Dec 17, 2016
Demonetization has dealt a sudden blow to the Indian economy, demobilizing Indian businesses, both big and small at one stroke.…
While investing a reasonable sum of your capital into an office space, the process needs to be reviewed and evaluated over different parameters. Christopher Hann, professor from New Jersey has also dealt with matter of identifying the right balance of ingredients while renting out an office space.
Finding a Realtor Advisor
The Realtor association in India and the GOI recommends new businesses to opt in for a local real estate agent who understands the geography better than you. Share your criteria and budget with them to avoid wastage of time by evaluating options that may not matter to you. Also, ensure that you don’t look for options that mesmerize you with a lot of frills but take your objective away from you. Ensure that your real estate advisor/ broker runs a thorough due diligence of the terms and conditions of the rental agreement before plunging into it. With the help of the agent acquaint yourself with different types of rental agreements that prevail.
We rant about location because it is what will stay permanent with your business. Your business cards, website and yourself will speak about it. Your customers, employees and vendors would associate your office with the location it is in. Evaluate a few questions like:
Run a thorough recce of the building in which your office space is located. The building should be a legally approved layout with all the necessary fire exits, corridors, staircase and elevators. Does the building accommodate smoking and break-out areas? Is there enough parking space?
What services by the building management is being included in your rental agreement?
These are few questions that require answers for your decision.
Once the major aspects are evaluating, micro factors would drive your decision. Do you get a manned reception? How are the corridors and break-out areas managed? How clean are offices for your team to come and use? Is the team that manages your office and the staff around helpful and cordial to the requests? What are the common areas for your team to use? You should also be evaluating the air-conditioning, electrical, phone and internet systems deployed at the office.
Most unnoticed factor while renting an office space happens to be the environment at the workspace. While natural elements like light, ergonomic space and greenery adds character to the space; community, people and possible opportunities adds energy to your office. An office space that supports your team to stay energetic all the time reduces a great deal of your work. Imagine an office space support system that also does a HR’s job!
We hope to hear from you the factors that are critical to you while evaluating an office space for rent. For each business the formula changes and let us know what works for you.
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