How To Find Your Perfect Office Space in Noida
Purchasing office space in Noida is viewed as an investment that, if well-planned and executed at the appropriate time, can lead to quick riches. The rule has been to keep onto the property and borrow money or take out loans as the value increases.
Purchasing office space in Noida is a challenging task, and the success of an investment in commercial real estate in India depends on the management of the investment.
We’ll discuss some factors to consider when choosing office space in Noida while keeping these things in mind.
1. Develop Criteria
You need to know what you’re looking for in order to find the best office space in Noida. So, at this early stage, a tenant representative will conduct a needs analysis to determine the project criteria. Your quest for office space should start here.
A complete needs analysis will identify the essentials for your property. Additionally, it will develop the specifications for things like:
- Number of employees to accommodate
- Appropriate square footage
- Optimal geography
- Necessary and additional amenities
- Price range
- Time frame
- Willingness to dedicate resources to build-out
- Options to include parking, signage, etc.
The above elements will be taken into account along with how well each site complies with your Key Site Drivers (KSDs). The requirements that are particular to each client are these. They may consist of:
- Daycare
- Restaurants in the area
- Gym facility
- Closeness to highways/ mass transit accessibility
- Parking facilities
Last but not least, the overall safety of the area
2. Market Research
After determining your specifications for your Noida office space, a tenant representative will search the market to find properties that meet them. Price, location, and how well they fit your KSDs for your office space are all factors that will be carefully considered while evaluating suitable properties.
You will have access to property listings that are only available to brokers if you work with a tenant rep at this point. You might not be able to uncover all comparable properties in Noida if you are looking for office space there on your own.
Even worse, listings frequently lack information or are inaccurate. Markets for real estate are constantly changing. You can therefore end up contacting the broker for each property separately. When starting with 20–50 properties, this might be a difficult procedure (to allow yourself options and competition).
3. Property Tours
To be sure your potential office space is what it was represented to be, you must tour the places you are interested in. Virtual and physical tours are the two main types of touring.
Virtual Tours
You’ll probably take virtual tours of the offices once you’ve found ones that fit your needs. Since there are often 20–30 properties to start with, it is impractical to visit each one in person, which is why virtual tours are so common in the CRE industry. Additionally, social separation in business is practised whenever possible in a post-COVID world. Virtual tours are a practical and secure way to look at houses.
Following the virtual tours, you will select your first set of venues. After deciding which properties to pursue further, you should visit the places in person to further examine them.
In-Person Tours
Utilizing physical tours is essential when seeking for office space in Noida. Simply looking at the websites for potential office spaces online is insufficient. You are investing a significant amount of time and money. There should be no room for error.
Virtual tours are a terrific way to narrow the field of potential candidates down to roughly 6–8 sites. Virtual tours, though, should frequently be regarded with a grain of salt. The broker for the landlord will frequently lead the virtual tours of the office space. They’ll probably only show you the nicest office views in order to get the property owner the most desirable prospects. As it is uncommon to acquire flaws, you probably won’t notice them.
To make sure you are satisfied with a property that can end up costing your firm $10 million, you must see the homes in person.
Tenant representatives advise snapping photos while touring to recall each location (and its benefits and drawbacks) vividly. Additionally, it would be beneficial if you thought about the following:
- The building’s state
- Build-out required
- Safety of the area
- Proximity to the old office
Your selection of potential offices for your search for Noida office space can be greatly reduced thanks to the virtual and physical tour process. After this stage, you’ll probably want to focus on 3-6 properties.
4. Request for Proposal
Your tenant representative will submit each potential landlord a request for proposal (RFP) after you’ve narrowed down your choices to a select few. Important inquiries about the characteristics of the property are made in the RFP, such as but not limited to:
- Parking ratios
- Standards for measuring loss factor
- Base rent/ extra charges
- Detailed increases to rent/ operating expenses
- The cost of operating expenses in years prior
- The starting point of the tenant improvement allowance
To avoid any uncertainty, the RFP should be as specific as possible. You want to learn as much as you can about the office space you could be looking to rent. You can compare the remaining sites on an apples-to-apples basis by submitting multiple RFPs.
This analysis is thorough. Along with evaluating each potential lease’s Net Present Value (NPV), you and your rep will also determine how well other elements live up to your expectations. Regarding the rent, escalations, KSDs, necessary build-out, etc., a value analysis will be done.
You’ll make a second cut of the sites after this examination.
5. Final Selections
The internal boards of your business will assess the remaining properties for your office space here. To choose the best site, the worries of investors, stakeholders, etc. will be taken into consideration. Here, not only the financial aspects will be taken into account, but also a thorough examination of how each potential location complies with the standards and culture of your business.
6. Negotiations
The stage of the negotiation where you most need an experienced rep by your side is. Tenant reps or brokers are familiar with what to expect because they deal with landlords frequently. Corporate leases frequently exceed 80 pages, and tenant representatives are aware that a document of that length provides plenty of opportunities for landlords to mislead you.
Your tenant representative will look for any “gotchas” that were purposefully inserted (or left out) of the contract for your office space. The draught lease provided by the landlord will then be modified. Your representative and your attorneys will be collaborating the entire time to decide on the best course of action or compromise.
7. Execute Lease
The agreement will be put into effect once both teams have approved the lease you have negotiated for your office space. There will be a start date determined. However, build-outs will probably be necessary before moving in. Make sure your timeline includes a time for construction.
You should typically budget roughly three months for the refurbishment period when estimating the schedule for obtaining office space. Usually, a build-out takes between 60 and 120 days.
You should set aside at least 30 days for the move-in and adjustment procedure after the building.
Finding Office Space, in Review
You are now better equipped to look for new office space. Prior to searching the market, you must first outline your needs. Following your discovery of the houses that meet your requirements, you will visit, make your selections, and get in touch with the landlords to learn more. Your company’s internal management, legal staff, and tenant representative will compare the properties once the data has been gathered.
Following your choice of the ideal property, discussions will start. It may take some time, but it’s important to negotiate the terms that are in your best interest with regard to the office space.
Conclusion
There are a lot more things to think about if you want to select an office space that is right for you. Our description of the procedure just scratches the surface. Only a small portion of the prerequisites for a Noida office space are covered in this blog. You need also be knowledgeable about the following in order to locate the greatest office space:
- The time frame for seeking office space
- How to calculate how much space you need
- How long your lease should be
- Alternative leasing options
- Costs in your office lease
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