It is important to create a strategic plan for selecting the office space as it majorly defines the business’s success, growth, and functionality. The process of identifying a suitable space for the business involves several considerations. Select the space wisely as there are numerous commercial properties available in the city. Consider factors like location, infrastructure, and how much money is needed to provide a working environment. From looking for lease space for a start-up to expanding a company or even looking for relocation, it is important to understand the factors that define and characterize an ideal office space in India. Now we will discuss the factors to consider for selecting the ideal office space in India.
How to Select the Perfect Office Space in India?
Budget
Cost is an important consideration when finalizing an office. Extra costs should be considered including the rent or the price of purchasing the land, utility bills, local permission and fees, taxes, and the costs of infrastructure. Other factors like whether the facility is located near public transportation or suppliers may affect the total budget. The understanding of these financial parameters allows choosing the necessary office space without being tied to a high price range but at the same time without missing the crucial conditions for the business’s activity.
Demographics and Markets
Demographics of the target audience are an important factor when selecting a business location. These factors include age, gender, income, occupation, and spending pattern of the society need to be researched. This helps to decide the location that is suitable for the business. Selecting a place that complies with your target market’s preferences advances the chances of the business’s success. Geographical location has a positive influence on the traffic to the business, access to the clients, and sales leading to business expansion.
Traffic
When it comes to selecting the office space, consider traffic. For businesses where a lot of their customers rely on walking past the business, it is advantageous to be located in an area surrounded by other businesses attracting the same customers because they will be easily noticed and patronized. On the other hand, if privacy and confidentiality are paramount, as is the case in consulting or legal services a location with low traffic density such as a suburban area would suffice. Accessibility and traffic may be needed in the location for the business to meet its operational requirements.
What Mistakes You Should Avoid When Selecting Office Space in India?
There are many options for commercial properties available in the market, and this makes it challenging to choose the right office space. When it comes to choosing office space in India, avoid the mistakes mentioned below.
Searching Too Early
It is great to plan, but some companies make the mistake of hunting the new office space too early. The problem with finding property too early is that the broker probably won’t know what will be available by the time the company is ready to move. One should keep in mind that most serviced office spaces have a notice period of 1-3 months. The ideal time to start the search is about 1-6 months before your move. This gives the broker enough time to find the perfect workspace for the company.
Making Too Many Queries Online
When working with an office broker, remember that multiple brokers are often chasing the same limited number of serviced offices. If you contact several brokers at once, you’ll likely get the same office options, wasting time for both you and the brokers. It’s better to choose one broker and rely on their connections. If they can’t find a suitable space, you can switch brokers, but keep in mind that the options will remain limited across the board.
Conclusion
When it comes to selecting office space in India, it is important to consider basic factors like budget, demographics, traffic, etc. Jain Oncor offers skilled real estate agents that help clients choose the ideal commercial properties. Consult a highly experienced real estate agent from our website at https://www.jainoncor.com/