Everybody needs an office space which is best suited to their needs. Whether you’re a young startup or a full-fledged organization the right office space provides you with the best working environment for achieving the desired goals. During the initial phases of their business, people can work from anywhere – from their dining tables, garage, and even a street-side cafe. But, when it comes to meeting clients, planning a hiring drive, or growing the business; renting an office space is the first thing most business persons do.
Satellite cities like Gurgaon and Navi Mumbai have seen a massive growth in office space leasing, as compared to buying and selling of commercial properties. Though buying and selling of CRE still continue to have an impact on the market, office space leasing is becoming a favourite option for IT companies – both domestic and international.
While leasing sells like a hot cake, investors and entrepreneurs should always be on a lookout to avoid being duped. Because, like every sector with high fiscal stakes, the chances of falling prey to fraudsters has always marred the commercial real estate. Only contacting the right and reliable solutions managers and experts can help you avoid the pitfalls. In case you need help finding the right office space for your team you can get in touch with us here.
To be double-sure that you have the keys to the best office space with you, here are some factors that you should look into before leasing an office space!
1. Square Foot
How much space is enough & how much is too much? Finding out how much office space does your team needs isn’t rocket science. Consider the size of your team, i.e. the management people, regular members, helping staff, and an extra room post-expansion (only if you plan to stick to the same place). The average space requirements for any enterprise consisting of 11-50 team members come around 1000-2000 sq.ft. Make sure that you are accounting for planned growth. Make headcount projections for the expected term of the lease. Also, keep in mind that no two spaces are alike. Look for spaces that are more efficient, like rectangular spaces versus angled corners of a building. No two spaces with the same square footage are the same. Floor plan and layout matter.
2. Lease Rate
Find out whether the lease is within your budget or not. Does the price include utilities and maintenance fees? In the CRE sector, lease rates are calculated depending on several factors, with the location of the office and the square foot occupancy being two of the most important ones. Location affects from the land rate perspective – the more classy the area, the higher the rates. And, square footage space depends on the size of the property.
(Layout is a feature to impress, and many companies look ahead to imbibe the best of that in their offices.)
3. Layout Does your team collaborate enough to warrant an open floor plan or do they need privacy? Office layout provides a strong impact on employee productivity. Effective office spaces for startups and enterprises help in achieving the company’s goals. Some startups and small enterprises prefer an open office layout because it encourages creativity, spontaneous interactions and brainstorming. Other larger organizations, however, may benefit from hybrid spaces which allow both quiet focus and social interaction.
4. Accessibility
How difficult is to reach your office? Is it convenient for your employees and customers? Prioritize the accessibility to your office. People with disabilities should be able to access the workplace with the same ease as any other colleagues. Share the information about how to get to the office building, including the nearest local public transport and its accessibility. The top level of your team should have all the information regarding management responsibilities and even the evacuation plan for emergencies. Also, if the building is located in a high traffic area, what short routes could people use? Will people be able to view your sign as they drive by? These are some of the accessibility issues that you should take care of.
5. Co-tenancy and neighbouring business
Are any of your competitors in the same building? Could a risky business be housed next door? There could be a situation where your office could be housed in the same building as in your competitor. There’s no problem with sharing the building with your competitors as far as there isn’t any breach of data and communication of important information from one office to another. Having risky businesses in the same premise could have an impact on your team, as people might find it dismaying and the employers could see a rise in departures.
Also, the type of businesses in the neighbourhood can have an effect on your productivity too. While restaurants and convenience stores in the vicinity let your team members unwind; it can also be a distraction as they can be frequenting these places. It is for the same reason why several organizations have their own dedicated pantry or canteen areas equipped with vending and/or coffee machines. An office located in a highly commercial area can be a boon for some, but the can also be a source of continuous distraction. Big corporate and IT giants prefer having an office space in IT parks or business centres which mostly have a dedicated food courts/eateries.
6. Furnishings
(Most companies these days are looking for furnished offices.)
Do you need a space that includes cubicles and desks? Furnished office spaces are preferred by many, but some also want a custom-built or semi-furnished space to make a unique identity for their brand. Office furnishings generally include lighting fixtures, tables and chairs, carpeted area, networking solutions, functional pantry, and other amenities.
7. Security
Do you want an on-site security guard? Or a security card access? Can you depend on a staff member staying nearby with the office keys? A secure workplace is an important aspect any company looks forward to. Next, to the workforce, the infrastructure, network & data, and office properties are other important assets that companies look forward to keeping secure. A standard vigil at the workplace is what companies should focus on. And, the best way to get that is to invest in a trustworthy security service. Read more about office security here.
These seven factors are some of the important ones that an investor or business person should take care of before leasing an office space. In case, you need better insight and help in finding the right office for your team, you can always get in touch with us here!