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Tackling Rising Real Estate Costs and Underutilised Office Spaces Effectively

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    Tackling Rising Real Estate Costs and Underutilised Office Spaces Effectively

    Posted on July 1, 2022

    Smart decisions are the key to a successful business. In order to make the most, a manager should be able to foresee the emerging trends in the business, analyse their impact, and then take well-informed decisions for a formidable gain. The ability to quickly find an optimum solution paves the path to a successful venture.

    Two major complications with regards to office space one often encounters are:

    • Skyrocketing real estate costs
    • Less than optimal utilisation of office space

    Here are a few pointers that will help you figure out the “whats” and “hows” of such issues.

    Escalating Real Estate Costs

    Acquiring property for a business is a very tedious process that involves several professional and legal issues. Moreover, one cannot totally avoid real estate costs. In addition to the obvious rent, lease or property costs, real estate also involves associated costs:

    Prominent Location

    A business in a prominent location generally turns out to be more profitable, because not only does it attract more clients and project a brand image, but it also promotes employee satisfaction as it offers ease of commute.

    However, offices in premiere locations come at huge costs that generally de-motivate the buyer.

    Brokerage Costs

    Brokerage charges are the fees charged by a realty agent to facilitate transaction between the buyers/tenants and the sellers/owners of the property. Mostly, when the intent is business, the agents charge erratic amounts.

    Stamp Duty & Registration Fees

    A certain amount of legal expenditure, such as stamp duty and registration fees, is involved in real estate registration. Unless the registration procedure is completed, one doesn’t have legal ownership of the property.

    Other additional costs of real estate include infrastructure, furniture, fixtures and maintenance charges. These associated costs are constantly escalating, making real estate a huge concern for managers.

    Underutilised Office Space

    Mostly, people tend to take up large offices for their businesses in order to avail flexibility. However, most of the office space and infrastructure remains unutilised. While this seems to be a relatively smaller issue, one actually spends a large sum of their budget on infrastructure that isn’t optimally used, in the form of maintenance, repair etc. Unutilised or underutilised space also amounts to a huge expense in terms of the rent or lease paid for the space.

    Moving to a smaller office won’t solve this issue, because then, one would have to compromise on the flexibility larger offices provide. For example, expansion would again require moving to a larger office thereby incurring large additional costs. Also, a smaller office also proves to be a hindrance in conducting professional meetings and conferences.

    Take the Coworking Space Advantage

    For a professional and hassle free solution to the problems of real estate costs and underutilised office space, Coworking Spaces are the path to take. Coworking Space optimally address these issues in the following ways:

    No Additional Costs

    Coworking Spaces are fully furnished with the required infrastructure for your business. This solves the problem of erratic real estate costs by providing a simple solution of a monthly all-inclusive bill.

    Prominent Locations

    With Coworking Spaces, one can avail the advantage of prominent locations at no extra cost. This way, you can rub shoulders with the corporate giants of the industry and build your brand image.

    Flexibility

    Coworking Spaces offer a range of layouts and sizes, as per your requirements. As your business expands, you can move into a larger office space as easily as moving next-door.

    Cut Costs on Unutilised Infrastructure

    Pay only for what you use. If your office isn’t using up all the space, enhance your business efficiency by moving into a smaller office and mitigate costs on unutilised infrastructure.

    Additional Facilities

    Professional fully equipped meeting rooms, training rooms, and conference rooms can be availed as and when required, thereby allowing you to save costs associated with them. You can also avail value-added services such as secretarial, and receptionist.

    Coworking Spaces at Avanta Business Centre

    Avanta Business Centre offers state-of-the-art Coworking Space at the prominent locations of Connaught Place, Nehru Place and Saket in New Delhi, and in Gurgaon. Avanta also provides a comprehensive range of services including fully furnished Managed Offices, well-equipped Meeting Rooms, and flexible Virtual Offices.

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    Author: Anvesha Sharma

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