Having a space for office in Central Mumbai has been a tough issue over years. Mumbai being the hub of India’s commerce the price for office spaces had always been on an escalated level. No matter how costly it might get but a space in Mumbai is always in demand for any top businessman.
It used to be a dream for many to set up their office in peak business centre of Mumbai like the Nariman Point and similar. It used to call for sheer luck to get availability in those areas and also was high expense from savings for rental purposes. Buying an office in the business hub of Mumbai was not a common thing among the new business players. These areas were always the zones of the market leader.
The Unexpected Happened:
Mumbai over past decades has observed a change in the historical clash over land for office places. Few years back the unexpected happened, changing the trend of costly work place into an affordable zone for new comers in commercial segment. The rental values of the office spaces have slumped down to a great extend from the previous trend. Not only the rental amount has seen a deep fall but also the vacancies. There is a good amount of vacancy in the present Mumbai Commercial sector has been created. Even the expected surge of office rentals has come to a halt.
Some probable Reasons for the fall:
As the rental rates in the commercial hub was increasing steeply many small organizations closed down their business instead of looking for cheaper rental offices. This created vacancy in the high quality offices for entrepreneurs with less budget of investment. This gave rise of situations where the demand of having office in prime business location deceased and attention of growing business hub shifted to the suburbs. This not only gave opportunity for new entrepreneurs in start up business but also provided business opportunity for people looking for Co-working space in Mumbai.
Though the central real estate market has faced a slump along with the office rental values, there has been a rise to a new segment of entrepreneurs who dreamt of having exclusive and well planned office area in Mumbai. The fall in the rent of office spaces have given a breathing space to the new comers in the market to settle their own business in new offices. On one hand there are the costly and old fashioned office spaces in central district, there is a well decorated option for shared office space in Mumbai. Sharing your office area not only saves your rent but also develops an opportunity of networking for your company.
This office spaces are of improved infrastructure. You get a nice clean office with an infrastructure necessary of a new set up. Apart from this the shared offices are so made to have a support of maintenance for 24X7. It is an easy task to have a dream office in desired area and in expected budget.