Bangalore has all the makings of a business hub. After all, it is the fourth biggest contributor to the national GDP at $83 million. One of the reasons is that it has many national and international IT ventures here. The other reason is that many parks botanical research institutes are here in the Garden City.
Growing office space demand
All this has led to rapid growth so much so that there is no place left in the city proper for any new ventures to grow. Due to this, the remaining office space in Bangalore is being let out as shared office space. More offices are able to share the limited space available.
Benefits of shared offices
The benefits of the shared office are numerous. Businesses get a place in the prime business locality and get connected to the business services which enhance their productivity. The cost is now shared among more than two or three business ventures making the overheads low. All the facilities of a regular office are made available to the businesses sharing the office.
Temporary office space
Building owners usually break up the space available in the building into smaller units. Usually, this results in some spaces that are ‘left over’. He lets this out for those businesses that need a temporary office. These temporary offices are short-term offices and will soon be empty again. One of the types of short-term office is the part-time office.
The main regions in the building is split among those who seek long term offices and permanent offices for more than 5 years. While the building owner may not like the idea of having a constant factor such as the permanent office in his or her building, these tenants pay the most rent. So, they are given preference.
The long-term offices are those who want the office for 3-5 years. These businesses also pay good rent. Under this category, you will find sub-categories such as branch offices, project offices, and regional offices. When the business undertakes a rental, the building owner will ask for what purpose they need the office. The office space is let out as per this need.
High demand for part-time offices
Among the small office space for rent in Bangalore the ones most favoured by businesses is the part-time offices. This is because most of the start-ups have no space to work when they begin their venture. And since a good office building projects a solid impeccable front to the customers, the new entrepreneurs will take up a temporary office in a good location. Once they have established their business, they will move on to another place that may not be as prominent as the present one.
Many of the offices will provide concierge services and a parking valet. This helps establish the class and it serves to impress the customers who look for things like this to build their view of the business.
Getting office space in Bangalore is tough. Businesses need prime location for establishing themselves. The increasing demand for office space has made Bangalore a prime investors and entrepreneurs paradise.