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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?
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.
It has been a wonderful experience in owning a commercial space at Gera's latest offering in Goa GERA GRAND.
How has your experience been of owning a commercial space with Gera?
My experience has been excellent. I have purchased an office in Gera’s Imperium 2 and a s..
Having a commercial space in and around Panjim was our long desire and this could be possible with Gera’s.
Patto Plaza has ..
First of all I would like to thank you and the Gera team for organizing different workshops at our doorstep.
The best thing I have done to my kids is that I took a right decision to buy a flat in Gera.
Because of this decision , Vishnu could attend the development workshops that were conducted.
Vishnu was a shy child who didn't like to participate in any of the programmes.
As far as Dale Carnegie workshops is concerned it has given him a lot of confidence and was presenting things in a much better way and I can see a lot of improvement in him.In simple words u made a person(..
My son Tattva had been enrolled in the intermediate level and has been coached by the Vishwanathan Anand Chess Academy coach . Tattva has made remarkable strides and will be on his way to get his FIDE rating in November. A lot of credit goes to the mentor for his unique way of handling his students. He has been very patient while working with Tattva on his areas of improvement. In addition before the tournament the coach had voluntarily added additional classes and doubled his efforts to get a better performance out of Tattva. He has shown complete ownership which is commendable. I hope he continues to develop more and more chess players in the coming days...