Importance of Location in Renting Commercial Office Space

It's time to expand your business and move out of your home office. Yes, it is a major step and hence should be taken with care and caution. As you are stepping into the world of business for the first time, it would be best to rent a commercial office space in Pune, Mumbai, Delhi or whichever place you are working in. However, even if you are renting an office space for your business, there are several factors that you have to consider. One of the most important among them is the location of your office.

The ideal location for your company would depend on the type of business. If you have a service business, for example, plumbing, painting, pest control, etc., the location of your office would be of least importance. This is because very few of your customers would actually visit you. In this case, you can look for an office space that is cheap. However, IT companies, law firms, engineering consultancies, etc., need to focus on the location factor while looking for an office space for rent.

If you have a business that sees lots of visits from clients and customers, a prime location is definitely a must. Your office must be located in such a place where it would be easy for your clients to visit easily. If your office is situated in an area which is difficult to access, there are chances that you may lose on your client list.

It is important to consider your employees while renting commercial office space in Pune, Mumbai, and other such cities. Choose an area to which your employees can travel easily. Check out whether the public transport system is strong in that area.

Other than that, it is also important to select a place that has a safe neighborhood. You and your employees would be spending more than half the day at the office and hence it is important that everyone feels safe not only while working but also while commuting to work and back home. Another thing that you must consider is whether the area has good amenities like restaurants, pharmacies, banks, stationery shops, etc.

You may find it difficult to find an ideal location that suits your budget. The key is to set your priorities right and keep looking. You understand your business best and would know what would be the best thing for it. So, choose wisely!

Types of Commercial Property

If you are looking for commercial property on rent, it is important that you know about the different types of commercial properties that are available. Commercial properties can be defined as those properties that are intended to bring income. While most people think that only office buildings come under the tag of commercial property, it is not actually true.

Industrial property warehouses, retail stores, malls, medical centers, etc., come under the term of commercial property. So before you look for commercial property in Pune, Delhi, Bangalore, Mumbai and other cities of the country, take a look at the different types of commercial properties.

Office Space: Office building and complexes fall under the category of commercial property. Office building comprises of a building which is entirely used as office space, which is usually a single tenant space. On the other hand, a complex consists of a cluster of office spaces. The owners rent out the property to various companies. You can choose from an entire building or a space in the office complex, according to your requirements, current staff, and future plans for your business.

Industrial Space: The next category would be industrial property, sometimes also known as warehouse property. Industrial properties are used for heavy manufacturing, light assembly, flex warehouse and bulk warehouse. Heavy manufacturing is a type of property that includes the manufacturing of heavy machinery, while light assembly includes structures that are used to store light manufacturing properties. This type of industrial space is usually used for product assembly and storage. Many times, it even has an office space.

Retail: Retail is another type of commercial property. This includes huge shopping malls, single shops, large grocery centers, small shopping centers, etc. Restaurants and coffee shops are also included in this section of commercial property.

Land: Land would be the next category of commercial property. Land can also be classified into three sections: Infill, Greenfield, and Brownfield. Infill is usually a developed, but vacant land located in the city. Greenfield is underdeveloped land, usually a farm area; while Brownfield land is land that has been previously used for commercial or industrial uses.

These are some major types of commercial property in Pune, Mumbai, Delhi, etc. Another category would be the miscellaneous section that includes hospitality, hotel, and medical structures. With the information on types of commercial property so clear, surely it would be easy for you to select one that you want to rent for your specific business purpose.

Tips to Choose the Right Office Space

Choosing the right office space for your business is an important decision. The right office can boost the growth of your business. However, many businessmen consider this decision to be a difficult one. A wrong decision can cause you to lose a lot of money. Hence, it is necessary to consider some crucial factors while choosing the right office space in Pune, Mumbai, and other such cities.

Office Size: Determine how much space you would require to set up your office. Going office space hunting without this idea is pointless. Moreover, there are chances that you may go for an office space that is too small or too big. If you get an office that is bigger than you require, you are actually wasting money. Check whether the space is enough for your official requirements. Consider factors like number of employees, expansion plans, number of conference rooms you would need, etc., before signing the office space contract.

Budget: Budget is another factor that you have to consider. Whether you are buying or renting office space in Pune, Bangalore, Mumbai, etc., money is something that you have to think about. Research about the prices of office spaces in your city. Internet would be a good place to know about these things. Also, check out several spaces before you take the final decision. This would help you to make an intelligent decision.

Location: Location is said to be another crucial factor while looking for an office. Having an office area in a prime location, an area which is closer to your customers as well as suppliers, would be great. However, you also have to be flexible when it comes to location. A prime location would not be perfect for your business purposes. Evaluating these details is crucial. 

When you get the perfect office space for your business, you may have doubts about whether to buy or rent it. This would depend on factors like you budget, expansion plans, etc. Each option has its benefits and demerits. Weigh the options well before selecting the perfect office space in Pune, Mumbai, Bangalore, etc.

Advantages of Renting Commercial Property

People on the lookout for commercial property are usually confused as to whether to buy or rent a place. Most people with small businesses opt for renting a place, mostly due to lack of finances to buy one. Experts are of the opinion that renting office space is definitely a good idea, especially for startup companies. There are several advantages of taking commercial space for rent in Pune, Mumbai, Delhi and other metropolitan cities.

Office Space in Pune 

Pros of Renting Commercial Property:

The upfront cash that you have to pay for renting or leasing a commercial property is far less than while you are buying a place. By renting, you get the opportunity to spend some money on business development. Also, you can choose to rent an office on a prime location that may be impossible for you to buy at the current stage.

When you take a commercial space for rent in Pune, Mumbai, Delhi, Bangalore, etc., you have the option of relocating in a short time, if need be. There are chances that your business prospers and your staff size increases. In that case, if it is your own office, selling it and then moving out would take a lot of time. In short, renting office space is less risky than buying one, as it allows you to move out of the place without thinking about selling the old space.

The purchase of commercial property comes with lots of legal paperwork, which requires the help of a professional who has to be paid. This increases expenses. On the other hand, renting a property requires minimum legal work, thus helping you to save money.

By renting commercial property, you have more time to focus on your business rather than spending time concentrating on your property. As a tenant, you do not have to worry about the maintenance of the office space. Moreover, the money that you pay for rent can be shown as business expenses.

These points highlight the benefits of taking a commercial space for rent in Pune, Delhi, Mumbai, etc. Research well about the area and the owner of the office space before you sign the lease contract.