Airports as Business Hubs
India's new airports are poised to become significant business centers, incorporating world-class office spaces, hospitality services, and retail areas. This modernization and development initiative will not only enhance the image of the respective cities but also provide a substantial boost to the real estate sector, according to a report by Cushman & Wakefield.
Land Allocation for Commercial Development
Capitalizing on the growing trend of city centers developing around airports, The Airport Authority of India has dedicated substantial land resources for the development of commercial real estate and retail spaces. The report highlights that for airports in major metropolitan areas like Mumbai and Delhi, 50% of the total real estate space has been earmarked specifically for commercial development.
India: A Favored Destination for Business
India has emerged as a highly desirable location within the Asia-Pacific region due to the robust performance of businesses, attracting a significant influx of multinational corporations (MNCs). This has, in turn, fueled sustained demand for commercial office spaces in major cities. The nation's impressive economic growth has also elevated the appeal of smaller cities such as Lucknow, Kochi, Coimbatore, Mysore, Jaipur, and Indore as attractive business destinations.
Streamlining Business Interactions
Beyond simply providing commercial office space, the planned airport projects aim to facilitate more efficient business operations. Proposed convention and business centers incorporated into the overall development plan will allow for considerable time savings between business meetings during transit or waiting periods.
Retail Opportunities
The report also foresees abundant opportunities within the retail sector. Due to evolving airport security measures, passengers are now required to arrive earlier, presenting them with more time to spend before their departures. This presents an ideal opportunity to engage a captive consumer base with significant spending potential. "With changes in airport security, passengers today are required to arrive early, consequently finding themselves with adequate time to spend before departing."