Tag Archives: office space gurgaon

Furnished Office Space in DLF Corporate Park

Furnished Office Space in Gurgaon

DLF Corporate Park is a building that is very conveniently located just on the Main MG Road, Gurgaon (more towards the Delhi side of MG Road). The advantage of looking for a Furnished Office in this building is that it is very close to the Metro Station and is a building that is conveniently located. Although old, but retains a good old charm.

About the Space:

This Fully Furnished Office Space in DLF Corporate Park is about 4 years old and the landlord would be happy to refurbish the space, located on MG Road, Opp. Guru Dronacharya Metro Station Area :

Details of the Property:

Total Area: 7500 sq.ft.

Rent: Rs. 120/- (Negotiable)

Workstations: 83

Cabins: 6

Conference Room: 1 (20 Seater)

Pantry : 1

Reception: 1

Washrooms: 1 Men/1 Women

Location Map:

Building Images:

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Commercial Space Gurgaon

Commercial Office Space Gurgaon

Office space in Gurgaon has come a long way, especially the unleashed creativity for the office interiors, most of the companies prefer to go with Customized Office Interiors these days rather than already fitted out spaces and it makes a lot of sense…more than anything else, work environment these days is a priority and interiors of a space take the lead in creating a good working environment. When companies go with the custom furnished office spaces, they can play with their own brand colors and plan the space totally as per the desired specifications, from the flooring to the ceiling to the entire office space.

One great example of custom furnished office space is the new office of Panasonic, which has been created to meet the needs of the current times with state of the art facility to allow for work and play, very unlike japanese companies, panasonic has also realized the importance of having work spaces that are not just work horses, but a lot more to do with engaging and involving people into the organization through various ways.

Great example to lead the way to what is expected from Office Spaces in Gurgaon

Here are some pics….Source of Pics ET Realty.

Solution to Space Expansion Problems

Office Space for Rent in Gurgaon

The problem of Space & Expansion: In our experience of working with various multinational organizations, we have had one typical problem that has always been there without a solution, let’s understand the problem first:

All businesses like to grow and plan their growth over a period of time, so they start with a smaller team initially and over the next 1 or 2 years, if business is good, they grow out of the space, they hire more people as they grow but the space doesn’t grow with the number of people… ultimately, they have to move the entire office and spend more resources and time in relocating. During the initial phase of office space acquisition, the tenant would have either spent a huge amount of money on doing up the interiors of the space or would have signed up a lock-in period in case the landlord would have done up the space. In either case, the tenant would end up losing money, time and resources to relocate. But the point is that the business growth cannot be stopped when the going is good…

So, the question is if there is a solution to the problem? How would it be possible for the tenant to expand within the same building or on the same floor? Well while there is no real answer to this problem, we believe that there are some ways in which one could possibly cover up for the proposed losses. Here are a few things that one could possibly consider when it comes to finalizing the office space for rent.

There are two things that one should look at, out of these, one is pertaining to the documentation and how the lease is to be worded, and the other is more of a physical aspect of the space that you finalize in the first place. So, let’s look at what would be a good thing to add in the Lock-in clause or on the overall lease. There are two ways to cover up for some of the losses or let’s say proposed losses should the company want to expand and move to a bigger size office. The first recommendation would be to reword the Lock-in clause to read something like this:

“That in case the company terminates the lease before the lock-in period is over, it will have to pay to the landlord the rent for the remaining period of the Lock-In period, however, in case the Lessee can find a suitable replacement tenant within the Lock-in period that is acceptable to the Landlord, in such case, the Lessee would be exempt from paying the balance month’s rent of the Lock-In period.”

This of course is to capture the essence of the clause, I am sure different lawyers would find different ways to word the same clause.

The second way that I believe should be interesting is to look at a space which is a larger space held by the same landlords and take a “First Right of Refusal” on a predefined additional space that is adjacent to the space being leased and also add a clause within the lease with a minimum time period for the clause to come into effect. e.g. if you are signing this clause in the lease, it would be great if you could get the landlord to agree to making this clause come into effect after 1 year or operations and that the landlord to keep this specific space empty for the 1 year period. (Although it is difficult to get the landlords to agree on this, but it is a possibility and should not be ruled out.)

Typical Commercial Leasing Terms

Office Space Gurgaon

Just like every city, Gurgaon too has over a period of time arrived at what can be called a Typical Lease Terms. While all lease documents are custom built, however, over the long number of years and multiple of commercial transactions that Gurgaon Office Space has seen over these years, it is kind of become a norm to go with the below mentioned Lease Terms.

Typical Lease Terms:

In case of Custom Furnished Spaces
Base Rent (Fully Furnished) As Agreed post negotiations.
Lease Tenure 9 Years (3+3+3)
Maintenance As per the building chosen.
Rent Escalation 15% Every 3 Years
Lock-in Period (Customized Furnished Spaces) Minimum of 3 Years
Security Deposit Equivalent to 3 to 6 Months Rent
Advance Rent Equivalent to 1 to 3 Months Rent
Notice Period (After Lock-in) 2 to 3 Months
Other Terms Can be Mutually Finalized

 

Typical Process for Office Aqcuisition

 Office Space for Lease Gurgaon

Every transaction is different, however, there is a typical acquisition process that we have defined for transactions of both Ready to Move Office Spaces as well as Custom Furnished Office Spaces in Gurgaon. As part of our continuous endeavor to help our discerning clients looking for office space in Gurgaon. We have compiled a typical process chart. We hope this helps in your pursuit of finding the ideal office space in Gurgaon.

