The corporate environment in India is changing drastically. The nation has become Asia’s next big thing due to a booming economy, flourishing companies, and a recent inflow of top talent worldwide. Indian start-up ecosystem as of August 29, 2022, there were approximately 77,000 DPIIT-recognized start-ups in 656 districts around India, making it the third-largest start-up ecosystem in the world.
As a result, the demand for office space is rising at an unprecedented rate in Indian cities like Mumbai, New Delhi, and Bengaluru. But with this vast expansion comes the issue of locating the suitable office space that can accommodate the needs of your firm.
The stats themselves reflect the rising demand for coworking and office spaces. Demand needs supply, and supply can mean scarcity of quality. Hence, you need to know how to choose an office space that suits you and your team.
Choosing a suitable site
The location of your office should be taken into account. It should be convenient for both customers and staff and close to any necessary transportation choices. You should research which areas are preferred by clients similar to yours and where your workers live and work because your business will be more successful if it is situated in an area that is simple for people to find and reach: rent and additional costs.
Rental and other expenses
You should be aware of other costs that could impact your bottom line when calculating the total cost of your office space. These consist of:
Costs of renting or leasing It goes without saying, but it’s crucial to remember how much you’ll pay upfront per hour, day, month, or year. Depending on the area and building type, you can also anticipate varying rent.
Rent for furniture and equipment typically varies depending on the type of furniture you need and its quality level compared to the standard options available from the landlord’s selection catalogues. Landlords frequently charge extra furniture rental if there isn’t enough room for employees’ items inside their cubicles/offices.
Enhancing workplace culture
It’s crucial to consider your desired workplace culture when planning your office space. Dedicated offices, private offices, open floor designs with movable barriers, and semi-private rooms are just a few alternatives available in coworking spaces. If you want your employees to communicate and share ideas instead of merely working independently from one another, coworking is a great choice. Consider renting a private or executive suite as an alternative if you require seclusion at particular times of the day or in specific parts of the office (for example, when discussing sensitive material).
To ensure that your office is constructed to meet your culture and that employees love going to work, managed office solutions provide comprehensive customization of your workplace. This helps to promote a pleasant work environment and culture.
There are two types of lease terms: fixed and flexible. The most typical sort of lease is a fixed lease, which is also the most cost-effective for your company. You will always be aware of the exact amount of rent due each month with a fixed-term lease. However, if for any reason you have to leave before the end of your term (for instance, because of growth), this can be pretty expensive in terms of break-clauses and penalties that could cost you lacs of Rupees.
With a flexible lease, there is no specified termination date; instead, you can pay at market rates determined by the actual occupancy levels on a month-to-month basis. This means that if one section slows down, but another part picks up, only one space will still incur fees, while others may not even be charged as they aren’t being used right now but very well could be later on when things pick right back again!
The time a renter must provide their landlord before leaving the property is known as the notice period. Depending on the lease agreement, the duration may vary, although it is often a few months.
The terms of your lease’s termination are outlined in a termination clause. Your contract should contain this; make sure you read it through thoroughly before signing anything.
At EZspaces, we make sure you get to have your dream office in your budget that too with reputed land owners that make your life easy. Know more about us at https://ezspaces.in/