The decision to choose the right commercial space is crucial to the success of any business enterprise. Making the right choice requires a thorough financial analysis of the lease, rental terms and conditions and anticipated hike in rent. However just as important is a detailed assessment of other attributes of the office environment to ensure that you make the best real estate decision. Even as rent remains the single most important factor to ascertain a prospective commercial space, other parameters such as secure neighbourhood, amenities and infrastructure should not be ignored. In fact, these factors add value to the lives of the employees and have a direct impact on their productivity and efficiency. This two-part blog series compares external factors to the office environment and highlights the importance of secondary parameters that should be considered while choosing a commercial space.
Rent is probably the most important factor to consider while choosing a commercial space. It is advisable for any tenant to be well aware of prevailing rent of a similar project he may be interested in. He should also have data of the last transaction at their preferred location for a similar project. This is possible only if the tenant is exploring options through a reputed consultant.
(Read : 5 Key points to check before you rent a commercial property)
Recurring costs such as power bills, taxes and maintenance fees add up and contribute significantly to the total cost of occupancy. As a prospective tenant, you should finalize space in a green buildings or LEED certified buildings where you can save on operational expenses. There are many advantages of working out of green building such as efficient use of power, water and other resources. Green buildings are also known to protect the health of occupants and increase their productivity.
The right location should be one of the biggest deciding factors in choosing an office space for your business. The office should be easily accessible for your employees and clients. While rents in Central Business Districts are high, the prime location of your office could significantly cut down the commute time for your employees.
Along with a convenient location, you should invest in a space with ergonomic design. Equally important is for the office space to be aesthetically pleasing, as this helps create a positive and productive work environment.
Employees spend long hours in the office, so having a secure neighbourhood where they feel safe should be a high priority. Choosing a distant and desolate location with low rent may backfire if it fails to provide security to your employees. It’s important to ensure that they feel safe leaving the office area even at odd hours. They should also be able to leave their vehicles in the parking lot for an extended period of time.
Traffic and commute to office
A long commute can tire out employees even before they’ve reached the office. You must consider the local traffic patterns around your office and steer clear of congested areas. If your office is far from your target market, your team may end up spending more time on the road than in office or with clients. It’s also important to ensure close proximity of metro stations and bus stops and easy access to auto rickshaws and other modes of public transport.
Life doesn’t stop beyond office hours as your employees have errands to run after work. For this reason, they will surely appreciate the presence of a bank, pharmacy and shopping area close to your office location. Some good restaurants in the area will also give them an option for their lunch break.
To be continued…