The office furniture market in India is expected to grow at a strong rate during the period 2023-2028. The market is witnessing significant growth owing to factors such as the growing Indian economy and subsequent demand for office spaces.
The thrust on real estate and office construction is expected to sustain in the near future, indicating continued growth for the office furniture industry, as per Mordor Intelligence. Moreover, the corporate sector in India is uplifting on the back of ease of doing business reforms introduced by the government. Apart from the demand for the creation of new office space, the demand for office furniture is also driven by the renovation of existing offices.
As per Mr Ramesh Nair, CEO, India and MD, Market Development, Asia, Colliers, “The year 2022 is likely to be a landmark year in commercial office real estate. Collaborating, brainstorming and creating a dynamic culture are the three pillars of any workplace post pandemic. In 2023, Bengaluru followed by Hyderabad expected to see most of the new supply across the top six cities.”
“The expansion and diversification plan of the commercial players remains bullish as the Indian economy is poised for 6.8 per cent GDP growth, the fastest among the global counterparts. The attractive rental yield-generating asset will continue to stay favoured amongst the investor class. Growth in emerging real estate asset classes like warehousing, industrial housing, logistics, data centres, student housing, senior citizen homes, flex spaces to gain ground in the ensuing year 2023,” shares Dr Niranjan Hiranandani, National Vice Chairman, NAREDCO.
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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