This article gives a brief explanation of the real estate business in general and focuses mainly on pointing out the benefits of investing in a commercial office space. It lays down the factors that determine the amount of office space required. This article also gives a list of essential elements of good office space. To summarize everything, it has all the important points that need to be kept in mind for the creation of an ideal workplace.
Real estate is an immovable property consisting of buildings and other structures attached to the land. It can be categorised into four sub-sectors – housing, retail, hospitality, and commercial. The demand for spaces is at an all-time rise due to the growing population of India. Thus, the need for both residential and commercial real estate has considerably increased. These spaces are either bought or rented based on the requirement of the people. The residential real estate is mainly developed for people to live on. It is either available for occupation or non-business purposes. It has single-family structures or multi-family structures.
On the other hand, commercial real estate is exclusively used for business purposes. The intent behind the commercial property is to generate profit either from rental income or capital gain. It is predicted that the real estate business is likely to keep growing significantly in the future. The demand for residential and commercial spaces in both urban and semi-urban areas is gradually increasing. Getting commercial office space for rent or sale is a crucial element. It is an expensive exercise. Thus it is essential to understand the right amount of space needed to carry out business. Here’s a list of factors that determine the amount of commercial office space that is required.
- Nature of business.
If the employees have outdoor work and are going to spend most of their time outside their workplace then a small office space is sufficient. But if the employees need to work on their workstations for most the time, then a bigger office space is necessary. A small space for employees who are required to work at the office desk can be a discomfort. Also, workers who are required to perform their work with the help of heavy types of equipment need more office space. The use of multiple resources of material to carry out their work will automatically require more office space.
- Number of workers/labours
It is based on the number of employees. The size of the commercial office space required can be determined by the total employees to be accommodated in the present with provision for expansion soon. The lesser the number of employees the less will be the usage of space. The accommodation of workers, equipment, and furniture is an important aspect that cannot be ignored. The arrangement of equipment and storage facility also need attention.
Employees’ privacy
The psychological need for privacy while working on a mind-boggling assignment is mandatory. The work type of every employee influences the need for privacy accordingly. As personal workspace is directly related to the status of the person in the organization.
- Availability of space.
Another important point that plays an important role is the availability of space is the desired location for the commercial office space. Most of the time company owners look for office space rentals at a more profitable location. With growing technology, it is not very difficult to find the best commercial office space for rent online. Many people search for “office space for rent near me” online based on their requirements. The online websites offer different categories of searches based on locations, including “office spaces near me” to any place they wish to find an office space.
- Capital invested by the owner.
Know the value of the space before investing in it. If you are planning to use the place temporarily and then later put out the commercial space for sale. Then think about the money value of the property. Smart investment is the deal maker in the commercial real estate industry.
- Movement
The right amount of space provides flexibility and enough room for movement. If you look forward to holding client meetings and open spaces meetings with the employees then a moderate size of commercial space is necessary. It all depends on the purpose of the office space. Every type of business requires different types of offices. The purpose and type of commercial office space play a key role in understanding various elements of perfect office space.
Investing in a commercial office space is not a bad idea as the commercial market is accelerated towards growth.
Let’s discuss the benefits of investing in commercial office space:
- Prime location.
The location of your commercial office space greatly affects the reputation and growth of your business. Getting a property loan becomes easier as there are fewer chances of loss if your office is located in a busy office hub site. The strategic location of your office increases the credibility of your company. The visibility of your commercial office space boosts your business and the confidence of the employees and associates. A well-planned location that is in proximity to other hubs is a huge attraction to big clients.
- Connectivity
If your office is easily accessible by the clients, it increases the workflow of your company. Convenience and accessibility to reach your office mean you have the locational advantage to offer to your employees and clients. The connectivity of your office is of utmost importance which makes it easier for people to find your workplace. Therefore, investing in office space is a very good and safe idea.
- Good return on investment.
The location and connectivity of your office space promise a good return on investment. Commercial real estate is in great demand with more and more people investing in their businesses. You can give your office space for rental purposes and make it a source of good income. Or you can put your office space for sale and earn a good amount of money in bulk. In both scenarios, you are at a profitable receiving end.
- Maintenance of property
The value of a well-maintained property is always high. Investing your money on maintaining the structure both internally and externally increases the value of your property. Thus, you will never be in a loss position. The interior should have proper ventilation, lighting, flooring, and furniture. If it’s a warehouse, it should be well-equipped and the condition of the types of equipment should also be on point. For this purpose, you will need to maintain them by doing time to time renovation and repairing. This will as a result enhance the market value of your commercial real estate.
- The commercial industry is constantly growing upwards.
With passing time, the best spaces are being bought and occupied for commercial purposes by big businessmen. Having a commercial estate property is the smartest move one can make at present. As the demand for more space is increasing day by day, investing in land is considered a long term investment.
For a perfect office space, one needs to keep in mind the following elements. If you are thinking of starting your own business in your preferred commercial office space, then you need to have a look at these points.
Elements of good office space:
- Location of the office.
- Accommodation facility.
- Good interior including ventilation, lighting, air conditioning, well equipped
- Functional space.
Last but not the least let’s take a look at the essential elements needed for the creation of an ideal work environment:
- Effective supervision and managerial skill of the employer
- Formal code of conduct.
- Open communication between the employer and the employees
- Offering a work-life balance to the employees.
- Motivational spirit of the team.
- Leadership and not a dictatorship.
The creation of an ideal work environment is the biggest task when handling a company. The members need to feel like a team and work towards increasing profit. The commercial office space for being an ideal workspace needs to practice these above-mentioned points. In the coming years, there will be more demand for good office spaces in the country. Maintaining a work-life balance is very essential to increase the productivity of the employees. A constantly stress-filled environment affects the working pattern and as a result, affects business. Considered a long term investment, commercial real estate profitable whichever way you want to use it. Thus, it is a good idea to start investing in the real estate business right now. There is a bright future for anyone who wishes to invest in commercial estate property. From putting your office space for rental to sale, you should consider all the benefits and work towards achieving it. Have a look at this Youtube video to understand the concept of commercial real estate better.
Also read: 10 Rules Of Commercial Real Estate Investing
