Real Estate

How to Choose a Commercial Space on Rent?

When it comes to finding an office space, it can be a frustrating and tedious task, in comparison to residential space. It is quite natural that you can compromise on your residential requirements because you are the one who is living inside it. But, commercial space is all about living on the expectations of others.

When someone enters your commercial space, they analyze your business according to the space you are working in. It is the first impression that anyone gets. Where you are working currently manifests your lifestyle and working style. Most of the time it is difficult to navigate the many ins and outs of commercial real estate, and missteps can result in being taken advantage of by a broker or landlord. To help you throughout the process, we’ve collated some of the major points to ponder on how to find an office space to rent.

List your Requirements

For beginners, list your initial criteria – knowing what your business type and the clientele are necessary. The faster you eliminate any loophole the more you are refined on your search. A list is easy to share with your teammates for feedback and even for the broker. It helps you to recall your requirements from time to time so that you can pounce on available office space faster. Start with basic like size, lease term, and then move to “must-haves” like “must have a minimum of three bathrooms” and so forth. After that, focus on beautification.

Here are some of the key questions to consider while listing your specifications:

Are you ready to remain in or around your current location or explore a new one?

There are practical considerations that should determine the ideal location of your next office:

Employees’ commute:

No one wants to work in a location that is remote and inaccessible. Consider prioritizing easy commutes as you search for new space. The ease with which employees can get to and from your office has a sizable impact on their happiness which ultimately leads to their satisfaction. A happy employee is a happy client.

Proximity:

Imagine your client from overseas is landing and it takes hours to reach the office. Speaking practically, most of the companies in Bangalore have shifted their commercial space on rent near Bangalore airport which is much away from the city. The main reason is the client’s proximity.

Neighborhood:

No one wants to work in ghettos with the fear of crimes. Your office space plays an important role in shaping and informing the company’s culture you are trying to portray. It all starts with a neighborhood “character” which is outwardly defined by architectural identity. The neighborhood’s cultural identity has implications beyond purely aesthetic.

Workspace Requirements

Workspace is a requirement that is tailored made. commercial space rent always matters and being a business owner you should respect your business’ identity and privacy. Every business space requires privacy and if your business operations require a meaningful degree of confidentiality. You may want to opt for a private area for your team.

Organization’s HeadCount

No one wants to pay extra. When it comes to costing, invest in people rather than extra seats. For private workplaces, office space is calculated by multiplying the number of employees you have or expect to grow, by the number of space needed per employee – 150sqft is average but you can be more economical or spacious.

Conclusion

Unlike residential, commercial leases can take some more time to negotiate and close. There is not much you can do to fast-forward this step. Each commercial space requires its own unique agreement. Both the parties review the language in the lease meticulously, circulating red-line corrections until both the parties are satisfied. With all the above-mentioned tips, you will be able to navigate the office search process like a pro.

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