Thinking of leasing out an office space in Gurugram, but doesn’t know how to go about it? Don’t worry, at jainoncor we understand your need, that’s why in this blog we will go over 3 core factors namely, significance of budget planning, careful consideration of leasing agreement, and of couse the importance of the leasing agreement. Interested? Let’s go…
- Before you start planning your office space in gurugram or even think of leasing an office space, you should plan your budget. You will need to determine how far your business will grow and how much to spend. Make these decisions carefully so that your business can grow and function comfortably. You should look around at various properties before settling on one. When you have settled on the one you like, it will be wise to inspect other similar properties and compare them. This will help you to understand the general state of affairs and avoid paying costly rents.
- There are three common ways in which the landlord’s structure prices for their properties. The first is the Triple Net rate, where the tenant pays a low rent but also pays for all additional costs such as common area maintenance charges, property insurance, etc. independently. The rent here is affordable but the many additional expenses that the business has to bear are neither time nor cost efficient. The second is Gross rate, where all costs including operating and additional expenses are included in the monthly rent. The lease rate here is higher but without the constant headache of miscellaneous payments. Many landlords also opt for a midpoint between these two categories, which is the Modified Gross rate. Here, most maintenance charges are included in the monthly rent. The tenant only has to absorb utility costs such as gas and electric.
- This is probably one of the most significant parts of your leasing process. Choosing an appropriate location is extremely important since the office needs to be accessible to employees, vendors, and clients. Therefore, you should choose a location that is close enough for your team to travel to, can be accessed via roads and public transportation and is near other commercial centers that are important to your business.
- One of the most common mistakes tenants make is not taking the time to read and understand their lease. Any and all issues that arise during the leasing period will lead back to this legal document. It is therefore wise to go over the lease thoroughly and ask for expert legal advice on the matter. When reviewing the lease you should look out for the usable areas vs. the rentable areas. The usable square footage does not include the use of lobbies and bathrooms and you might end up paying extra for these functions. When leasing an office space, you should keep the expansion of your business in mind without committing to too long a contract. You should keep a provision for an early exit in the lease and be aware of any fees and penalties levied in such a case.
Conclusion
It is essential to find a broker who is familiar with the layout and experienced in the commercial real estate. Seek the assistance of brokers who are acquainted with the office space in gurugram. You should also look for a broker who isn’t biased towards the landlord. You can do this by searching online communities for reviews of various brokers and by asking around about them. Go with Jainoncor today