It’s a tough call to take a decision at time, either you are in an office which is getting tired after the 3 or 5 year wear and tear or you need to be in a swanky newer block any pay a little more rent or move to another location to save some more money.
It’s a business and an executive decision to either renew or terminate an existing lease.
Mumbai as a city is set to transform over the next 3 to 5 years. What you need to review before you take a call are the following points:
1. Is the rent I am paying is it sync with the market or higher or lower as with built in escalations you may be paying a little more, please check your agreement for the same.
2. Where is your staff and team mates coming from, are you ok to be in the same office?
3. Does it have a Happy Office impression with your visitors with positive vibes or is the floor cracking or damages on the walls, furniture, chairs are just become a normal wear and tear.
4. What is the cost of moving out?
5. Have you factored in the future connectivity as which Metro station will be closest to you in future?
6. Do you need one office or can the office be split into 2 of operations and back end.
7. What is the supply coming in your vicinity, do you have any newer buildings coming up.
8. Renegotiate with your current owner, if he is willing to lower the rent or get your office repainted if you really want to be there provided you are paying a market rent already.
Moving means a lot of incidental expenses, legal agreements etc to be drawn up, but it’s equally important to understand the options. Sometimes, its good to move out and be in a newer space and of course it should be within the realms of your affairs.