1. IT firms to rationalize workspaces, Cognizant, announce to redistribute offices to Tier 2 cities

1. IT firms to rationalise workspaces, Cognizant, announce to redistribute offices to Tier 2 cities

There is an increase in the popularity of Tier 2 or smaller Indian cities with corporates due to their low-cost real estate, lower attrition rates, and better work-life balance for employees. In addition, it keeps or makes employees feel like they are closer to home when they work in these cities. Due to these factors, companies can reduce attrition since there are few employment opportunities to change jobs.

Recently, New Jersey's IT Firm, Cognizant, announced plans to optimise its corporate functions by redistributing some real estate from large cities in India to smaller ones. This move is aimed at reflecting the post-pandemic hybrid work environment. As part of this rationalisation, the company will give up office spaces, eliminating 80,000 seats and 11 million sq ft in large cities in India. As a result, it expects to reduce its annual real estate costs by about $100 million by 2025 compared to 2022.?

Similarly, Infosys has also increased its office spaces in smaller cities over the last few years, with its most extensive office space being in Mysore, measuring up to 12 million sq ft. In addition, the company consolidated its office spaces in smaller cities like Thiruvananthapuram, Nagpur, Indore, Hubli, and Mohali, besides having big campuses in Bhubaneswar and Jaipur.

Tech Mahindra's Global Tech & Marketing head, Harshvendra Soin, said, "We are hiring talent from new areas, setting up physical centres in tier-2 and tier-3 cities. These cities include Coimbatore, Trivandrum, Vizag, Nagpur, Bhubaneswar, Chandigarh, Kolkata, Indore and Vijayawada, and help us to diversify our talent pool."

#Indiancities #corporates #Tier2cities #Tier3cities #lowcostrealestate #betterworklifebalance #employeesatisfaction #Cognizant #Infosys #TechMahindra #postpandemic #hybridworkenvironment #realestateoptimization #smallercities #talentpool #attritionrates #workculture #officespaces #Mysore #Bhubaneswar #Jaipur #Thiruvananthapuram #Nagpur #Indore #Hubli #Mohali #Coimbatore #Trivandrum #Vizag #Chandigarh #Kolkata #Vijayawada

2. Bermuda-based Apex Fund Service leases 53,500 sq ft office space in Pune

Apex Fund Services, a leading Bermuda-based global fund administration company, has recently signed a lease for a new office space in Pune, India, by renowned property developer Panchshil Realty.?

Panchshil Business Park Tower A has been leased by the company for five years, with a five-year lock-in period. With the office space lease on the 7th floor, the company will have access to 49 car parks and 82 bike racks at an additional fee.

According to its agreement, the rental rate for Apex Fund Services office space is Rs 107/sq—ft per month. The lease also includes a clause escalating rent by 15% after three years. And a security deposit of Rs 1.50 crore has also been paid by the company.??

Sagar Chordia, director of Panchshil Realty, has said- "It is a testimony to the fact that tenants continue to be attracted to premium grade A offices. The Panchshil Business Park houses marquee tenants such as Snowflake, Tablespace Technologies, TransUnion Global, Marvell India, and Streamland Media, to name a few."

#ApexFundServices #Bermuda #globalfundadministration #Pune #PanchshilRealty #PanchshilBusinessPark #TowerA #officelease #rentalrate #premiumoffice #Snowflake #TablespaceTechnologies #TransUnionGlobal #MarvellIndia #StreamlandMedia #realestate

3. Goa Aims to Become India's First Digital Nomad Hub with 'Workation Goa' Campaign and Proposed Digital Nomad Visa

Goa, a state in western India, is famous among #Indianremoteworkers. Its warm tropical climate all year round makes it a desirable place to work for those who like sunny environments.?

A campaign called “Workation Goa”, launched by Goa’s IT & Tourism Minister aims to encourage visitors to work while experiencing stately beaches, lush green forests, and scenic waterfalls. Since then, the state government has decided to hold onto making Goa a digital nomad hub. Some beachside locations in Goa, like; #Morjim, #Ashvem, and #Benaulim, now have coworking spaces after the campaign’s launch.

The state government is trying to conceptualise a new visa for these digital nomads and have taken up this proposal to the central government.

#Goa #Indianremoteworkers #digitalnomad #WorkationGoa #Morjim #Ashvem #Benaulim #coworkingspaces #ArabianTravelMarket #visa #homestays #luxuryhotels #localtalentpool #workfromGoa #GoaTourism #sunnyenvironments #scenicwaterfalls #beaches #greenforests