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office leasing space

Factors to Consider Before Choosing an Office Leasing Space

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There’s an increasing demand for office leasing in Hyderabad lately due to the plans by some of the million-dollar industries, such as information and technology, the insurance sector, the banking sector, among others.

By the end of the year 2019, the net income for office leasing in Hyderabad was expected to reach that of Bengaluru, or even surpass it. In this regard, the office space absorption skyrocketed to five-point eight million sq ft during the first six months of 2019.

At the time of writing this, Hyderabad has already surpassed Bengaluru after adding an office leasing space in 2019. Today, billion-dollar companies are now leasing office spaces in Hyderabad, including Amazon and Microsoft.

In this post, I’m going to cover the factors you need to consider before choosing an office leasing near me, and why you need to look for an office leasing in Hyderabad. That said, let’s cut to the chase.

Suggested Read: Exclusive managed office spaces

Factors to Keep In Mind Before Choosing an Office Leasing Space

  1. The term

Most office leasing spaces include a minimum year commitment, and in most cases, this period can go up to ten years. Honestly, no startup would want to sign because the chances are that the office space they committed to is not just what they need when it’s barely a year.

office space contract

In most cases, landlords ask for a five to seven-year commitment plan, but could be flexible enough to offer you more friendly terms if you are uncomfortable with the upfront offer. In such a scenario, you need to be steadfast and only accept terms that you are comfortable with.

  1. The size of space your business needs

It’s pretty simple – you need to check out for an office space that’ll accommodate all your employees. That said, you’ll need to look for a fairly large office space.

But that doesn’t mean that you need to get an extra large office space because the chances are that you will end up paying for an unused office space, which is a waste of resources.

Additionally, as a company, you need to consider your immediate needs, as well as your future needs. For example, you need to consider whether or not your company will grow overtime.

Also, you need to consider the office layout that will help you leverage the office space and maximize it fully, ensuring that no space is left lying without use.

For example, consider if you have clients who drive and if you may need an additional five-hundred square ft as a parking lot.

size of office space

The point is to make sure that every dollar counts and at the same time ensure that you have the adequate office space for working.

Also Read: Experience success and comfort with our managed office spaces

  1. The infrastructure

This is a top priority to most businesses. In this era and with the advancement in technology, most companies will require an internet connection, which means that there must be a reliable internet connection in the office leasing space you choose.

In some cases, you’ll find internet connection services as part of the rental fees, which is a great deal because it’s obvious that your employees will need internet access for the efficient operation of activities. On the other hand, some office leasing companies will get you connected, but you will have to pay the monthly subscriptions separately.

Reliability and the quality of the service also matters a lot. You don’t want to experience constant interruptions with the office you lease – you want to have a conducive environment for maximum productivity.

And just to clarify, don’t think of infrastructure as just the internet. You also need to get access to postal services, as well as telephone connections. And while telephone services are not in use these days, postal services will still be critical in regards to signed documents.

Below is question checklist to ensure that you are getting the best office leasing space:

  1. Have I included the internet access fee in my plan?
  2. Can I get access to customer reviews and testimonials to get an overview of their experience?
  3. Is the office leasing space near a postal address service?
  4. I’m I able to do a speed test to ensure that the ISP is reliable?

 

  1. Location

This is another critical factor you need to consider when looking for an office leasing space. Generally, you’d want an office space that is easily accessible. The only downside is that finding office spaces in such locations will cost you an arm and a leg.

It’s your prerequisite to decide on how much you can afford to lose versus your office convenience. Maybe, you’d want an office that is close to the bus stop, an office space that’s near eateries, among other considerations.

office location

Also, if one of your top priorities is the walk-ins, then you need to consider going for a front facing, or ground floor level office space.

If your business purely works online, with no regular client visits, then you should consider securing an office leasing space in a city suburb.

  1. Price

Finally, price is one of the most critical factors companies that are looking for office leasing space consider. Sure, spending too little will get you an office that doesn’t match your expectations. At the same time, you don’t want to spend too much as you may end up struggling to pay the rental fees moving forward.

Below are a few questions that you can ask yourself to ensure that you are getting value for your money and that you don’t spend more than you expected:

  1. Can I manage to pay the three-month rental deposit for this office space upfront?
  2. Have I inquired about some hidden costs such as parking lot fees?
  3. Is this office space overpriced or priced in line with other office spaces in the area?

Question one and two will give you a broad understanding of whether or not you can pay for the rental fees comfortably and whether there are any hidden costs you’ll incur.

office leasing price

The third question gives you the freedom to compare rental fees for the office spaces in the area, so that you can know whether it is overpriced or it falls within the standard range.

Also read: How companies are redefining the office workspace?

Bottom Line – Why You Need to Lease an Office Space

Buying an office is a significant step you can take as a business. And while you may have to incur some costs in the beginning, you will have made a big step to the success of your business.

Additionally, as a startup, you may not have the adequate resources to put up an office, so renting an office space in Hyderabad would be a good idea.

And if you have been thinking about moving to a new office space, you need to take action now and find an office leasing near me.


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