Bangalore, generally dubbed as Silicon Valley of India, houses the biggest local and international technology companies. Over the recent years, the city has transformed itself into the best entrepreneurial ecosystem and financial environment to start and grow a business. So, for aspiring entrepreneurs, Bangalore has always been the first choice for starting up a business. But not everyone knows the right real estate strategy. For various businesses choosing the right office space can make all the difference in not just building your business but also in forming a strong team and developing the right work culture that can boost productivity. Here are some tips in deciding the right office space for your business, team, brand, and budget.
1) Type of office: Back in days, office spaces were procured traditionally. A company would lease a commercial space and get the interior fit-out done as per their needs. Though this is still practiced it is capital intensive and involves a number of certain hassles as well. With the rise of startups where funds are limited, team size is small and time becoming more precious than ever, today we have more options to consider:
a) Flexible/ Co-working space: In co-working space, people from different companies share the office space, allowing cost savings and convenience through the use of common infrastructures, such as equipment, utilities, receptionist, and custodial services. Co-working spaces typically charge per seat rather than charging per unit area being occupied, most suitable for startups or individual needs.
b) Managed office space: These are ideally suitable for medium-sized companies, requiring space larger than startups. All your needs interior, amenities, hospitality, and maintenance are taken care by the service provider. It’s based on concept of plug and play. Workspace can be customized according to your needs. The interiors, number of cabins, number of seats, amount of free space etc. can be modified without much hassle. Managed office space is charged per unit area rather than charging per seat.
c) Traditional office space: Usually suitable for large enterprises, with a good budget, large teams, longer commitment, and expected expansion. Commercial space is leased, generally, a floor or number of floors and office is fit-out as per the specific needs of the company involving a number of stakeholders. This step-up is capital intensive, engagement rigorous, time-taking, and less flexible.
2) Location: It is one of the most important aspects when choosing an office space. As a business owner, you need to ensure it is close enough for your team members to commute. In a city like Bangalore, infamously known for its traffic, getting stuck in traffic for hours can adversely affect the productivity of your employees.
You also need to ensure that it is accessible by both public and private transportation, employees don’t have to worry about getting to and from work daily. Meanwhile, clients can find your office easily. Another factor that can be considered is amenities nearby your location like restaurants, malls, banks, coffee shops, etc. This could be helpful for both employees and business purposes.
3) Right price: You need to think strategically over the price of office space because it will directly impact your net profit. Real estate prices are primarily affected by its location. In Bangalore, having an office in MG road is advantageous as it is centrally located but prices are high. You need to ensure the office space is the right fit for your team considering formal, informal and ancillary space requirement along with growth prospect of the company. You also need to ensure lease agreement correctly conveys all the services you will receive for the price and that there are no other hidden charges.
4) Workplace for success: The design of the workplace significantly impacts employee productivity, engagement, and satisfaction. It is important to keep in mind that employees need four key areas in the office where they can focus, collaborate, learn, and socialize. Employees who enjoy and like their work environments will be more engaged, productive, happy, and healthy.
Also, the look and feel of your office reflect your company culture and says a lot about how you value your business and your employees. The key factors to be considered in terms of office design are office layout, natural and artificial lighting, air quality and ventilation, noise and acoustics, look and feel, and proximity to nature (e.g., plants and natural scenery).