When it’s time for your business dream to spread its wings and for you to place yourself in a new office space in a commercial setting, finding a suitable and secure space is a significant and principal task. Most entrepreneurs wouldn’t like to take help from a professional broker and pay their hefty fee in addition to the expense already being made for their business expansion. However, it is an undeniable fact that leasing or purchasing a commercial office space does need a competent and qualified approach in order to find a secure office space. Those with experience in dealing with real estate know that finding a suitable office space in metro cities is easier said than done. Those who have learned costly lessons in their previous experiences of renting a space, generally prefer taking help from brokers to help them move to their next offices. Seasoned businessmen know that a good broker saves the client from hundreds of reparations, countless hours wasted, and immeasurable risk.
Let’s have a look at the issues that you might face if you decide to search for an office space on your own:
A substantial time commitment
Searching for the perfect office space in prime locations will require calling the landlords and scheduling visits to view the spaces. You might have to visit these spaces during business hours, that could hamper your work calendar. You should be conversant with terms like ‘net usable area’ of the place or ‘carpet area’, ‘rentable square feet’, and more. Without such knowledge, you could end up spending a lot of time viewing spaces that are actually not a fit for you at all. So, if you decide to do the research part on your own, be prepared to spend more time than estimated in finding a valuable space that meets your requirements.
Possibility of missing out on more suitable properties
In some cases, the most desirable commercial office spaces might not be marketed to the public, owing to their exclusivity and limited period availability. Commercial real estate brokers in the area know about these coveted spaces or upcoming vacancies and they can get you a peek even before it hits the market.
Complex negotiations and issues
Leasing or purchasing a commercial office space is nothing like renting an apartment, purchasing a house, or leasing a car. There is a long list of key points that might require negotiation, like terms of the lease, parking costs and availability, termination clause and fees, use of premises, renewable option, tenant-improvement allowances, maintenance and repairs, pass-through stipulations, and early access to the property. In case you are purchasing a complete building, the process is even more complicated. Even If you don’t have a tenant representative working on your behalf, the landlord or seller will probably have one. And with the other party having a broker, things might get tricky as he or she would try to secure the best terms for their client that could be in direct opposition to your goals.
The risks involved
Any buying or leasing experience comes with a bunch of risk factors, which if not handled at the research stage can be problematic. What if your tenant-improvement allowances restoration, refurbishing or build-out you need? And what if you are required to use your landlord’s contractor, at a cost that is more than what your tenant-improvement allowance covers? What if the space is not ready at the time of hand-over? There are plenty of hurdles that you need to jump before finalising a property, which could be made easier for you by a professional firm or broker..
When you are on a mission to find the ideal space for your business, understand that you will be dealing with very sophisticated landlords or firms. If things fall short of what was promised or expected, you can end up in hot water.
Not all tenants or buyers are unsuccessful in finding a place on their own. Some spin their wheels for a while before realizing they are in over their head and then call in a tenant broker for help. And for some, it can be a complete nightmare where they pay far more than the actual worth, are unsatisfied, and end up either regretting their purchase or just waiting for their lease to end.
If you are looking for an office space in Delhi, then Max House is the one-stop solution for you. They create and operate flexible and fully serviced office spaces that reflect the individuality of your company’s culture and aspirations at a location of your choice. Accomplished through an amalgamation of design, community, conveniences, and technology, Max offers low costs, operational efficiencies & strong employee value propositions. If you are in the market for your next office, we are sure you will find it at Max House, Okhla, right in the heart of Delhi.
