Real Estate

<p style="text-align: justify;">The facilities management business in India is just over 2 decades old and, in many cases, has gone well beyond the simple task or work force outsourcing. The mature contracts are performance based and more recently have started to become relationship based to gain long term strategic objectives. The scope has extended from the mundane upkeep &amp; security services to a far more comprehensive gamut of corporate services. Most importantly, ESG is likely to become an extended FM deliverable in the near future.&nbsp;</p><p style="text-align: justify;">While this development has been good for the industry and involved professionals, the ongoing pandemic is throwing up a new challenge to not only the FM but the overall real estate industry. There remains a question for many if the offices as we have grown to know shall continue to exist. Work from home looms a big threat for the commercial real estate industry. &nbsp;</p><p style="text-align: justify;">The development side of the business shall surely be planning its strategy forward, but the humble Facility Manager again has an important role to play. It becomes his responsibility to ensure and convince their colleagues / clients that the office space remains a safe and comfortable place to be with no added risk to their health. This conviction shall be required for every individual who would like to return to the office space and continue to gain the other benefits like personal networking, culture adaptation, inter-personal collaboration and personal bond building which are not possible in WFH.&nbsp;</p><p style="text-align: justify;">While enhanced safety becomes a basic, the office space now needs a bigger differentiator from WFH to attract the employees back. Hence the need to give them unique experiences to create a Wow! factor. There are various ways to enable this, and the RE&amp;FM community is starting to work on the subject. There will be involvement of space design &amp; management, tools &amp; technology, enhanced employee services, dynamic proactive employee engagement. Some global consulting firms are already ahead and starting to deliver such services as an add-on structured service.&nbsp;</p><p style="text-align: justify;">Our industry has never been dull and much more excitement and challenges coming up for those willing to learn and deliver.&nbsp;</p>