Typical Process:

Ready to Move Spaces Custom Furnished Spaces
  • Understanding of the Brief.
  • Shortlist Options & Discuss Each Option.
  • Site Visits to View Shortlisted Options.
  • Finalize One Option.
  • Negotiate.
  • Closure.
  • Documentation.
  • Hand Over.
  • Understanding of the Brief.
  • Short List Options of Bare Spaces.
  • Site Visits for the Shortlisted Options.
  • Finalize One Option.
  • Meet Landlords to discuss modalities/Deliverables.
  • Financial Closure.
  • Work with Architects on finalization of the layout plan.
  • Execute Final Agreed Layout Plan.
  • Documentation.
  • Handover.

 

Know Before You Go…

Office Space for Rent Gurgaon

Know Before You Go: As part of our endeavor to maintain utmost transparency with our clients, we believe that it is our responsibility to educate clients on some other costs that you should be aware of while signing up for an office space in Gurgaon.

  • Super Area: Any quotes that you may receive in Gurgaon would be on Super Area basis, typically the wastage would be anywhere between 30% to 35% to arrive at carpet area.
  • Maintenance Charges: Typically, when you get a quote for any premises, it would be on the Base Rent basis. You should be aware that there would be an additional charge of about Rs. 15 to Rs. 20/- per sq.ft. per month, which would be charged as a maintenance charge, which typically includes The Common Area maintenance, The Elevator Maintenance, The Horticulture Maintenance, The Power Back Up Maintenance (The bill for power back is as per consumption), In most cases, the Air Conditioning is included in the Maintenance, however the AHU billing is part of the electricity meter reading.
  • Lease Registration Charges: These are charges that are spent on the stamp duty to be paid to the government for registering the lease; it is a one-time cost for the 9 year period of the lease tenure and is typically shared between the Landlord/Tenant equally.

Illustration & Formula for the Lease Registration Charges:

 

Expense Heads Costs
Stamp Duty (3% of Average Annual Rent for Lease Tenure) e.g. for a 5,00,000/- per month Rent, the Stamp Duty costs would be approx Rs. 2,08,350/-
Other Government Charges 16,000/-
Legal Fee 11,000/-
  • Electricity Charges: There are two kinds of electricity bills that you would be expecting, one for the government supply and the other for the power back up. Both these are typically metered and separately billed every month.
  • Parking Charges: Typically, you would get 1 Car Park per 1000 sq.ft., but that is not the thumb rule, it really depends from building to building. More dedicated car parking spaces generally can be acquired at a cost of around 2,000 to 4,000 per car park per month, depending on the building and location.
  • Brokerage Fee: Typically the brokerage fee is equivalent to 1 month rent in Gurgaon. However, we would love to add BresMed in our portfolio, so will be happy to negotiate on our terms.

 

Primary Business Districts in Gurgaon

Office Space Gurgaon

Business Districts in Gurgaon:

It is nice to understand the macro office space scenario before going to the market for hunting the ideal office space for lease for your company. So, here is our endeavor to educate our clients and prospective companies looking for office space in Gurgaon.

Over the last decade, there has emerged a clear demarcation of what have come to be known as the primary business districts of Gurgaon, these include:

Office Space in DLF Cyber City:

DLF Cyber Hub is the most populated location for companies in Gurgaon, however the challenge of parking spaces and traffic snarls has become a bit of a challenge here and is not favoured by a lot of companies looking for smaller areas, but works well for larger areas over a 30,000 sq.ft. and above. Dlf created the Rapid Metro and connected it to the main metro stream to provide a boost to leasing of the areas and to ease the traffic.

Location Link : https://goo.gl/maps/qbPy2cGMjjk

Office Space on MG Road:

MG Road is very prime and also on the metro route, offering both commercial & IT buildings with a mix of small & large areas. There are a host of good quality buildings in this vicinity offering very good quality office spaces.

Location Link: https://goo.gl/maps/UCgSwoEo76y

Office Space on Golf Course Road:

This is what can be considered as the upmarket are ain Gurgaon from the Residential perspective and also has become like the downtown of Gurgaon. With the Golf Club being in this vicinity, a lot of good quality companies prefer to be here. The metro work is currently underway and is expected to be completed by November 2016.

Location Link: https://goo.gl/maps/Le5cULryLDT2

Office Space on Sohna Road:

This is the new business district that has recently come up, and a host of companies have acquired large areas in this location. The primary reason being cheaper spaces, with modern buildings. A lot of companies shirk away from this location, because of connectivity being poor from metro. But independently, the areas has developed quite well.

Location Link: https://goo.gl/maps/Ly3ji7T8AjN2

Office Space on Golf Course Extension Road:

This is the upcoming upmarket location of Gurgaon, which is likely to become the next big destination for corporate and businesses, recently Pepsico & Religare have acquired a large area to move the entire operations to this location. This location is also going to have the first Grand Hyatt Hotel in north India, which is under construction at this point in time. Connectivity at this point in time is a major problem in this area, however, with the Golf Course Road Metro being completed, that should be a relief.

Location Link: https://goo.gl/maps/TkYNsHmAW2S2