One of the defining factors to consolidate a business’s success is the workspace. A company’s office is essentially a manifesto advertising your business model. When designed astutely, the office space of a market agency will differ considerably from that of an IT company or real estate agency. Felicitous office space is thus de rigueur to establish credibility and reliance of a business amongst its clients.
A formation of a healthy work culture is also predominantly dependent upon cogently chosen office space. An employee on average spends well over 48 hours at their place of work. It is therefore of utmost importance that the workplace is elected and designed to keep employee productivity and wellness in mind, thus ensuring that organisational goals are met.
Whether your business is a startup or a fortified business, exercising prudence is paramount when you’re looking for a new office space. To help you navigate the bewildering, and albeit often overwhelming time of selecting an office space we have compiled a list of criteria that you should consider while making this prodigious decision.
- Location: One of the first decisions you are likely to make when opting for a new workspace is its location. When selecting a locale for your office, you have to keep numerous things in mind ranging from the talent pool available in the vicinity to the local business climate.
The changing workplace climate post-pandemic has necessitated selecting a locale that is easily accessible by the workforce. This can be ensured by closely inspecting the transit framework in the vicinity of your intended office space. To recruit and retain the corps d’elite it is vital to assert that there is a well-established system of roadways established that is easily accessible. Diligent research needs to be conducted on the presence of steadfast systems of public transportation, such as buses and metros.
Moreover, a business space that is seamlessly connected to the airport and railway station also paves way for growth on both national and international platforms.
- Social Infrastructure and Amenities:A key determinant in the selection of optimum office space is the presence of a robust framework of social infrastructure in the proximity. In addition to having a progressive transit mechanism, it is also important for the locale to have renowned hospitals, top-of-the-class recreational avenues like retail promenades and FnB facilities, and other social institutions.
The presence of such spaces near the office building ensures a better and more holistic working experience for the employees, which in turn boosts their performance. Further, it is also exigent to solicit spaces that provide an array of amenities, such as ample parking space for the workers, benchmark security provisions, and wellness facilities such as a gymnasium, within the business centre.
- Design: Often relegated as an afterthought to other more important criteria, the design and layout of the workplace should be a priority when greenlighting an office space. Every business has its own unique identity, contingent on the organisational vision, objectives, and target clientele. The workspace when designed expediently can be an excellent marketing tool for your business.
When investing in a new office space, therefore, you should look for one that permits you to vaunt your brand’s identity via the design. Furthermore, it is beneficial to select a workspace that allows you to be flexible to keep up with the evolving needs of the workforce. The need of the hour today is modern, flexible workspaces that foster communication and collaboration, and your business space should strive to inculcate that as an integral aspect of the layout.
Finally, in your quest for a premier workspace, you should heed spaces that not only meet your present organisational needs but also empower you to successfully fulfill your vision for the future. For instance, when you are considering the space your business requires to function efficiently, finalise one wherein the design takes into account your future expansion goals.
- Cost-efficiency:
When deciding on a home for your business, it is important to be cognizant of the fact that an expensive investment or lease doesn’t necessarily equate to a successful business forecast. A judicious investor therefore should always conduct expansive market research, and conduct feasibility studies to comprehensively understand the trending market prices and profitability of businesses in the desired locale.It is also important to keep an eye out for spaces that are projected to flourish as business hubs. Investing in micromarkets for instance in the New Gurugram region, would perspicacious choice in the present ecosystem as the area encapsulates a perfect balance between cost efficiency and an investment terrain propelled to boom. - Investment Horizon: While selecting a location for your commercial real estate investment, it is incumbent to have a clear and concise investment plan. This includes but is not limited to what is your goal while investing in this space, whether it is for your own business needs or the end goal to lease it.
Further, to ensure that your investment turns out to be propitious, it is exigent to have an investment plan that entails everything, from factoring in any overhead expenses that might incur to researching hidden costs to your vision delineating the investment’s objective as well as a calculated exit strategy, if the need arises.
The takeaway:
Selecting a new office space can be uniquely oxymoronic, enthralling, and overwhelming all at the same time. With the criteria given above, you are sure to land on an office space suitable to your unique business needs.
The real estate tycoon Emaar’s EBD-114 is one such iconic business district, that boasts of stupendously planned commercial land parcels intermingled with retail and recreational avenues, aimed to provide you with a unique elevated market experience right next to your office spaces. With Emaar’s legacy portfolio of real estate space across various sectors, investing at EBD 114 is sure to precipitate your business to new heights.