The Indian economy is showing positive signs of growth, giving a tremendous push to the business sector. Established companies are expanding their business while the number of startups and SMEs is mushrooming. It isn’t surprising that the demand for office space for rent is on the rise.However, choosing your first commercial office in any city could be a tricky affair. If you don’t conduct due diligence, you may land a sour deal.
Here are some useful tips to bear in mind to save yourself from all hassles.
The size of the commercial office depends on the number of employees, equipment/machinery/furniture and other requirements as per the nature of your business. If you buy small office space for rent, then everything will be congested and disorderly. If you buy large space, it could lie underutilized. You also have to anticipate the future requirement when you may require more space as your business grows.
The location of your office should be such that it is easily accessible to your employees, clients or customers. It should also be located in the upscale or respectable vicinity. If there are restaurants, connectivity (metro, bus stand, cabs)and other lifestyle amenities (gyms, daycare) nearby, the location is even better. However, such locations can come costly, especially if you are searching for office space for rent in Mumbai, Bengaluru, Gurgaon or Hyderabad. So, consider a centralized location.
You have found the right size and location for your commercial office, but is the rent within your budget? Along with the rent, the price tag is also associated with maintenance, parking space and other utilities. All these are an outflow of income and add to your operating cost. It is advisable to estimate the price you are willing to shell out before you think about ay office space for rent. If there are several commercial spaces in the same premises, it would be a good idea to compare their prices. At times, factors such as the floor, front/back entrance, security, etc., can make a significant difference to the price. Also, check out if there is more than one real estate agent/agency for the same location. You may be able to negotiate a good bargain on your terms.
4. Legalities and Documentation
Whether you are taking office space for rent in Mumbai or any other city, you must not be nonchalant about the paperwork and legal formalities. Check that the seller/lessor has all ownership documents in place and is not involved in any unfair practices. You must sign a rental agreement before taking over the office and ensure that it includes clarity on the following provisions:
- Period and renewability of lease
- Rent amount
- Amenities included in the rent
- Terms of maintenance, parking, utility bills, security and other infrastructure
Buying your first office is an exciting phase, but that should not overrule your judgment. Choose a space that meets the maximum number of parameters that matter to your business.
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