What’s Driving the Growing Demand for Commercial Furniture

FDT Bureau

Commercial furniture is poised to grow in the years ahead. According to Reogma’s report, office furniture segment comprises 20 per cent share amongst total furniture demand in India. However, rapid growth is expected in the country’s commercial furniture chain due to demand and preference for Grade A offices, upgradation of the corporate sector, creation of new office spaces and renovation of existing ones.

As per Anarock’s report, in 2023, with overall expected growth, pick-up in job creation and ready-to-move-in housing will continue to drive demand. A rapid change in the workplaces is also expected. This means that it will also favour greater flexibility, and these factors are expected to drive demand for A-Grade office space. According to JLL, the rising demand will cause the Grade-A office market to reach 1.2 billion sqft by 2030. The expected commercial real estate is expected to deliver healthy returns, which will further impact the demand for Grade-A office spaces, data centres and co-working spaces. Another significant observation made by such a report opines that in the metro and non-metro cities, the adoption of office space will breach the 60 mn sqft mark by 2023.

According to JLL, the rising demand will cause the Grade-A office market to reach 1.2 billion sqft by 2030. The expected commercial real estate is expected to deliver healthy returns, which will further impact the demand for Grade-A office spaces, data centres and co-working spaces.

With companies taking significant steps toward sustainability, they are increasingly on the lookout for commercial spaces that align with their sensibilities. “For our commercial, retail business, we expect significant momentum and increased sales and leasing velocity as the demand is good and the overall commercial real estate segment is on the upswing,” says Mr Rajat Rastogi, Executive Director, Runwal Group.

Modern commercial furniture is the trend post COVID-19. The demand for commercial furniture and product innovation go hand-in-hand. Upgradations in ergonomics to suit spaces and offer comfort, renovation and modification of spaces have boosted the growing demand for commercial furniture. FDT observes a staggering increase in demand that is surely in sight as the growth is mainly attributed to the increasing number of commercial spaces, IT parks catering to significant consumption of office furniture and the recent initiatives of providing comfortable working environments for employees.

This article is a part of our exclusive article ‘What’s Driving the Growing Demand for Commercial Furniture’ which is originally published in Furniture Design & Technology (FDT Magazine) January 2023 print issue. If you want to read the full article, please subscribe Furniture Design & Technology Magazine here: 

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