Many residential buildings have been known to remain vacant for years after their construction. But commercial areas have a different effect because their requirements are higher. If the location is right, the company has more to offer than the original reason for hiring or Renting an Office Space In Business. Today, the factors that increase the market demand for officespace are listed below.
Office space rental comes in all shapes, sizes, and building classes. As more and more industries favor open floor plans and the office space that accommodates them, there are many types of office space that can fit your company’s needs.
Here we will look into some points while Renting an Office Space In Business
Increasing number of startups
As the number of job seekers increases every day, people understand the importance of starting their own business to earn a side income. Many people have started either part time or full time businesses to generate a strong source of income for their family in the long run. These startups have the passion and ideas to fuel their growth, but budget constraints force them to look for small office spaces for their business. This demand has collectively led to an increase in demand for commercial real estate. Even from an investment perspective, it has better returns than bank deposits .
With the increasing number of measures taken to increase the economic stability of the country, the future looks bright for this industry. A report published by Colliers India highlights that commercial real estate uptake has increased to 58% by September 2020. This proves How profitable is Renting an Office Space In Business that office space leasing is one of the unique business ideas that are profitable in the current circumstances.
Discomfort in working from home
Willingly or by force, many employees and entrepreneurs had to start working from home. Although it sounds positive, this model would not work for long because nothing matches the comfort of the home. This work schedule has many distractions that affect the quality of work done by the professional. It’s hard to control the noise from your neighbor’s house, ask family members to turn it down, and focus on your work while the kids pop in and out of the room.
This is driving startups and small business owners to look for a small commercial workspace to improve their work efficiency and the productivity level of their small team. Instead of taking the gamble of entering into a construction space lease, they invest in small office desks or rooms that could temporarily meet their needs.
The office space rental model is extremely popular on the world market. This can be confirmed by websites like Share Desk, which offer a list of companies that rent out their office space for commercial use. Creating a dedicated database of owners and searchers allows thousands of people to filter the list of available spaces according to their requirements to buy the right one.
Here Are Types Of Office Space
One or two extra desks in your office can be used to generate an extra side income. If you are planning to start a full fledged commercial rental business, check out the number of offices in your city with additional office space. Buy those spaces to loan2 them out to small businesses and startups that need a temporary work arrangement.
The system of renting out small spaces is popularly referred to as the ‘hot desk’ arrangement. A large part of the searchers want to invest in this.
To provide exclusivity to small merchants and businesses, you can start out lending large office spaces in commercial buildings. The initial investment in this business is higher than other models, but it can deliver a better ROI once you find the right tenant for your space. Tenants will benefit greatly from this type of setting as they will not have to worry about setting up an office location for professional correspondence. Since the rented units already operate as offices, they would probably have their registered office and mailbox. This can be used by the people who rent small office spaces in the same location.
Offer a monthly agreement: Startups and small businesses are looking for flexible lease terms because they cannot risk investing in long-term contracts. Your business will attract more tenants if you offer an ongoing monthly agreement. Once the agreement is agreed, draft a lease agreement to outline the key terms.
Decorate your space: Most offices are shown to tenants as storage spaces. This sets a wrong impression regarding the owner and the management of the place. Clean up the clutter and keep the desks organized to get a higher price for your space.
Check Your Competitor’s Price: Knowing the right rates for commercial space will get you started on the right foot in the market. If you offer additional benefits such as proximity to important locations and private meeting rooms, your business will be able to justify the price increase from your competitors.