Sep 02, 2021

Tips for Growing Startups and MSMEs to Rent or Lease a Commercial Office Space

Office SpacesPeople and EngagementWorkplace and space management

Presently, India is experiencing a wave of entrepreneurial triumph that is reshaping our perception of homegrown brands and business leaders. In the past few years, many Indian brands have reached a new height of success by taking over international brands with competitive pricing, quality of products and services, and unique marketing and communication strategies. Industry leaders believe that the post-pandemic era has ample opportunities, and entrepreneurs need to make a set of informed decisions; one of those decisions is to lease an office space. 

In recent times, the emergence of managed office space in India has opened many opportunities for businesses of all sizes and verticals. With a transition in the work models, flex and managed space operators are offering a wide range of advanced workspace solutions to cater to the ever-evolving needs of both employers and employees. There are certain factors for budding startups and MSMEs to be kept in mind before leasing or renting an office space. 

10 Tips for Startups and SMEs to Lease or Rent an Office Space

Here are some tips for growing startups and small to medium-sized businesses when renting or leasing commercial office spaces.

Assess Your Needs

  • Determine the size of the space you need based on your team size and anticipated growth. 
  • Consider the type of space you need (open floor plan, private offices, meeting rooms, etc).

Location Matters

  • Choose a location that is convenient for your employees and clients. 
  • Consider proximity to public transportation, business and IT parks, and other key micro markets.

Budget Wisely

  • Set a clear budget that includes a lease or rent amount, utilities, maintenance, and other associated costs. 
  • Be mindful of additional costs like parking, security, and common area maintenance fees. 

Lease Terms and Flexibility

  • Look for flexible lease terms that allow for expansion or early termination if needed. 
  • Understand the lease length, renewal options, and any penalties for breaking the lease.

Amenities and Infrastructure 

  • Ensure the office has essential amenities such as high-speed internet, adequate lighting, and heating/cooling systems. 
  • Check for additional amenities like a pantry, lounge spaces, and on-site security. 

Scalability

  • Consider spaces that offer room for growth or the possibility to rent additional adjacent spaces. 
  • Look for flexible spaces or business centres that provide flexibility in scaling up or down.

Legal Aspects

  • Have a lawyer review the lease agreement to understand your rights and obligations. 
  • Be aware of zoning laws and regulations that might affect your business operations.

Evaluate the Building

  • Inspect the building’s condition and ensure it meets safety standards. 
  • Research the space providers’ reputation for responsiveness and maintenance.

Negotiate Terms

  • Don’t hesitate to negotiate rent, lease terms, and improvements (like installing partitions or upgrading facilities). 
  • Ask for rent-free periods or discounts, especially if you’re committing to a longer lease. 

Future Proofing

  • Think about the long-term implications of the location and space. 
  • Consider how the space will support your company culture and branding. 

By following these tips, startups and MSMEs can make informed decisions when renting or leasing commercial office space, ensuring it supports their growth and operational needs. In today’s competitive landscape, it has become important for businesses to shift from traditional to fully equipped, managed and flexible workspaces.   

If you’re also looking for managed and flexible office space, then Smartworks is here to meet all your space-related needs. Being one of the leading platforms for managed office spaces in India, Smartworks offers a wide range of advanced workspace solutions, including ergonomic furniture, bespoke designs, aspirational amenities, cutting-edge tech solutions, standardized experience, and more. 

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