The global turn down had forced a large number of bulk space occupiers to relocate to smaller and economical spaces with lower rentals. Layoffs, unemployment, job cuts, and winding up business operations were the effects. This created a large vacancy percentage in existing furnished and ready to move in spaces. Now in the year 2011 where the Indian economy is showing positive signs of positive improvement and considering the GDP growth of 8.9% (approx) in the year 2010, has created fresh demands for office space rentals.
Gurgaon is closer to the international airport and a stones throw from New Delhi. Over and above Gugaon also offers cheaper and competitive rental options compared to New Delhi. Some of the locations where furnished offices can be located are at Udyog Vihar, MG Road, Golf Course Road, South City, Sector 44 & 34. Most of these locations are well connected through all major road, and now of course the metro link.
Advantages of a furnished property
Small and large space occupier, who are relocating or starting a new business operation find it challenging to get the office interior and fit outs executed in time. It is a known fact, where interior fit outs for a space of even 10000 Sqft can take from a few weeks to may be some months. Issues like the final designs, costing, material selections, finding that right contractor, etc is a time consuming process. A company can ill afford this time loss. Used furnished offices are the next best option to explore, after a site has been located and finalised. Certain interior lay out plan can be changed; most land lords are more than happy doing this on a time frame schedule. Less time is lost, costs are under control and you have a ready to move in space. This means less un- productive hours lost. It is also possible to locate office spaces where the fit outs are in an excellent condition, almost like new, it all depend on how efficient your commercial real estate broker is and how well he understands your specific requirements.
Here is what you should do
Most companies looking for office spaces are not clear themselves, as to what they really are looking for. Sometimes the company representatives who are assigned the task to locate a suitable commercial site have not understood what their bosses / company are really looking at. Information is important at each level, this saves time and money and efforts. It is equally important to select a good commercial real estate broker and a legal consultant. The commercial property broker should be clearly indicated what kind of a space is preferred, the rental budget demarcations, locations, type of commercial development etc. It is not a bad idea to make your broker sweat and earn his broker fee. Ask him to provide you with all the relevant property details and costing through a presentation at your office, let him undertake a property audit for your final approval.
The author is a commercial real estate broker offering commercial property services through sales, leasing and investments
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