Start-ups and Office Space growth
The spirit of entrepreneurship is indeed a blessing for India. There are three main reasons for the start-up growth, which includes digitization, a large pool of investor funds and globalization. The growth of start-up companies has resulted in the growth of ancillary sectors like real estate and office space. In the metros of India, startup offices have mushroomed like never before.
Property consultant Cushman & Wakefield in its report has pointed out a 15% growth of leased office space across India in the first eight months of 2018. The total space consumption is expected to touch a record 50 million square feet by the end of the year.
Of course, it is not just the new, but the existing corporate offices too, which are responsible for this growth. The net result is an overall growth of all types of office spaces, Virtual, co-working, shared, and regular. The smaller companies have led to the perceptible growth of co-working spaces in Mumbai.
The start-up space requirements
The start-ups have different operational dynamics altogether, as compared to the functioning corporate companies. Most of such new companies have skeletal staffs. In fact, some of them start as one man or two people team at the most and remain so for at least one year or so. In the early stages, they are more of freelancers. Some of them are self-funded and those who are able to get investor support have conditions imposed upon them on spending.
This means a restricted budget and thereby controlled operational expenses. The office infrastructure is the most important part in economizing the expenses. Among all the cities, charges for office on rent in Mumbai can go over the top so it is necessary to evaluate the various options available before finalizing on one.
Types of office spaces available for your start-up
- Virtual offices – As the name suggests, these are offices with certain basic services, but without the actual physical space. By incurring a certain minimum cost, additional services can be availed. This includes address, phone answers, documents received, and despatch. Virtual office, in reality, uses technology like video conferencing and unified communications rather than actual space. There are several options of virtual offices in Mumbai and other major cities.
- Coworking spaces – Offer a common working space and environment for different groups of people having varied work profiles. Starting from cubicles with single desks and isolated cabins to a lobby zone, there will be everything that a start-up owner might look for.
- Shared working spaces – It is the same as co-working but with more amenities. It is typically suited for those ventures which have reached the expansion stage. The shared office spaces in Mumbai offer good amenities at affordable rates.
Workloft – The Ultimate Place for Startup Office Spaces
The need for a higher office can be considered once a business sets into a growth track. But until then, the objective is ideally to find out the most appropriate office space for your startup that requires minimum rent but provides all the necessary facilities. At Workloft we provide dynamic office spaces at the most affordable rates and with the best of facilities.
If you or any of your entrepreneur friends are still hunting for furnished office space for rent, then make sure to visit Workloft’s website today.
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