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6 Things You should Consider before Renting a Commercial Space
February 13 2017

Before buying or renting any property – commercial or residential – due diligence is paramount.. Here are the 6 things you should take into account before renting a commercial space: 

1. Amount of rent

Affordability of rent would be the most obvious thing to consider before renting any property. However, the more important aspect is to negotiate and seek clarity upon the percentage increase in the rent year-on-year. 

2. Duration of lease

The duration will vary greatly according to several conditions. For example – if you’re a budding entrepreneur planning to open an office or a retail shop, then the safer bet would be to opt for a shorter-duration lease since the company’s performance and growth is unpredictable. However, if the brand is well-established, then there is no harm in going for a longer lease. 

3. Ability to sub-lease     

Say you’ve signed a 10-year lease. Three years down the line, your profits are soaring and the business is witnessing an unexpected level of growth. You need to expand, you need more space, and you probably need a better location. In this scenario, breaking the lease might prove financially detrimental. Sub-leasing can act as a saviour in this regard. Make sure you negotiate with your landlord on the option to sub-lease and the nitty-gritty surrounding it. 

4. The location 

The location of the commercial space might make or break the business. Hence, it’s essential to ask yourself the following questions – If the office or shop is far away from the city, is the brand value enough to lure employees or customers? If it’s in the centre of the city, what sort of competition is it staring at? 

5. Amenities

Does the property have ample parking space? Is there a well-maintained and hygienic restroom in the property? Are there food and beverage joints close by? Pick and choose the amenities most important to you – they will make the first impression on clients and define the work culture for employees. 

6. Operation costs & maintenance

It’s vital to seek clarity on who’ll be taking care of the operating costs, maintenance, and other additional charges such as electricity, housekeeping, security, property insurance and tax, etc. Merely being able to afford the rent won’t suffice. If you do not account for these expenses, you might suffer a rude shock at the end of the month. 

If you're looking for commercial spaces in Goa, explore Gera's Imperium Grand. Nestled in Patto Plaza, Panjim, it's in the heart of Goa's central business district. It has 8 floors of commercial space and is designed for 160 offices and 10 retail spaces with plenty of parking. 


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