|  |  | 

India Top Headlines

What to look for when renting an office space?

img-responsive

According to a Deloitte
According to the study, millennials will constitute 64% of the workforce in India by 2020. In order for companies to grow, it is imperative that today’s workspaces create an appropriate environment that caters to this millennial workforce and its requirements. This is especially true for large companies seeking to attract and retain top talent, as well as fostering a positive culture. Therefore, the collaborative model of beautifully designed spaces like WeWork has successfully worked with freelancers and start-ups, as well as companies. So if you are starting a business or looking to expand one, you should be looking for a workspace that encourages creativity, innovation and offers a meaningful work experience to your employees. There are a few important things to keep in mind when looking to rent a modern, well-equipped office space.


Location


What to look for when renting an office space?

About a century ago, Ellsworth Statler, father of the modern hotel industry, said
“There are three things that make a hotel famous: location, location, location.” Today, it is relevant to almost all companies, regardless of size or type. An easy to locate, conveniently located office is important, speaks volumes about you, keeps your employees motivated, and helps attract a talented workforce. While everyone wants well-located office spaces, space itself is limited. Business districts in most cities are congested and do not have reasonably priced properties of choice, as a space here is likely to make a hole in your pocket. This is the advantage of working in spaces like WeWork, as they provide instant access to good locations at affordable prices and flexible terms. While searching for an office space, check how conveniently located the space is, its accessibility by car or public transportation, the local neighborhood, and proximity to cafes.

What to look for when renting an office space?


Lease Terms


Always look for a flexible lease that aligns with your growth strategy. Traditional offices generally offer inflexible long-term leases that do not give you freedom to expand or reduce. The longer the lease, the less flexibility you will have to adapt and change as you grow. Spaces like WeWork offer unmatched flexibility in the deal structure that allows companies to easily scale or expand to new markets. Don’t get stuck in a lease that forces you to take up space that remains underutilized or fills up too soon. Additionally, the reduced complexities in the real estate industry when dealing with WeWork make your space run much faster.

What to look for when renting an office space?


Services on offer


One of the biggest nightmares of moving to a new office space is getting ready! WeWork eliminates the bad of having your own workplace and keeps the good. The community team takes care of all the administration tasks of your office, allowing you to focus on your core business.

With the millennial generation redefining the culture of the workplace, and Generation Z, the newest participant in the workforce, being unique in its ways of working, the lines between work and personal life have been blurred. Employees like to participate in activities that bring them happiness, comfort, and facilities and not just traditional perks like pay increases. A global brand like WeWork offers unparalleled services and networking opportunities for employees by giving them access to their global community, which they can use to collaborate and add value to their business. WeWork helps bring together passionate and like-minded people through tools like member networking apps that serve as a platform to connect with members globally. They have a dedicated community team at each location that enables collaboration, engagement and networking among members, and ensures the best field work experience. WeWork raises the happiness quotient by offering pet-friendly spaces and lifestyle perks like wellness classes, discounts, pop-ups, fitness facilities, meals, 24×7 building access, etc. All of these benefits attract talent and reduce the chances of existing talent leaving.

Shocking design

Legendary art director Paul Rand stated
“Design is the silent ambassador for your brand”. Often overlooked, companies can take advantage of workplace design to communicate with employees and make them feel valued. Millennials must have a supportive, employee-led work environment that inspires and is engaging for various types of workers. WeWork has unpacked the traditional cubicle setup to reimagine the kind of mood people can have at any time of the day to address their spatial needs. WeWork has large common areas suitable for meetings, private offices, and conference rooms that are quieter but have a sense of closeness, and smaller seating areas that offer privacy for working alone. WeWork spaces have a simple landscape designed to foster creativity and innovation, represent their culture and create a sense of community. A well-designed space increases productivity, promotes collaboration, and helps attract or retain talent.

Cost savings

Businesses of all sizes must keep their costs under control. Having a modern and well located office designed with the best amenities can be difficult in the end result. This is where WeWork is extremely beneficial. In most Indian metropolitan areas and Tier 1 cities, a WeWork is likely to generate cost savings in the range of 20-25% compared to traditional office spaces, in addition to saving on cost (and hassle ) of the installation.

WeWork understands that different people and companies have different requirements and is therefore flexible enough to offer space as a service. There is a shared workspace option with three types of membership models: special desks, dedicated desks, and private offices, which offer flexibility to increase or decrease the workforce based on market dynamics without worrying about the lease lockout period or the payment of fixed rents. WeWork also offers an option to customize workspaces for larger companies that cater specifically to their specific needs and what they imagine for themselves. This can mean customizing a completely separate floor in an existing WeWork space for them or creating a private space with a desired number of meeting rooms or break rooms or larger common areas.

WeWork works with key partners and experts when entering a new region and the average cost per seat varies from location to location, connectivity, proximity to business districts and entertainment areas, etc. Reduces the expense of running an office by approximately 20-25% by eliminating sizable deposits, long-term leases, to bring all of these costs together into a single membership fee. WeWork also ensures efficiency by ensuring that the space available is optimized precisely so that you minimize capital obligations, unpredictable operating expenses, and cost savings for design.

What to look for when renting an office space?

Due to the benefits they offer,
research suggests
This year will see a massive expansion in coworking spaces, even in smaller metropolitan areas.In fact, they are expected to replace more than 25% of office leases to be renewed and will affect more than 50 million square feet of office leases. .
We work
expects to grow in tune with this projected sector growth. WeWork currently has 32 locations in 6 Indian cities with more than 40,000 members, working in a modern modern office space designed to meet all your needs. WeWork spaces are impeccably designed and found in all major business centers, offering unmatched benefits that help members earn a living, not just make a living.



Disclaimer: This article was produced on behalf of WeWork by the Times Internet Spotlight team.

Times of India

what-to-look-for-when-renting-an-office-space

ABOUT THE AUTHOR