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Right when commercial offices and co-working spaces were going to expand, the world went standstill due to the pandemic. The new normal has not just changed our perception of what is right or wrong but also made everyone unsure.
As public places reopen for one on one interactions, meetings, and ventures, we can catch glimpses of the new normal setting alright. And what has changed the most, is the work culture, putting a direct impact on commercial real estate.
Trends like Work From Home, Live and Play and Walk To Work will continue to gain popularity despite the unlocking, as we have seen in the first two phases of unlocking commercial spaces in India.
Meaning Of Commercial Office Spaces
A Commercial Office Space is a high-quality space or several spaces within a building that is available as business premises to working professionals.
While many companies are considering work from home for 15-20% of their employees, the benefits of office spaces cannot be overlooked.
Working or setting up your base at a location makes administration easier, giving a professional look to the organization and more room to grow.
Coworking Office Spaces
As the relevance of flexible working conditions grows rapidly, the coworking idea, which was already gaining traction pre-pandemic, is expected to witness a sharp rise in its demands post-pandemic.
Generally, a coworking space is where people from different unrelated backgrounds assemble in a space to work independently on different projects, or even in a group to work on the same project.
As the coworking environment isn’t owned or operated by the employers, these are relatively independent spaces with flexible and relaxed working conditions.
Is coworking the future?
Coworking spaces are gaining a reputation for being great office spaces. Known as the future of commercial office spaces, more companies are accepting the new normal as a part of their lives and shed the traditional skin behind it. It can be said that traditional office spaces might get replaced with coworking spaces.
How To Rent A Commercial Office Space
Good office space is like a home to your business and all other projects. As the commercial sector expands and MNCs bring in more competition, commercial office spaces have become very important to provide a home for businesses and projects. As the commercial office space prices spike, grabbing the best property will only get tougher and tougher owing to the competition. So, how can you know which property is best for you?
A commercial real estate property becomes important or loses its importance depending on several factors such as the location of the property, market, and demand. It is, therefore, better to invest from a long-term point of view instead of taking short leases.
Here are some tips to help you rent commercial office space:
- Location
When renting an office space, ensure that the space will be easier to commute to and fro. Even if you don’t have a team right now, invest in a space that is in a highly populated locality.
- Amenities
Make sure that the amenities you might need on a regular basis are closer to your office space such as coffee shops, banks or meeting places.
- Budget
Don’t go for an office that costs over your budget as your first priority needs to be an expansion of your business and you cannot afford unnecessary expenses. Hence, have a strict budget and stick to that.
- Clarity in Lease
Be it what utilities you will be getting access to or who will pay for the annual maintenance, make sure that everything is clearly set down before moving forward with the deal. And if you are in charge of the maintenance, include that in the budget as well.
- Get Expert Advice
If you can, get in touch with a commercial real estate agent or broker who is familiar with dealing and properties.
Commercial Office Space as an Investment
The pandemic was a testimonial to how reliable a real estate investment can truly be. As the demand for commercial real estate office space spikes, these also make great investment options.
As commercial real estate properties are leased for long durations, they make great low-risk, long term investments. With technological advancements, the CRE investment sector is opening up to individual investors as well.
Fractional ownership of the commercial real estate and Real estate Crowdfunding are two of the most popular investment options in India.
While Chennai commercial office spaces are witnessing a sharp price hike owing to new startups, new office spaces for renting are coming up in Bangalore and Hyderabad. These make great places for investing your assets. Assetmonk offers great investment deals in high-end properties. Visit our website to know more.
FAQ’S
How does COVID-19 change demand for office space?
Demand for open office spaces may rise, along with this as the public inclination towards a hybrid system grows, we will see more spacious offices with special emphasis on connecting with remote colleagues. The coworking culture will also witness a nice boom.
What does commercial office spaces mean?
Commercial office space is generally a building or series of buildings dedicated to a business or a business project.
How has COVID-19 impacted the commercial real estate industry in India?
The abrupt shutting down of commercial establishments and shopping destinations did lead to an economic hiatus, many commercial spaces were shut down but at the same time, the awareness about commercial real estate spaces also increased in India which led to more and more individual investors experimenting with the sector to create a win-win situation for both parties.
