With the new start-up and small business culture in India, there are many businesses looking for office space, without having the means to buy it. In the case of flexible and mobile business modules, some companies don’t necessarily want to invest in a permanent space to begin with. This positions commercial property owners well, because they are equipped to cater to the growing demand for office space in modern India’s ever-evolving urban and business landscape. However, merely owning a space doesn’t mean that the best deals or tenants are yours to secure.
Here are some things to consider when looking to rent out commercial real estate (CRE):
1. Fix it up!
This needn’t apply to brand new properties or those which have recently been given a make-over, top to bottom. But, if your property is more than a few years old and on the market again, it is worth giving it an upgrade. Robust provisions for strong WiFi networks and modern fixtures, services, and utilities (like air-conditioning, water, natural ventilation and energy saving lighting), while resulting in keeping the occupancy cost low will also help to secure good occupants quickly.
2. Ensure flexibility
With the rise of shared working spaces and flexi-working in general, it is in the interest of a CRE owner to make their property as flexible as possible. A designated common space around which modular offices can be designed could work well whether the area is rented to only one business, or multiple. The initial demarcation of common areas, while ensuring that the work zones around have an equal distribution of all the elements that make a space comfortable, like natural light and ventilation, can help to make the place more versatile and modifiable. Providing services like secretarial assistance, printing, virtual office, and a catering services will lend an extra edge for attracting occupiers
3. Keep the paperwork clear and transparent
One way to make sure that signing with a tenant is a smooth and hindrance-free process is by doing everything in your means to make the contract and building regulations clear from the get-go. Property insurance, property taxes, utility charges, general maintenance charges and even common area maintenance charges (in the case of shared work spaces) should all be clearly stated and agreed upon before signing a contract to minimize the chances of disagreements in the future.
4. Advertise online.
Never underestimate good marketing. Having the ideal work space to rent won’t matter if you don’t manage to attract the most suitable tenants for it. If the property you own is especially well suited to a particular type of client or industry, it makes complete business sense to target this group when advertising. Another way to do this is to enlist the property on the most popular CRE listing sites. Don’t forget to highlight all the advantages of your space, like its proximity to residential areas, restaurants and cafes and all the available transport facilities in the area.
5. Tie up with a renowned CRE professional.
There is tremendous value in collaborating with good real estate professionals that specialize in leasing office property. A well-informed professional with experience and current market knowledge can help bring you the best deals both in terms of occupier profiles and lease rental values. The process can also be tedious and time consuming. Having a CRE professional on board will make it easier, allowing you to sustain a clear picture of the proceedings and avoiding any loopholes that could cause problems in the future.
Citadel can partner with you! We use our real estate transaction expertise to reach out to the right occupier, highlight the key attributes of your property to deliver maximum value. Call us today!