Renting a commercial office space is not easy as it seems. In this article, we have highlighted the factors that you need to consider when renting a commercial office space.
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Factors to consider before hiring a commercial office space
1. Factors To Consider Before Hiring A Commercial Office Space Moving from one place to another can be a bit daunting task, especially if you are planning to acquire an office space. Before renting a space, you need to consider a wide array of factors like size of the company, business experience, whether you wish to expand, downtime as a result of transition, planning is important. By planning in advance, you can budget the finance in a better way. Breaking up the move helps to create a timeline for the important tasks. The following factors need to be taken into consideration before renting a commercial office space Think about the location- The first and foremost thing before hiring commercial office space in Delhi is to think about the clients both current and prospective. Think whether the new location will affect your business turnover or not. The location of the business has a great impact on the employees as well. So, think strategically before taking a space on lease.
How long the lease should be- The next factor that you need to consider before hiring commercial office space in Hyderabad is the growth that you expect in the coming year. A short term lease for around a year is adequate; if the growth is hard to forecast, but the only disadvantage of short-term lease it tends
2. to change. Sometimes long term lease agreement comes with a clause of expansion, so that growth can be adjusted accordingly. Long term leases are apt when real estate price is low and are subject to change. Short term lease leads to frequent moving, which in turn leads to high cost and time. So, it is important to understand the pros and cons of short term lease and long term lease before signing a contract. Workspace and personnel- The number of personnel and required workspace is a big determinant of the office space that you need for the business. Think about the kind of benefits that you require as well as benefits that can be shared by other tenants in the building. Resources should be factored according to the office layout. Expansion should also be thought of, so that the space doesn’t become too crowded. It is important to know how to optimally utilize the space. Determine the space required- It is important to determine the space that you aim at. The layout should accommodate the daily operations and other business requirements, while offering some extra space. Apart from the size, other layout factors also have an impact on the productivity like interior design and workstation. Some kind of businesses performs better in an open environment, while others are more productive in cubicle designs.
3. Check out the details with the property manager- It is important to find a good property manager, who have an adequate knowledge about his/her job and is well aware about tenant needs. Further, the level of services should also be adequate. The main criteria of evaluating a property manager is- he/she must have an extensive experience, keen attention toward details, courteous attitude, and ready availability to solve concerns.
Determine the layout and space- Another thing to considering office space for rent is to determine layout and space requirements depending upon your current needs and future growth. But sometimes the forecast can be difficult because it may lead to wasteful expenses. Expansion options can be considered in your lease agreement; if required.
Cost Benefit Analysis need to be done- Last but not the least; when you consider relocation of the home, cost benefit analysis to be done to know the price difference per square footage as well as cost included in relocation process. Benefits, disadvantages, distance, accessibility should be weighed. The
4. time estimate to relocate should also be taken into consideration. Expenses to be considered while relocation •Relocation Expenses •Preparing the space to make it move in ready •Transportation and unloading expenses •Unpacking and setting up space cost •Expansion Cost; if need arises