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Be it a new business venture or some form of expansion plan, the first step towards building your dream workspace would be the selection of an appropriate office space for rent. Be it an experienced entrepreneur or a budding startup founder, an office space can either be a dream come true or just a nightmare.
It is not that easy to pick up the first one that fits your budget, however. The know-how of selecting an office space for rent contains location, amenities, layout, costs, and the latest trends in commercial real estate. This guide will explain the trends changing office rentals in India and hence will be a great help to you while making the decision.
Your office is not just a space for mere working; it's actually a space that encourages your team's performance, collaboration, and satisfaction. As hybrid work models become more popular in the post-COVID world, office spaces must be more agile, accommodating, functional, and comfortable. The ability to choose an office space for rent involves knowing the following considerations:
Does the location support your business needs?
Is the space accessible to employees and clients?
Is it flexible in terms of lease and customizable in the workplace?
Let's start by getting a general overview of the commercial real estate trends shaping office rentals in India before proceeding to the steps to choose the right office.
Companies demand offices with the capability to accommodate both in-office and remote employees. Hot desks, collaboration zones, and technology-enabled meeting rooms are in very high demand. Hybrid workspaces help businesses to use space efficiently, saving costs and at the same time increasing employee satisfaction.
Sustainability has become the real estate buzzword. Most corporate houses today will demand green offices offering energy-efficient lighting, harnessing rainwater, waste management systems, etc. Office premises that have also received LEED certification are quick to gain significant momentum, most importantly for big overseas companies with operational units in India.
Co-working spaces continue to lead the chart, with premium offerings from WeWork, Smartworks, and Awfis. These are suitable for businesses that require flexibility and affordability. Managed offices, which are fully furnished and serviced, are sought after primarily by fast-scaling startups and SMEs.
While the metros are still very strong, with places like Mumbai, Bengaluru, and Delhi NCR being prime real estate locations, Tier-II cities like Pune, Jaipur, Coimbatore, and Indore are now becoming hotspots for businesses in search of cheaper costs, talent, and infrastructural benefits.
Smart offices, with IoT, AI-driven security systems, and video conferencing, are the future. This trend is important to companies that take digital transformation as their top priority.
Companies today look for flexible lease terms. They want lease terms that could be shorter and flexible in terms of scale and layout changes, as well as customizing space to suit one's needs while renting office spaces.
You now know what the trends are; now you apply them for that right space is where the magic ends. Here is a step-by-step process
Be clear about the business requirements when you start scouting!
How much space would you need today? Tomorrow, say within 2-3 years?
How much realistically can you budget, which will include rent, utilities, maintenance, etc?
Does your team need open spaces for collaboration or private rooms for focused work?
Location can make or break everything from commute time and accessibility of clients. Key factors to keep in mind:
Proximity to public transport and major roads.
Nearby amenities like cafes, banks, and health facilities.
Safety and reputation of the locality.
Tier-I cities are Bengaluru, Gurgaon, and Mumbai, which hold high-end facilities, while Tier-II cities possess affordable ones with developing infrastructures.
Look for these things while considering a view of an office.
Design and Structure: Is it easy to adjust according to your requirements? Will all your teams be able to fit there and feel comfortable?
Facilities: High-speed internet is a basic facility, as is a parking lot, AC, and conference rooms.
Natural Light and Ventilation: These can significantly add to productivity and comfort for employees.
Leases can be fairly complex, so review terms with a fine-tooth comb. Even flexible agreements that let one scale up or exit early if that's what is needed should be considered. Hidden costs, such as maintenance charges or penalties for modifications, should also be considered.
As technology has become the heart of operations, look for places with the following equipment!
High-speed internet and backup connections.
Smart systems for lighting, heating, and cooling.
Biometric access and CCTV.
Step 6: Look for offices that offer managed or co-working spaces.
If you’re unsure about committing to a long-term lease, consider managed or co-working spaces. These options provide fully-equipped workspaces with shared amenities like meeting rooms, kitchens, and lounges. They also offer the flexibility to expand or downsize as needed.
Here is a short summary of the office space trends in Indian metros:
Bengaluru: The IT capital still tops the list for premium tech parks and Grade A office spaces. Hotspots for start-ups remain at Whitefield and Electronic City.
Mumbai: The financial capital offers a choice of traditional offices and modern co-working spaces spread across Lower Parel and BKC.
Corporate leasing continues to dominate Gurgaon in Delhi NCR. The flexible workspaces keep witnessing heavy traction at Cyber City and Golf Course Road.
Hyderabad: The IT corridor town has a great demand for office rentals, affordable, in the Madhapur and Gachibowli areas.
Pune: Manufacturing and IT are the prime drivers, and Hinjewadi and Baner have emerged as fantastic locations for businesses here to grow.
Common Mistakes to Avoid
Avoid these pitfalls when learning how to choose an office space for rent:
Overestimating space requirements and paying for unused areas.
Ignoring lease terms and hidden costs.
Neglecting accessibility for employees and clients.
Overlooking the significance of technology readiness.
Of course, that need not become very overwhelming even when choosing the rented office space. That will be if there's a proper understanding regarding the business need, as per the latest trends like the hybrid workspaces and green offices, and spaces with adequate analyses before renting an office. This is because your office is quite more than its workplace brand and your values.
Right from a co-working space in Bengaluru to a managed office in Gurgaon, keeping in tune with real estate trends would guarantee that it's a shrewd investment for you. And you're ready now to shape the productivity, inspiringness, and future-readiness of your workplace.
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