Apr 27, 2015
Small teams and SMEs are no more looking for just some space that are offered as a business center in…
Mumbai has always been the most sought after destination for commercial businesses, entrepreneurs and professionals. Procuring office space in the city centre has always been a challenge, and yet, that is the space that has been most vied for. Every industrialist, every business tycoon would like to operate out of the Central Business District in Mumbai.
A decade ago, setting up an office in the highly busy and expensive central business district, in places such as Nariman Point, Colaba, and Bandra Kurla Complex was almost a dream. One needed to be lucky to come across vacancies, because it was rare for a business to give up on such prime office spaces for which there were hundreds of takers waiting in line. Secondly, one had to shell out a huge amount of money for rent, and purchasing workspace in the central business district was possible only for the lead players of the industry, who had enough capital to invest.
But recent trends show a slump in the rents of premium buildings in the city. For example, in 2008, Ceejay House, Worli, which used to command a rent of Rs.700 per square foot, now has rental rates of only Rs. 300. Lease rates in similar office complexes touched rates of Rs 180-200 per sq.ft. Vacancies increased, and the speculation that rental rates might one day touch the five-digit figure came to naught.
While these developments were unexpected, the reasons are several. With rental rates of places like Nariman Point sky-rocketing, several small firms that were expected to move to less expensive offices simply closed down instead of moving out. Availability of Grade A office space increased, providing a choice for entrepreneurs with limited investment capital. Preference for the central business district came down, with the emergence of secondary business districts in the suburbs, which met the needs of new businesses.
What are the pros?
While falling rentals might indicate a slump for the city’s real estate scenario, it is good news for all those who want to acquire premium office space for rent in mumbai! It is time to take advantage of the falling rental rates in the city’s financial centre, for the growth of your own business. While traditional office space/buildings do not attract tenants because of poor infrastructure and lack of maintenance support, iKeva scores above all others with its shared office space at Mumbai Bandra Kurla Complex at Phoenix Market City , offering convenience, state-of-the-art infrastructure according to clients’ demands, 24×7 maintenance support and superior office space at affordable rates, all rolled into a single package!
Having an office in the most desirable area of India’s financial city is no longer an impossible goal. It is perfectly achievable, and iKeva makes it all the more perfect!
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