How to Lease the perfect coworking space for your business in Bangalore?

Bangalore is a renowned city in India that caters to startups. The city offers a wide range of opportunities to those willing to take the risk. Tech experts from top education institutes across the country come here to gain experience working in diverse industries. As a result, entrepreneurs are tapping into the growing talent pool and utilizing their skills to build businesses. 

Choosing the right coworking space in Bangalore can create a significant impact on the future of a business. The points below summarise some of the important factors to consider when looking for a coworking space for a startup. 

Are the facilities conducive to the needs of your business?

Coworking spaces are known to offer common amenities such as office desks, internet, meeting rooms, etc. However, each brand of coworking company categorizes its amenities and provides membership. 

The standard amenities such as stocked office stationary, printers, calling booths, etc. might be part of a basic membership plan while specialized amenities such as auditoriums or conference rooms, private office cabins may require separate or extra payment. 

Survey the premises and have a one-on-one discussion with a customer service representative and gain information about the available facilities.

Must have coworking amenities for startups:

• 24*7 Internet connectivity

• Comfortable furniture

• Private cabins and conference rooms

• Security, etc. 

Is the Coworking company’s policy suitable for your organization?

Before signing an agreement, the space occupiers or users are presented with a set of policies. These policies ensure that the occupiers adhere to the terms of the coworking company. 

While every coworking space operator has mandatory policies, for example, the privacy policy elaborates on the manner in which you and your team’s personal information will be used. There are other such policies such as common area/equipment usage, payment terms of the membership, guests or visitor permission, etc. There is a possibility that these may not always align with the interests of the person or organization signing the deal. 

Understanding the terms and conditions with the help of a legal counsel would ease the transition process and negotiate for terms based on your organization’s business convenience.

Does the agreement elaborate major terms and conditions?

Legal hurdles can be a pain to deal with if an organization doesn't adhere to the policies set forth by the coworking operator. 

There are two types of agreement in such scenarios, a general membership policy and an agreement entered into with a specific organization. 

The first one is universally applicable to all those people visiting the coworking operator’s website or installing the operator’s application. It involves making payments and booking membership as per the website or application’s policies. The second one may include additional scope of services willingly provided by the coworking operator which are unique to the needs of the organization. This may include space customization, administrative support for employee onboarding, private office lease for a specific timeline, etc. 

Reading the finer print is a must before signing an agreement. 

There are many other major terms to look out for as each coworking company has different sets of instructions, here are some of the important ones:

• Membership usages and limitations

• Monthly usage fees and payment

• Services exclusively offered to teams or individuals

• Timings and access to amenities in the coworking space

Is the environment in the coworking space improving work progress?

Coworking spaces are better known for enabling flexibility. The spaces are designed to increase focus, foster creativity, encourage innovation, and increase networking opportunities. The services and features present an alluring picture to persuade potential members, however, the reality may be slightly jarring. 

Such coworking spaces accommodate a diverse mixed of individuals and teams or companies. Though it may seem like a thriving community of unique members, over time it could become overbearing and cause hindrance. In such cases, it would be handy to have access to private rooms or cabins and conference rooms. 

Insufficient support for equipment handling and IT could cause security risks, delay work, and reduce productivity. The presence of a competent supervision team in the coworking space can stabilize these problems. 

It would also be wise to interact with people who are already members of your desired coworking space. Their insights can help you decide if that particular office setting caters to the present and possible future needs of yourself and your team. 

Look for these aspects to find some common ground with the coworking space and your organization:

• Do the members and coworking staff engage with you and your team?

• Are they willing to organize workshops and events for the coworking members?

• Are they rigid or open to adjust your team’s expansion or scaling down of operations?

Is the coworking space located in an accessible area?

Selecting the location of a coworking space is crucial for your business. The space should be situated in a well-developed neighbourhood with modern infrastructural facilities such as transportation, retail outlets, cafes, restaurants, etc. for both personal and professional needs.

The presence of these conveniences can provide ease in obtaining resources for your business and also create a welcoming atmosphere for clients and recruits. 

A business cannot afford to relocate continuously and hence an optimally located coworking space will help during expansion or scaling and renew rental contracts or membership.  

Here are some of the few things to keep in mind while searching for a coworking space:

• Analyze your customer or client demographics in the chosen area

• Search for a coworking space in areas with an established presence of your competitors

• Many coworking spaces have a price range based on amenities, select the ones that are within your budget.

Which is the most popular area in Bangalore for coworking?

HSR Layout

The Hosur-Sarjapur Road layout, is a renowned residential and commercial neighbourhood. IT professionals prefer this area due to its proximity to Electronic City. There is a significant presence of IT companies and coworking spaces in HSR layout.

Rashtreeya Vidyala Road is the closest metro station from this area and once the yellow line becomes operational commuters can easily travel till Bommasandra and other central regions of Bangalore. 

Marathahalli

This area is located near the eastern outskirts of Bangalore and connects Outer Ring Road, Whitefield through a six-lane overbridge. It is also called an urban village as it houses residential complexes, recreational facilities, and a variety of businesses. 

The emergence of coworking spaces in Marathahalli has been a boon to many IT companies as it allows them access to facilities close to IT hubs in Whitefield and ITPL.

Koramangala

During the tech boom, many areas in Bangalore came to the forefront for commercial development. Koramangala was one such area that soon became a well-known hub for startups and high-end housing. 

Entrepreneurs can choose from a range of coworking spaces in Koramangala to get their business off the ground and begin a new venture. Currently, Jayanagar metro station is the nearest metro station from Koramangala and once the yellow line of the Bangalore metro becomes operational commuters can use the HSR layout metro station for daily travel. 

Whitefield

It is a popular tech corridor, in Bangalore, with major IT companies and commercial establishments as inhabitants. In the 90s, the area transformed from a village in Bangalore's outskirts to a bustling peripheral business district constituting reputed educational institutes, high-rise buildings, shopping centers, etc. 

Setting up an office in coworking spaces in Whitefield is key to securing productive business opportunities. The area is well connected through the Whitefield (Kadugodi) metro station and the Whitefield and Varthur roads. 

Indiranagar

It is a vibrant neighbourhood with a mix of residential houses and business enterprises located near the heart of the city. The 100-feet road in this area is a popular stretch housing famous eateries and branded retail showrooms. The abundance of shopping outlets and casual meeting spots make it a preferred locale for tech companies and startups. 

There are many coworking spaces in Indiranagar that have a well-established presence and reputation. Traveling to prominent business districts such as MG road, Whitefield, etc. can be easily done via the Indiranagar metro station and roads connecting towards HAL old airport road. 

Electronic City

Situated in the southern periphery of Bangalore it conveniently connects the residents to the industrial hub of Hosur through Hosur Road. This area contains a thriving electronics industry housing prominent companies such as Wipro, TCS, Tech Mahindra, etc. The industry flourished over time making way for top-quality civic infrastructure with ample amenities.   

Having an office in coworking spaces in Electronic City will connect avid entrepreneurs to tech giants making room for potential employment and marketing opportunities. The Electronic city flyover and NICE road are major roads leading to this area. 

Conclusion

Membership in a coworking space in Bangalore is an ideal choice for startups and newly growing businesses considering the cost benefits and the city’s openness towards new ventures. However, for those newly entering into this spectrum this blog encompasses and outlines the basic questions an entrepreneur needs to tackle before choosing to move their operations.

For more such information, contact our team of real estate professionals.