The process of finding the right commercial space for your office can prove to be quite challenging. You may wish to have all the amenities for proper functioning, but do not find yourself saddled with an enormous lease payment.
Maintaining costs and terms of rent in check can determine whether your business thrives or struggles in financial terms. However, finding the best office without skimping on vital features is a delicate and difficult task.
What is commercial office space?
It is a professional space for work that can be rented or leased to businesses to offer a secure work environment for employees as well as customers. Commercial office space for sale Mohali usually features amenities such as reception areas, parking, utilities, furniture, networking equipment etc. It is an excellent option for businesses that are starting out or seeking additional space to grow.
Benefits
Commercial office spaces feature the following benefits that can help in the growth of the company:
- It offers a secure and stable environment for employees to work in; this helps improve morale and productivity.
- Also, it permits you to design the ideal space for presentations and meetings with clients.
- Lastly, establishing a physical address for your business offers potential customers and other stakeholders with more trust and confidence as regards your brand.
Top tips for choosing office space
The office space of choice can break or make your business. It is tough to get the balance between ideal premises and affordability. This is more so if you lack experience, but the following expert tips can aid you in the process:
- Location
You should consider the following factors before hiring an office space- Will clients and customers find it easy to locate your premises and address? If this is tough, they will favour competing businesses that are easy to locate. If employees find your location tough, they might seek jobs in other conveniently located companies.
These are the two classes of persons who demand that your office has a convenient location. If you find an office location that caters to the needs of both, you have hit upon the right choice.
The next factors with regard to the location of your office are the security of your neighbourhood as well as proximity to other services. Is the office close to services like gyms, shopping areas, restaurants, etc. What is the nature of traffic during peak office hours? All these factors will determine whether employees and customers are happy. By offering a good location, you can build up a loyal base of employees and customers before competitors come sniffing the neighbourhood.
- Factor of Price
This is a key factor while considering where and how to set up an office space. If you skimp on setting up a new office and compromise on its locations and features, you are likely to drive away customers and other stakeholders and may be forced to move out of the premises within a short time.
At the same time, if you spend too much on a new office, it might hamper your monthly budget, and you may be forced to downsize because of financial struggles. The best way to go about this factor is to take a good look at the real estate market and determine how much an office space matching your needs will cost in the current market.
This way, you can determine your budget, take account of any advance payments to be made and any extra costs and judge whether the office space is good value for money in the long run.
- Size
Though the price of the office or commercial space for sale will determine its size, the size is also a key factor to consider. As a general rule, the normal recommendation of office space per employee is 70 square feet person. But as the owner of a business, you will have the best idea about required office space. In case your staff needs bigger desks or more storage space, you can increase this figure suitably.
Ideally, the office should have space big enough for meetings with clients as well as general meetings with all the staff. It must big enough for a cafeteria and adequate space for parking vehicles (both for customers and employees). Also, leave extra space for potential expansion. Note that a cramped office will negatively impact productivity, so avoid compromising on space in the office.
- Infrastructure
In modern times, no business can survive without an internet connection. Certain offices, like co-working office spaces, provide internet connection as a standard feature with the rent. But if you are leasing a private property as an office, you have to factor in the cost of getting an online connection and provide a monthly payment for accessing the same. Other important factors are the reliability and quality of the service.
It is best to avoid paying for a net connection that is too slow, breaks down often or is almost non-existent in your neighbourhood. Other infrastructure includes a postal system and telephone connections, computers and ergonomic furniture for employees. If possible, arrange the best for your office infrastructure.
- Don’t look for the perfect
The perfect office space does not exist at all. Make a list of what is crucial for you. Rate the offices you are considering against that list. Stay practical and avoid wasting too much time attempting to find the perfect space. There are many small businesses that waste much money on fancy offices that hurt their profit line and are forced to move out to smaller space as time passes.
- Identify priorities
Most of the time, you can never find anything that matches all your needs, so at the outset, determine what is most crucial for your business. Features like commute distance for employees, proximity to features like gyms, restaurants and shopping, adequate parking, etc, are the most important criteria. Factors like the security of the neighbourhood and access to good infrastructure like the internet are also other key concerns.
- Factor of flexibility
Seek an office space with flexibility, growth options, and flexible terms of lease. As a new business, you might not be able to predict the future. You might wish to expand fast, but if this does not happen, it is totally risky to get caught up in an expensive, long-term lease. The best solution is a co-working office space where one can expand or downsize as the business grows or recedes.
In sum, it is quite a challenging and daunting prospect to choose the right commercial space for your office. The above tips will help you navigate the pitfalls of the process and provide you with ideas to make the right choice.
