Sep 03, 2021

5 Tips for Renting or Leasing an Office Space for Small Businesses

Office SpacesPeople and EngagementWorkplace and space management

In the past few years, the Indian commercial real estate sector has witnessed a massive transformation, shifting from traditional settings to fully managed and flexible workspace solutions. The ascent of managed and flexible office spaces in India has enabled budding entrepreneurs to make informed decisions and expand quickly. Finding and moving into the right office space for small yet emerging businesses is exciting and daunting for top-level executives and entrepreneurs.  

With the right work culture, companies can unlock their true potential in today’s highly competitive landscape. A sound work culture can foster innovation, productivity, engagement, and growth, while the wrong or outdated one can lead to unnecessary stress, financial burdens, and ultimately lots of regrets. To help you navigate this crucial decision, we are here to provide some of the best tips that can help you to lease an office space. 

3 Inside Tips for Small Businesses to Lease the Right Office Space

Leasing an office space is a significant step for any small business. If you get the right one, you can take your business to new heights of success. But if you make an error of judgment, then your investment and business can both suffer greatly. So here are some of the crucial tips that can help small businesses to lease office space in India.

1. Understand Your Needs

The very first step for any business before leasing an office space in India is to understand the space-related requirements. Before you start hunting, take your time to assess what your business truly needs in terms of office space.

There are several questions to ask yourself before deciding. Some of these questions are: 

  • How many employees do you currently have? 
  • What are your staffing plans for that particular location in the coming years? 
  • How much space do you need to accommodate that specific number? 
  • How do you want your business to operate? Is it going to be an In-office or hybrid model? 
  • What amenities and facilities would you need to retain and attract the best talents? 
  • Which location would best suit your business model and the existing workforce? 

So these are some of the crucial questions and points that an entrepreneur needs to consider before leasing an office space for his/her thriving business. 

2. Set Your Budget

Expanding your footprints in multiple cities and locations requires a huge amount of capital to be invested. But wait, with managed and flexible workspace solutions, businesses today have the best opportunity to cut down on the capital expenditure that is required for building an office space and equipping them by installing a range of amenities. Well, coming back to the focal point, the second most important tip for small businesses is to set a budget by calculating the total costs.  
 
Moreover, do not forget to negotiate and look for spaces that offer flexible lease terms with additional facilities. This will not only help you to lease the right office space but also minimise the costs to a certain extent.

3. Visit Multiple Facilities for Detailed Inspection

The next best tip that can surely help budding entrepreneurs is to visit multiple facilities to analyse both internal and external environments. These formal visits enable MSMEs to understand the overall scenario related to the location, accessibility, and visibility. By visiting and inspecting various offices, you can also assess the condition of the properties, and customise the overall design and layout. With detailed inspection, you can lease the right office space that suits your business, work culture, and employees as well. 

Other than these, there are a few other tips as well that can surely help you to lease an ideal workspace in India. 

  • Always Consider the Quality of Material and Furniture 
  • Evaluate the Future Growth Potential 
  • Have a Clear Understanding of Additional Expenses 
  • Seek Professional Assistance from Commercial Real Estate Agencies 
  • Understand the Legal and Regulatory Compliance 
  • Review the Lease Agreement Carefully  

So, these are some of the crucial tips that can help MSMEs and emerging startups lease office space across different locations in India. Being one of the leading platforms for managed and flexible office spaces in India, Smartworks not only enables entrepreneurs and top-level executives to explore our advanced workspace solutions but also assists them in making the right choice for their business.  

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