ENH Property Services

09/01/2014

09/01/2014

Office space vacancies in Mumbai fall for first time since 2007 :

Vacant commercial spaces in Mumbai have fallen in 2013 for the first time since 2007. Lease rentals and capital values for offices across the financial capital's commercial districts, barring Nariman Point have also seen an uptick for the first time after dropping for five consecutive years.

Despite uncertain economic conditions, absorption of office spaces or the amount of space taken over by new occupants, in Mumbai, rose 4.4% to 7 million sq ft in 2013, compared to 6.7 million sq ft in 2012. As a result, vacancy levels fell to 22.9% in 2013 from 24% in the previous year, according to a report by the real-estate consultant, Jones Lang LaSalle India.

17/09/2013

25 Workstation, 3 Cubical, 1 Cabin, 1 Conference, Server Room, Reception area & Fire exit

13/09/2013

How to lease out an office space?

Checklist for effective office/ commercial leasing:

1. Have a clear set of plans for the space you want to lease out. Get complete clarity on the carpet area and the chargeable area. (So, you have an area where your client can lay his carpet and you have an area for which you have to charge him.) Period. Do NOT use lingo like built up area, super built up area and others. Keep it simple. It will give you the advantage of simplicity.

2. Have a copy of the building sanction plans and all other relevant statutory approvals ready with you. A good corporate will conduct a due diligence of your property and your ownership. Be ready for this.

3. Mention the time frame for the lease. How long would you like to lease this property out to them? Keep it simple.

4. What is the electricity power load available for the premises? Get some clarity on this. Can this be upgraded? If yes, then what is the procedure? What will the corporate have to do to get that extra power load? What will be the costs involved.

5. Get a similar clear picture for the power back up as well. Remember that a good company can work out of your space only when you have a solid power back up provision. So create that edge.

6. In most cases, the flooring of the office being leased out by you needs to be finished. Ditto the washrooms in the office. These are two items that have to be finished by you. Be prepared to get this done. Its a necessary investment. :)

7. Mention your desired rentals first. Add maintenance, power costs and power back up costs according to what you think would work in the real world. Be as close to the real figure as possible.

8. A rent escalation of 10% to 18% can be expected every 3 years. The national average would vary between 12% to 15% in most cases. This is something you should comfortably ask the corporate taking space from you

9. Though a lot of folks look for 9 months' rent as security deposit, it makes sense to accept a 6 months' rent as security deposit if the brand is credible and adds value to your office space building and neighbourhood. In many cases, even a 3 months' deposit works. Choose according to the brand. :)

10. Be prepared for a one, two or three month rent free period. This could be the time asked for by the corporate to finish their interiors and stuff and move into the premises. A 2 month rent free is in vogue.

13/09/2013

14 Workstation, 1 Cabin, 1 Conference, storage area, Reception Area

12/09/2013

13 Workstation , 3 cabins , Conference Room , Reception Area Pantry & Toilet

11/09/2013

18 work Station, 4 Cabin, 1 Conference, 1 Server Room, Reception area, 3 Toilets & Pantry

11/09/2013

11 work station, 1 conference room(8 seater), 5 Cabins, Reception with Waiting area, Server room, Pantry & Toilets