Retail Hubs & Shop-Cum-Offices: A vital economic booster for urban development
Gone are the days when businesses operated in silos, today the concept of symbiotic relationship between retail and workspace, which is largely called Shop-Cum-Office, is gaining momentum. The rising trend of Shop-Cum-Offices is not a blip on the radar, rather it has changed the dynamics of the commercial real estate market which is expected to clock 7-8 percent growth in 2024 as industry experts suggest.
Integrating retail spaces and Shops-Cum-Offices within the same complex is seen as an engine of economic growth, proving a boon for urban development that captures the imagination of both entrepreneurs and investors. The mixed-use environment has acted as a catalyst to stimulate local economies, spiral up property values, and boost tax revenue as well. With the rising graph of popularity of Shop-Cum-Office, the National Capital Region (NCR) and its surrounding areas have witnessed a significant demand for such spaces.
When a new retail center opens, it brings a wave of job opportunities and increases demand for a wide range of workforce. Booming Shop-Cum-Office spaces — the growing appeal of which can be corroborated by the Knight Frank report of a staggering 44 percent year-on-year increase in office space leasing across eight major cities, including Delhi NCR — require sales staff, managers, security personnel, and maintenance workers among others, creating employment opportunities for people in various sectors, including retail, hospitality, and services. This not only benefits individuals by job creations but also injects fresh income into the local economy, fueling further growth. Restaurants, cafes, entertainment zones, and even co-working spaces are becoming increasingly common, creating a diverse mix of activity
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