Friday, 13 June 2014
Tuesday, 10 June 2014
Bangalore Office Space Grows 50% in 4 Years
Bangalore office space expansion is aiding speedy development in housing and retail markets.
Although Bangalore’s transformation from ‘garden city’ to ‘silicon valley of the east’ took almost 10 years – and the overall engaged office space touched 50 mn square feet in early 2009 – the subsequent round of growth is happening much quicker.
As per a report by Jones Lang LaSalle, office real estate is anticipated to touch the 100 mn square feet by 2016. That is a increasing of the stock twice in just 7 years from 2009, and a 50% growth to the existing level of about 70 mn square feet.
Bangalore’s office market has observed a compounded growth rate of 12% in the last 4 years, which is among the maximum in the country. In 2012, the leasing action in Bangalore’s office market guaranteed vacancy levels below 10%, which is lower than the national average of 15%. ““The demand-supply gap is the lowest in Bangalore, compared to all other metros in the country, which will not only ensure sustained growth but also an increase in rentals over the next few years,” said Sanjay Dutt, executive managing director, south Asia, Cushman & Wakefield, adding up that the city has seen the maximum occupation if office space in 2011.
“The availability of high quality, office spaces at sub–dollar rental levels and access to skilled workforce continues to drive Bangalore’s growth. The creation of new office space in the past three years has been rapid and at this rate, the city is expected to touch the 100 mn square feet landmark in record time,” says Karun Varma, MD, Bangalore & Kochi, Jones Lang LaSalle India.
According to the Jones LongSalle report, the landmark will have a wide range of references – from development of infrastructure and job formation to residential and retail growth. “The addition of 30 mn square feet to the existing stock in the next four to five years translates into an addition of around 300,000,” said Varma, totaling that the growth in employment will cause a increase in disposable incomes and therefore consumption.
Housing units being one of the most preferred traditional investment choices, a rise in income could mean an investment in second homes for many households. “The trend of second homes is gaining credence. “Bangalore’s residential market usually mirrors its office market trends and is driven primarily by end users. Keeping with the growing office market, the residential market will also continue to grow over the next five years,” said Sunil Mantri, chairman, Mantri Group.
With each square foot of office space leading to formation of three square feet of housing space, it is expected that a further 90 million square feet of housing space, factoring for almost 75,000 new homes, will be formed in Bangalore in the following five years.
Visit: Office Space Bangalore
Tuesday, 3 September 2013
6 Important Ways to Save Money on Office Space
The price and the
operating costs involved in managing an office may really interfere with the
complete end result of your company. Right from IT maintenance to utilities and
office rent, the expenses are continuing. Actually these costs are needed so as
to make sure an effectual as well as smooth running of your business. Taking
into account this fact, it will not be wrong to admit that it can be a truly
big challenge to keep these expenses under a tight inspection. However, by
adopting just a few steps will aid you save money on your office spaces.
1. Owing
v/s Leasing
The initial thing
you will want to think about owns v/s leasing. And when you are just starting,
the latter may give the best option. The basis for this is that leases are
generally less costly than the cost of a mortgage, all things being the same.
This could mean that you are able to find a location that provides you with
access of the demographics you are seeking, along with providing easy entrance
for both vehicle and foot traffic. Additionally, leases have limited terms, so
if you end up needing to move to different site for some reason, you won’t have
to be anxious about selling your present commercial space. You can easily up
and move when the terms of your lease run out.
2. Negotiate
and Re-Negotiate on your Office Lease
Although it is
something as ground as the office lease, you hold never introverted from
negotiating. Keep in mind; you can truly save a fraction of your budget if you indulge
in some of negotiation. Actually, in the present era when the office vacancy
levels are undergoing an exponential rise, the liability of re-negotiating for
office lease with your landlord stands a good chance. Rather, office spaces
generally are concerned with a wide variety of typical negotiable expenses.
Occupants are suggested to take expert advice on the negotiable expenditure so
as to obtain the best deal. However, you can also strive negotiating on
definite concessions such as the lower rent or on fetching more space at the
present rate from the landlord.
3. Shared
Office Space
In terms of saving
extra money on overhead, you could also reflect on employing a shared office
space, an alternative that has become amazingly popular lately, mainly in
metropolitan cities like Bangalore. These shared offices give you the chance to
rent a space as small as a single desk in a room full of desks or as large as
an enclosed room that can home quite a few of your employees. You will use the
building in common with other business interests, certainly, but you will pay
only for the office space you require and you can even choose to go with a
building that caters to your industry so you don’t have to cope with all manner
of businesses and their patrons. Certainly, another alternative is that you
could manage your business almost by enabling employees to telecommute rather
than show up in reason, considerably dipping your overhead expenses in the
process.
4. Reassess
all Your Office Requirements
When it comes to cutting
back on office spaces, reconsidering all your office requirements can truly
serve as a real useful option. You can even try to go in for the office spaces
that by now come with a kit out. You can in fact save a good fraction of your
money based on what all things you need in your office. Try getting an office
space that is already fitted with all your requirements and other preferred
stuff. Procuring a ready-made office with all the equipment and supplies is a
cheaper option than purchasing all the tongs separately. In addition, for your
existing office you can think switching up your suppliers so as to save some
real cash. Don’t get fixed to one particular supplier. You never know when the
other supplier might be offering the same things at a bigger discount.
5. Make
the Best Use of your Office Space
With office rents
reaching the top, you must strive hard to ensure that you are really employing
each square inch of the obtainable space to the maximum. Though this does not
involve filling up every cubic meter with something or another, it is more
about designing your office space in a way that improves the usage of the space
and also finally boosts up the efficiency of the employees. Go in for a
workplace assessment in order to make sure that your office space configuration
and plan is being used to its maximized benefit.
6. Think
Cautiously Before Deciding a Location
Most people do not
think about the location parameter while taking into account the factors for an
office space. Actually, all they think is to think about place which is in
proportion to their personal preference. However, it is surely much more than
that. Keep in mind, the cost of an office space varies considerably as per the
location. Thus, you must never choose for a costly location until it offers you
an additional benefit in terms of your patrons.
7. Taking
Up ECO Friendly Practices
This can in fact
help you in saving some money. Ask all your staff members to ensure that their
computers are completely switched off at the end of the day. Also, consider switching
off the lights completely or better consider the motion sensor lighting system.
This practice is more useful for smaller businesses such as the small offices
in Bangalore.
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