When you are launching a new business or relocating your current office space in Mumbai, it could be a dilemma between choosing between taking office space for rent and owning one.
Now, it is no secret that property prices in Mumbai are skyrocketing high. Unless you are a company with enough funds to spare for an owned office or have some specific reason to buy it, it is advisable to rent one.
Here are some good reasons to take office space for rent in Mumbai.
When you take office space for rent, you have to make an initial deposit (a part of which is usually refundable) and pay monthly rents. This investment is much lower than buying a property where you have to shell out lakhs or even crores, depending on your business requirements. Instead, you can use the working capital elsewhere in the business and earn returns. Also, you don’t need to borrow any loan or put any other personal/business property as collateral.
Future Expansion/Business Exit
If you are a small/medium-sized business or start-ups, you may need to change the existing office space as per the growth or expansion plans for your business. In worst cases, your business may also shut down. It is easier to move out of rented space and expand/wind up your business than buying a one.
No Administrative Hassles
There are umpteen administrative responsibilities such as repairs, maintenance, payment of utility bills, payment of taxes and renovation, among a few others to be taken care of with respect to a property. If you have rented office space, all these tasks are the onus of the landlord. You don’t have to bear any administrative management headache, except for the payment of a maintenance fee as decided in the rental agreement. Whenever there is an issue, all you have to do is to inform the landlord and follow-up with him!
A majority of rented properties are furnished, have a necessary office set up and equipped with phone and internet lines. You don’t have to empty your business wallet or spend time in these time-consuming tasks. You can simply move in furnished, ready to use office spaces.
These days, co-working spaces are quite in demand, especially among start-ups. Co-working spaces are available only for rent and not buying. They are fully equipped with every amenity that business needs to operate. These co-working spaces are available on weekly/monthly or per seat rent. So, co-working spaces are another great option under rented offices for start-ups or companies needing offices for remote teams.
Mumbai is one of the costliest property markets in the world. While a lot depends on the size, nature and requirements of your business, the pros are always in favour of office space for rent in Mumbai.