How not to overpay for office space in Hyderabad

How not to overpay for office spaces in Hyderabad?

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Overpaying sucks! Especially when it’s the interest of large sums. When leasing of office spaces in Hyderabad is concerned, a majority of companies end up overpaying. While leasing, a majority of companies overlook minute details which enable them to overpay for office spaces in Hyderabad or anywhere across the globe. But you can bypass it. How? Let’s discover how to avoid overpaying for office spaces in Hyderabad, India.

How not to overpay for office spaces in Hyderabad?

  • Not comprehending how much area you require per employee.

Presume you’re investing in a business without understanding its target audience, the industry, the point of failures, time to expect the outcome, return of investment and numerous other vital factors. Isn’t it clear, investing such way would lead to a downfall? 

Likewise, before leasing office space, it’s crucial to comprehend how much area you require per employee because you could end up overpaying. 

How to escape this wrath?

The operational goals you’re seeking to accomplish from the space must be clear. Once that’s clear, you must prepare a draft of the elements you’re going to house in the space leased. Then decide the type of space you want to possess, a generous office or a medium office or a congested facility? 

You can read our blog on how much space you require per employee to have a better understanding. 

Now that you understand what type of space you require, you can start calculating how much space you would require per employee. 

Leasing space after conducting thorough research can aid you to save a ton of money.

  • Over calculating space required per employee

Often businesses, over calculate space required per employee and this can disastrous. Presume you have a team of 60 people. By general convention, you only need an office with one meeting room, one washroom and pantry space, a few cabins based on your hierarchy, one break room, and open space to accommodate your employees. So, the space required is 180 sqft per employee. 

But instead of going by this convention, you get a larger meeting room, larger washroom and so forth. Then the space required per employee shifts to 230 sqft. 

Now adding parking charges and other overheads, you eventually will end up overpaying.

How to escape this wrath?

The operational goal you’re seeking to accomplish from the leased space must be clear to you. Now that’s clear, try to cut down on elements or space in those elements. But always account your future growth while doing so. 

By doing so, you can save a significant amount and escape the wrath of overpaying. 

  • Leasing wrong office type

Presume you require vegetables for a week but end up buying vegetables for two weeks, then wouldn’t they stale before even consuming them? That’s right, now imply the same logic while leasing office space.

Let’s assume that you’re a start-up with a team of 10. Then instead of going for a co-working style, you lease entire office space. Then wouldn’t you be paying more?

Or let’s presume your team size is 60, and you’re a tech start-up. So, by the general convention, you require a medium office type, but instead, you opt a larger one. Then wouldn’t you be paying more? 

How to escape this wrath?

Researching the type of space required will refrain you from overpaying. Once you’ve conducted your research, it’s time to sit back and visualize your future there, and if it fits right, then it is. Else research more. 

  • Loss factor

The difference between rentable space and usable space is known as the loss factor. The area that falls under loss factor is your walls, the lobby space, the parking space for your employees, lift area, fire exit, staircase and other such miscellaneous areas. 

While leasing you will be paying for these areas as well. 

How to escape this wrath?

You should research and choose an office space that has the lease loss factor. The idea is to reduce down the loss factor as much as possible. 

Final Thoughts

By avoiding the above mistakes, you can refrain yourself from overpaying. 

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