Tips for Selecting an Office Space for Lease in Mumbai - A Comprehensive Guide
Mumbai, being the Financial Capital of the country, offers numerous choices for office spaces across various locations within the city. To make an informed decision while selecting an office space, it is crucial to consider certain factors. Here are some tips to guide you through the process.
1. Evaluate the Area:
Take into account the advantages and disadvantages of different locations in Mumbai. While older commercial hubs like Fort, Ballard Pier, Masjid Bunder, Kalbadevi, and Opera House are losing their charm due to outdated facilities, limited parking, and poor maintenance, newer areas like Lower Parel, BKC, Andheri, Powai, Goregaon, and Vikhroli offer modern amenities and are highly sought- after.
2. Assess Your Needs:
Cost is a significant factor when choosing a location; however, don’t overlook the other essential considerations. Evaluate the accessibility of public transportation, availability of affordable eateries, and the safety of the area, especially for female employees. These factors contribute in creating a positive and pleasant environment for your employees creating a healthy work atmosphere.
3. Office Layout and Amenities:
Once you’ve narrowed down your options, carefully analyze the layout of the office spaces you are considering. Take into account your specific requirements, within the office , also do check on the number of elevators, to ensure easy and fast access to the workplace. Provisions for Air conditioning , Server rooms , internet connectivity options, fire safety measures, and security services.
4. Legal Considerations:
Before finalizing the office space, review the terms of the leave and license agreement. This includes checking current fees, parking charges, annual escalation, and the duration of the contract. It is also essential to ensure that the lessor has the legal rights to rent out the place.
5. Future Expansion Possibilities:
If your company has plans for growth, explore whether there are opportunities for acquiring additional or larger spaces within the same complex . This will allow for seamless expansion in the future, saving time and resources.
6. Reputation and Credentials of the Lessor:
Renting an office space is a long-term commitment, so it’s vital to evaluate the reputation and credentials of the lessors. This will help guarantee a smooth and pleasant experience in your new office. Also do check if the building has a Occupation Certificate to ensure you have a stress free occupation.
7. Seek Professional Advice:
Consider engaging the services of a reputable estate consultant who specializes in the specific area of interest. They can provide valuable insights and offer alternative options that may not be readily available through online listings or individual brokers.
These tips are based on 40 years of experience servicing commercial properties primarily in Andheri East. We value your feedback, so please share your thoughts and comments on these guidelines
Please feel free to post your comments and views on the above.
See you next week, with a new topic.