6 Point Checklist – Renting an Office Space in India!

Is your business ready for the leap of renting your own office space? It is an exciting juncture, and you need to select the right place that can help your business grow. However, if delving into layouts, blueprints, and lease agreements seem daunting, you can consider coworking spaces. Especially as a start-up, blocking resources in office rents can be detrimental. In contrast, shared workspaces are cost-effective, flexible, and can be a viable alternative. If you are unsure about what to look for in such serviced spaces, here is a checklist of things to consider. 

1. Location

It is the most crucial aspect of choosing office spaces. Some factors to consider while picking the locality, include:

·         Facilities nearby: Are the following in close proximity to the building?

o   Bus stops, train or metro stations

o   Eateries

o   Parking spaces

o   Banks

·         Ease of commute: Can your team commute to the office every day effortlessly? 

·         Accessibility for customers: Can your customers locate your office easily and reach via public transportation?

2. Workspace infrastructure

Some entrepreneurs need dedicated cabins. While for others, open spaces and shared desks work better. Some teams prefer fixed workstations, while many others are flexible. For some businesses, a virtual office with a professional address for mail receipt and handling business communication is sufficient. Find out all the available options to avoid unnecessary expenses.

3. Cost

Affordability is the foremost reason behind the rising popularity of coworking space in India. However, when you book your spot, you need to clarify what the cost includes. Do not hesitate to ask questions like:

• Are any packages or discounts for bulk bookings on offer?
• Does the use of IT services involve additional charges?
• Are the meeting rooms chargeable?

4. Amenities

Coworking spaces come with several utilities that improve employee experience and boost productivity. You may want to check for provisions like:

• Meeting rooms for brainstorming sessions or client meets
• High-speed Wi-Fi connectivity for effective digital communications 
• Pantry services or cafeteria for timely refreshments
• Break areas or spaces for reviving your energy

5. The fine print

Make sure the rentals provide the following:

• Per seat price instead of lump-sum costs 
• A specific declaration of applicable taxes

Also, it is advisable to find out about clauses like

• The notice period of termination 
• Lock-in period
• Advance deposits

Moreover, if you sign any contract, there should be a clause stating it to be a “service” agreement and no mention of the word “rental” anywhere. 

6. Duration of lease

Shared officespaces offer the convenience of daily, monthly, weekly, and yearly bookings. Long-term rents can bring discounts. Otherwise, you may want to decide if the system works for you with a short-term charter. Assess which plan best suits your requirements before making any payment. 

Conclusion

In the market of coworking spaces India saw a 277% leasing hike in 2019, proving that businesses are increasingly finding the concept profitable. Therefore, when you start looking for an office place, it can be beneficial to weigh up the cost-savings of these flexible spaces. Complete awareness about the essential factors you should look into before booking ensures a hassle-free shared office experience.