Choosing a commercial or an office space is not a tedious task, if you plan it wisely and accurately. It is also considered as a good investment choice for those looking for rental income and capital appreciation over the long term. Let’s start this article by understanding what an office space is?
What is an office space?
The expression, ‘Office Space’, includes retail shopping centres, retail shops, office space, etc. Generally, it is located in the heart of the city, having an excellent connectivity. Today, people are not only interested in buying residential space, but would also like to invest in commercial space for good returns in the form of monthly rentals and of course, the property appreciation. Last, but not the least, having an office space adds to the investment portfolio for those who already own a residential property.
Factors to check when buying an office space
Choosing the right office space is very significant, as you never know when you might be utilizing it for your own use. Let’s check out the factors that are important when investing in office space:
The most essential feature that works well for office space is the ‘location’. When choosing the location, you have to think of two important questions:
- Can the customer get to the place without any hassle?
- Can the employees reach on time and easily?
If you find an office with a ‘yes’ for the above questions, then you are well on your way in finding the best location. You also have to check for utilities that are available near the office space, is there a hotel, a coffee shop or a juice shop for refreshment. All these things are necessary in keeping your customers and staff happy.
You cannot have a cluttered place as your office; instead, it should be spacious, giving some room to breathe and good walking space. Recommended rule is to have 70 square feet per person, but you can go for bigger space, if you have in mind small time BPO’s or any even management companies. There should also be a separate area for meetings,for entertaining clients and even a small space for lunch break. Think on all these criteria’s before finalizing the property.
Cramped office space reduces productivity, so don’t compromise on floor space!
Here we come to the most important factor – Price. Spending too little will not give you a big space, and you might end up regretting your investment. Spending too much on the property, but not getting a proper rent will also hinder your investment returns.
Before investing, compare the rates with the other office spaces in the area to check if you are getting value for money. Try to negotiate and get discounts if possible. Check on the monthly maintenance cost, hidden cost, parking space cost, etc. Know what you want, whether it’s a big or small office space, invest and rent accordingly.
Believe it or not, today, none of the business can work without a reliable internet connection. Many developers today offer internet connection as part of their amenities as it is an essential requirement for any business to succeed. Apart from that, infrastructure includes telephone connection, transport connectivity, postal or courier services nearby.