Broadly, if you go in an organised manner then getting an office lease may not be a very difficult task and at realestatemumbai.com we have gone shoulder to shoulder with you in ensuring that you are guided at each step of commercial office space leasing for a long term lease in Mumbai or a short term lease.

We have also learnt to take very step by step approach in this and making sure that each one of us be it from your Company or from our team are on the same page to evaluate various properties, locations etc.

Define your requirements Locating the most Suitable property Looking around properties Make an offer to the owners/negotiate Plan and evaluate

It is important that you understand your office requirements beginning from the number of people required to be in office, future growth prospects and which location you need to be in Mumbai keeping in mind the distances and convenience of key people and commuting etc. It is essential for you to know your budgets as well per month and hence the importance of your CEO and CFO to decide finally as they will sanction this or would require a board approval. Hence, before stepping out take all of these matters into consideration.

General Processes

• Which location is most suited for your kind of business and if you are able to get what you require in the budgets in the same location? If not, then what are the alternative locations?
• Are you happy with an older building or your business and the Company demands a new glass building as it is important for your profile and your clients view towards you?
• No. of people to be seated in the office along with the space for some expansion over the next few years etc. You need to determine the area required keeping in mind also the different between carpet (useable) area vs Built Up area (Chargeable). In Mumbai, the difference in this could be upto 45% in Commercial Real Estate and around 55% in Retail Space. Hence, it is imperative for you to understand each property and its area efficiency and then decide accordingly. The older buildings will have a better efficiency by default.
• What is the tenure of the license agreement you would like to enter into a lease, in Mumbai you can typically sign a leave and license agreement for anywhere from a period from 1 Year to 5 Years.
• Once you have shortlisted a location, you can identify the suitable properties in that area and then go ahead and move towards short listing them.
• You can shortlist them on the basis following :
  • Condition of the Building
  • Condition of the office from inside, how many cabins, cubicles, conference rooms, server room, store room, pantry etc. this is typically based on your needs and requirements.
  • What kind of Air-Conditioning does the property have and how old are the air-conditioner or are you required to get the AC. If you are required to get then what will be the cost to you or if the owner can volunteer to take this cost or structure it out in the lease rent transaction as this is a huge fixed cost to you.
  • Parking Spaces
  • Other occupants of the building
  • Proximity to stations, traffic, noise pollution and in general cleanliness
  • Ease of transaction and who the owners are and how flexible they are in dealing with you and your company
• Understanding commercial terms and evaluating the process of negotiations
• LOI drawing up and getting the required ownership proof from the owners
• Understanding the property layout and engaging your architects, interior designers etc.
• Legal agreements drawing up and finalizing the contract and handover with the deposit and rent

We at realestatemumbai.com advise you through each and every step and ensure that we represent you well and take care of your interests.

For any further details please mail us.