Steps to Locate & Lease Office Space

Posted by Chirag Shah on March 3rd, 2017

If you have a small business in Mumbai and are looking to lease office space in the city then you are on the right page. We will help you through the below steps on the ways to locate and lease the ideal office space. After going through this article, you’d know how much budget you require along with the space and the ways to negotiate your lease and much more.

How to Locate and Lease Office Space

Leasing an office space in Andheri East in the posh suburb of Mumbai requires you to know your budget as it will help you immensely narrow down your options swiftly and would prevent you from getting lured into paying high above your budget. The actual amount you’ll pay will rely on the type of lease and the charges that are included.

Lease Payment on a Monthly Basis

The quality of building that you are in will be one of the biggest factors that will affect your monthly lease payment. The class designation or grade (A, B, C) will provide you a general idea of the building’s quality. Also remember that the class designations aren’t an official grading but are advertised by the business owner themselves. However, there’s generally agreement among the commercial estate agents in Andheri as to what is in reality A, B, and C grade space.

Common Leasing Mistakes to Avoid

It’s imperative to know how much you intend to spend and the size of space you require before you start looking to lease office space. The industry experts opine that paying in excess for rent and having the wrong sized space were the two most common mistakes they saw tenants make while leasing.

Know the Exact Space you require

Knowing the exact space you require will also greatly help you in narrowing down your search for office property.

Local Knowledge

The fact goes right, there is no and never be a substitute for local knowledge. That’s the reason local people still top the list when people look for office for rent in Andheri East. In fact, many opine that one of the mistakes, beginner make of commercial real estate leasing is that they try doing it themselves. Just hire someone who can give you local advice. They have priceless expertise, knowledge and connections that would take the average business owners a long time to gather. A local person who is into this business would have an in-depth knowledge of your area and might even have earlier experience of working with the landlord.

Also, ensure the broker that you select has had previous experience with leasing office space and is exclusively representing you as a tenant. Though most commercial brokers deal with restaurant, office space, and retail, they typically have particular expertise in one of these categories. Whenever possible, look for a good resource in your area that specializes in renting office space.