The property market in Bangladesh has experienced very positive growth in recent years.
It can be termed to be quite stable and healthy. Given that apartment costs have decreased and incomes have increased, middle-class people are more interested in purchasing an apartment than ever before. Along with this, rising gas and electricity costs have compelled a sizable part of the population to own their own apartments. Real estate agents introduced low-rate credit rates, which significantly encouraged a large number of people to anticipate purchasing their ideal homes.
However, a recent analysis by a reputable analytical firm revealed a 12–18% increase in prices for office space in the upcoming fiscal year. The growth is anticipated to depend on elements including the current economic climate. The progressive return of renters to workspace , and improvements.
A significant portion of the neighborhood has lately become urbanized, creating a need for more housing and bringing up opportunities for property development.
The market must make sure that appropriate houses are being created with payment plans in place as middle-class buyers demonstrate an eagerness to buy.The government is taking action to maintain the industry’s growth in the face of an impending recession and more crowded cities.
More regions on the borders of Dhaka can now be developed and redeveloped for housing thanks to the recent building of metro rails.As a result, residents of such areas will be able to purchase their own apartment. Realtors will have a fantastic chance to grow their businesses outside of the city thanks to this.
Commercial office space demand, as determined by new tenant visits, increased by 20% from February to March and by slightly over 8% from one year earlier. The most recent office vacancy rate was 18.1 percent in the first half of this year. This represents the sector’s first annual fall in five years and is up 18 percentage points from the year ago. Looking ahead, I anticipate that demand will continue to fluctuate in a regular seasonal pattern, but in order to truly exit the lengthy demand depression we have been experiencing lately, demand will need to outpace seasonal norms for several months.
Cambridge, London, California, New York, San Francisco, and Washington, D.C. are the biggest gainers on a regional level. According to Nick Romito, CEO of Navigation system, “Demand for commercial office space this quarter is much more in line with what we expect to have seen this time of year.”
Rents are gradually rising due to demand. According to Moody’s, asking and actual rents increased by 0.2 percent and 0.3 percent, respectively, even during the quarter, marking the strongest performance since the start of the epidemic. The downward trend in average rent growth also reversed.
The new coronavirus pandemic, officially known as COVID-19, is restraining the real estate market. Hotels, restaurants, bars, and other retail entertainment are the real estate segments that have been most negatively impacted thus far; the severity of the repercussions will depend on how long the economic shutdown lasts.
As more workers stay at home, supply chains are being disrupted more frequently. As are business closures, quarantines, and curfews. Additionally, health professionals advise maintaining social distance and avoiding social events.
Therefore, it is unlikely that anyone will venture outside during this epidemic to buy groceries. Let alone hunt for a place to buy.
Working from home has several perks for employees, not the least of which are flexible hours and “no commute.”
Office Space Layout
There’s no denying that COVID-19 will hasten a few modifications in office layout. The Professional DensityTs The Most Obvious
The overall leasing demand is not anticipate to be significantly impacted by technology on its own. In the near future, implementing new technologies will make remote work easier. While also ensuring employees’ safety and productivity when they return to office spaces.
The demand for technology-heavy smart office buildings is anticipated to increase over time. Reflecting their capacity to support businesses’ environmental, sustainability, health, and wellness activities .
For those especially in real business, there is still opportunity despite the pandemic’s damage. Due to the shutdown that was implement in March 2020. Many businesses have switched from an office type structure to a commercial office space office structure.
The demand for offices and commercial office spaces decreased as working from home became the new standard.
Due to a significant influence this new tendency has had on corporate leasing decisions, net leasing activity also decreased.
However, a recent analysis by a reputable analytical firm revealed a 12–18% increase in prices for office space in the upcoming fiscal year.
The growth is anticipate to depend on elements including the current economic climate. The progressive return of renters to work space , and improvements.
The pandemic has significantly impacted commercial activities. People can now comfortably work from home thanks to the lockdown that was impose.
As a result, there will be less desire for private office in 2020.The pandemic only affect the market for new office spaces. Not those who are already under net lease, according to several real estate surveys. As the expense of fit-outs discourages individuals from using those facilities.
According to a recent survey, the reasons previously mention as well as others. The need for commercial office space for gross rental operations is anticipated to rise by 12–18% in the upcoming fiscal year.
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