5 tips to choose the right office space on rent in Mumbai
Mumbai is a city of extremes. The “Maximum City”, as writer Suketu Mehta called it, presents the best of many things and dare we say it, even the worst of it. Getting an office space to rent in Mumbai is one such extremity, as your choices can range from the poshest, most expensive office to the dingiest and cheapest one. This ‘choice paradox’ is what makes it makes it difficult for somebody looking to rent an office in determining one that is not merely fit-for-purpose but can also act as a strategic business tool. So, here we list down a few essential considerations in choosing the right office space to rent in Mumbai.
Define the purpose and goals to rent office space
Whether you are just starting fresh with a new office or looking to move offices to a different location, clearly define the purpose and desired outcomes from your choice. While this might seem fairly obvious, our experience in the office complex business and speaking to lots of potential tenants tells us that this needs a lot more thought and deeper evaluation. Having clarity on the purpose, can have a huge bearing on the choices you should consider and the final decision you make.
For example, is rental cost the primary motivation for you to move office? Or, is it driven by expansion plans and the need to accommodate more people? Are you faced with talent acquisition and employee retention, which you could potentially address with an office at a better location? Do you want to save on-going maintenance costs and other overheads?
Chances are that you will be driven by more than one of those factors; let your decision be made on the basis of the priority that you attach to each of those goals.
Determine the amount of space and type of office you need
Depending on whether you are taking a short/immediate-term view or a long-term view, the decision on your office can be significantly different. If you have a significant expansion in mind, you may want to consider unfurnished, custom office space that you can furbish as per your specific needs. On the other hand, you may be able to make do with a private office or even some co-working spaces.
Obviously, moving into a private office or a co-working space within an established business centre is a lot easier and faster than getting an office customized from empty space. The cycle time for the latter must be duly considered in your plans, as the customization you do must be appropriate for the longer term.
Select the most appropriate location
As with anything to do with real estate, location is nearly everything. This is even more so in a city like Mumbai where people are forced to commute long distances to reach office.
There are several factors that you need to consider when evaluating location. Are you accessible? Are you close to public transport? Is the office building in a locality that is considered safe for all, including women to work at? Are there good restaurants, shopping and entertainment centres nearby which will make it convenient for people working in the office to manage their personal interests with their work.
This is where our offices for rent in Parel and Andheri present a huge advantage, for people on both the Western and Central Railway lines. For example, our Parel centre is close enough to places like Dadar and Matunga. Similarly, the Andheri business centre located at Fulcrum is close to the new Metro and easily accessible to a host of facilities making it suitable for folks traveling on the Western line as well as for people from places in Central Mumbai such as Ghatkopar, Vikhroli and so on.
Even a few minutes saved in a Mumbaikar’s hectic life due to a conveniently located office is a big boon, that goes some way in improving employee retention.
Evaluate scope for business development
From a strategic standpoint, when you are looking to rent an office, do consider your “captive environment”. What are the kind of companies in the same complex and in the vicinity? Can it in some way add to your business
Proximity to your existing customers or prospective customers is a great competitive advantage. While technology has flattened the world and made it easier to conduct business across distances, it is important to remember that relationships are still a critical ingredient for business success. Relationships are better forged with proximity; many things remaining equal, physical proximity might help win a business!
Check the infrastructure, facilities and services provided
If you are renting an office in a commercial complex or business centre, evaluate and verify that the specific building and the areas around it do not face too many disruptions as that can be a huge opportunity cost to the business in terms of lost productivity. Pre-empting business disruptions should be an important consideration in any hunt for office space.
When you rent an office in Mumbai directly from an individual office space owner, the relationship is very transactional. You don’t usually get much more than the space to us. On the other hand, if you rent an office at a corporate centre in Mumbai, you will get a whole bunch of value-added services.
Not only do these services provide you with much-needed convenience, these can shave-off a decent chunk of office maintenance costs that you otherwise end up paying.
Looking to rent a serviced office in Mumbai? The Empire Business Centre offers excellent options for private offices, shared co-working offices and virtual offices for solo-entrepreneurs and MSMEs. Contact us today with your office space requirements and our consultants will get back to you immediately.