Many people are hit with the entrepreneurial bug and start their own business. Here are some tips for leasing an office premises. This is not for retail business:
- Take at least a 5 year lease. If you are not sure of your businesses success start from somewhere modest but once it is successful choose a place where you have a long term commitment.
- When someone says a lease price per sft – it should be on carpet area basis not plinth area or super built up area. The latter two include common areas and area under walls etc. This is the norm
- If you are taking a residential premises then don’t pay the same price as a commercial area even if they are right next to each other. This is for two reasons, firstly residential premises have walls that waste a lot of space and increase net cost per sft. Secondly, commercial premises have already invested in some infrastructure that make it easy for you – transformer for building, industrial electrical meters. heavy duty electrical cables. All these save both time and money which you will not find in a residential premises.
- Stay away from expensive places. Ask yourself this question – which area will turn out into a good area for offices in the next 3-4 years and is cheap now? That is where you need to have your office.
More later. Let me know your comments…
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