How To Select Commercial Space?
Before searching for a broker and a commercial space, you must set definite priorities so that you don’t waste time, money and energy looking at unsuitable properties.
The following are the main issues meriting your consideration:
- Decide on your budget for rents and other costs:
Create a realistic budget on the amount of money you are willing to pay like real estate taxes, utility costs, building rent, parking, insurance, maintenance costs for common areas etc. Don’t forget to factor in upfront deposit payment and costs for improving office space as per your needs.
- Choose a location:
Physical location of your office space will have significant impact on employees, customers, suppliers etc. For instance, if you own a high-end restaurant, you might want to be located near a fashionable retail area or a theatre district. But if you own a business with very less clientsvisiting your premises, the location factor may be one that involves an easy daily commute from your home.
- Length of lease:
If you own a business that needs to build up a loyal client base in a particular location, you may want to go in for a long-term lease. But if you are only testing the waters for a new business, a shorter lease agreement would be suitable.
- Physical features and size of space:
Get a precise idea about your maximum and minimum needs of space. If you are planning to move because the present premises are small, you may have a good idea about space required. But if you are starting a new enterprise, you may be less sure about these details. You can consult professionals known as space planners in this case.
Size of space is also important if you expect your business to grow. For instance, you may own a hair salon which has prospects to expand, when it grows popular. In the opposite case, if you expect to downsize your business (like outsourcing), then you may not want to be stuck in too large premises.
Apart from space, you must factor in configuration of space like interior needs, storage, private offices, rest rooms, meeting rooms, kitchen etc. If your company depends heavily on computers, necessary infrastructure and space must be provided. This is a consideration when you are looking for commercial space for sale in Bangalore.
- Other owners and tenants in the building:
You may want to be neighbours to other owners and tenants in the building, who are complementing your business. For example, if you have a medical practice, you might want to be located near apharmacy, diagnostic clinic or hospital. Sometimes, coffee shops, supermarkets and Xeroxing services may come in useful as neighbours.
- Building security and parking:
Building security (security guards, alarms, and locks) may be a consideration if your business works late into the night, handles large amounts of money and may be attractive to burglars. Parking is an issue for comfort of employees and attracting and keeping clients and customers. Signage and visibility are important if you wish to attract pedestrian customers.
These are some of the issues to consider if you plan to buy or rent office space in a big city like Bangalore.