation.

Shop-Cum-Office space in sector 62, Gurugram

“Shop-cum-offices are increasingly becoming the retail future since they provide a unique blend of retail and office space that can respond to the changing needs of the real estate sector. As the trend of online shopping continues to grow, shop-cum-offices are expected to become an increasingly popular solution for retailers looking to stay competitive and provide a unique shopping experience. These spaces increase foot traffic, and facilitate growth for small businesses, making them an attractive option looking to adapt to the evolving retail landscape. As the retail industry continues to evolve, shop-cum-offices represent an innovative and dynamic solution for businesses of all sizes,” said Aman Sharma, Founder and Managing Director,Aarize Group.

One notable example of this transformation is Downtown Avenue, a retail and commercial project in Sector-62, Gurugram, near NH-8, Sohna Road. The project offers exceptional amenities like retail, offices, and dining, providing a perfect opportunity for businesses to customize the interiors as per their unique design and vision. With its convergence of national & international brands and a prestigious neighbourhood, Downtown Avenue, is redefining modern business with seamless accessibility. The spaces are meticulously designed to provide a luxurious and comfortable experience for occupants and visitors. Moreover, its proximity to the airport and other prominent landmarks along with major IT centres, makes it a convenient and accessible destination for businesses and customers. Besides, it provides a lavish experience with international feels-landscape walkways, central plaza and water bodies.

This variation in the commercial real estate sector offers businesses a range of options, catering to diverse industry needs. The integration of retail and office spaces within a single entity is transforming retailers in Delhi NCR and even in tier II cities, allowing them to maximize property usage and create unique customer experiences. Developers are now moving towards Tier II cities to explore new business horizons in the booming commercial real estate sector as SCO spaces are attractive due to their cost-effectiveness and efficiency, creating a self-contained ecosystem benefiting employees and customers.

“Shop-Cum-Office (SCO) spaces have significantly transformed Indias real estate market, offering cost-effective solutions and increased convenience for businesses. These spaces have been instrumental in fostering urban development and diversifying the commercial real estate sector. They serve as resilient hubs that adapt to evolving needs, offering a blend of retail and office functionalities. SCO spaces in Tier II cities, such as Karnal, have attracted businesses and stimulated economic growth. With a strategic location, SCO spaces are attractive for SMEs, offering a single location for retail and office, reducing costs and streamlining operations in tier II cities. This has led to increased demand for SCO spaces in these regions, positively impacting the local economy and job creation,” said Santosh Agarwal, Executive Director and CFO, Alphacorp.

The Indian real estate sector is expected to continue its upward trajectory in the upcoming fiscal due to job creation, projected growth of 8-9 percent, and recovery from the stock market downturn. The demand for Shop-cum-Office spaces is expected to surge as more individuals enter the market. As the demand for SCO spaces continues to soar across Delhi NCR, it is evident that this trend is shaping the future of commercial real estate in the region. The success of SCO spaces lies in their ability to offer a comprehensive solution to the evolving needs of businesses, contributing to the economic growth and dynamism of Delhi NCRs business landscape.

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