By Soniya Gaonkar on Jan 14, 2022 5:18:45 PM
Investing in a large office is a significant step, as it involves a substantial amount of money. Hence, while it is true you should not make a random choice, you must remember a few dos and don’ts to ensure you choose something suitable and sustainable for your business. Accordingly, we have discussed what to do and what not to while investing in a large space office in Pune.
Things to Do While Investing in a Large Office Space in Pune
At the outset, let us see what you must do while you invest in a sizable office space in or near Pune.
1. Conduct a Comprehensive Research
Researching is crucial from the viewpoint of long-term returns. It involves looking at the location’s past trends, its current status and the potential of the property, along with its location in the future – of course, relevant to your business. Take your time to research. If required, hire experts to do so. When you make every business decision strategically, think of office space investment as a strategic move. Accordingly, support it with a thought process that leads to timely action and strategic investment that produces fruits in the long run.
2. Assess the Accessibility of the Location
Reviewing and researching the location while investing in an office is a no-brainer. While location would be covered in the initial research, we have highlighted it separately only to emphasize its importance.
Location is one of the first things you’d want to study while investing in an office space. Assessing the location involves reviewing its accessibility, current and future growth rate, the surrounding infrastructural development, presence of target audience (relevant to your business) and competitors, etc. to ensure you invest in an office space situated in a potentially lucrative location, particularly for your business.
3. Review the Property’s Amenities
Amenities matter, at least in today’s age, where these factors, although indirectly, yet collectively define your overall approach towards your employees, prospects, and clients.
Accordingly, a contemporary commercial property must offer amenities, including advanced security, regular HVAC maintenance, contactless common areas, well-maintained and backed up elevators, conference facilities, Wi-Fi, ample parking, cafeteria, a lavish reception, and others that add value to your investment.
4. Get a Property Survey Done
Hiring a professional surveyor helps. The team surveys every corner of the physical space, identifies shortcomings, potential pain points, and suggests improvements to enhance the space and optimize its use. However, remember, a basic survey won’t work, particularly while investing a substantial amount. Get a thorough survey to ensure you address concerns (if any) that may lead to a significant corrective repair.
5. Share Your Workspace (If Feasible)
This factor is optional, and you may want to think of it if you want to share the rent or the running cost of the office space. If you have leased, rented, or bought a space large enough to accommodate another team in it, you may go for it. But keep scalability and the requirement of a larger space in the future in mind. Accordingly, you might want to enter an agreement that allows a swift exit of the co-tenant as and when the need be.
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Things to Avoid While Investing in a Large Office Space in Pune
You must take care of the don’ts as much as the dos, as knowing what not to do will help you avoid landing up in an unfavorable or a loss-making situation.
1. Don’t Fall Prey to Unusually Low Investment Costs
It is pretty obvious to fall prey to unusually low-priced office spaces. It may happen that offices in a particular commercial complex do not sell. In situations like these, the owners might pitch a proposal with an unusually low price for that location. The deal might tempt you but do not fall for it. Often, there’s a problem with such office spaces such as a fruitless location, excessively compact spaces, awkward layout, etc., due to which they haven’t been sold yet.
2. Don’t Do Everything on Your Own
As a business owner, it is pretty unlikely for you to have the time to deal with the complexities and formalities involved in investing in an office space. Besides, expertise also matters. So, prefer partnering with a commercial real estate consultant, who will manage the entire part, accompany you everywhere and make recommendations wherever necessary. The idea is to make an appropriate and sustainable investment.
3. Don’t Think in the Short Term
Commercial real estate investments are often made from a long-term perspective to stay immune from the rising lease/ rental costs and to secure a particular location and its strategic benefits. Hence, spending a few extra pennies today for a sustainable deal can help you in the future. So, while balancing between investment and returns, do not opt for a deal that appears lucrative but only in the short run.
4. Don’t Make a Random Choice
At times, you may not have the time to look for options. However, no matter how pressing the situation is, do not make a random choice only to serve a short-term need. Making a random choice can have consequences in the long run. It may not necessarily reap the fruits you expect from your office space, thus, in a way, letting a significant part of your investment down the drain.
Suitable and Sustainable for Business – Kohinoor World Towers: AAA Grade Commercial Spaces Near Pune
Kohinoor World Towers (KWT) is a massive business center shaping up near Pune in the commercially significant city of PCMC. The business center enjoys an excellent and strategically intelligent location between the center of Pimpri and Chinchwad on the Old Mumbai Pune Highway.
KWT features various multi-sized office spaces ranging between 2,000 square feet to up to 65,000 square feet, suitable for diverse businesses such as IT, education, retail, consulting, and many others. KWT’s location, coupled with Kohinoor’s unparalleled reputation, amenities, and integrated offices signify a prudent and sustainable commercial real estate investment for global and emerging businesses.
For comprehensive assistance and handholding throughout the investment process, expert consulting on RoI, for other questions, you may have, and for bookings, connect with KWT at +91-020-6764 1818.