What is the rate here? This is a question that we hear a lot from business owners and startup founders who are looking for office space in a specific area in Bangalore.
Since we provide serviced offices, we need to know the answer and then convince them that a serviced office in our business centre is a better option than renting or buying commercial space.
The best way to answer such queries is to simply present all the facts, so you can make your own decision.
We decided to do some research on the real estate market, and find out the per square foot rate for commercial space as well as the rates for serviced offices in all the major areas across Bangalore. Below you will find two tables. The first one provides the per square foot cost of renting an office in Bangalore. The second one lists the prices for serviced offices in these same areas.
|Location||Rate per sq.ft. normal||Rate per sq.ft. premium|
|New BEL Road||45-50||–|
|Old Airport Road||55-65||70-80|
|Old Madras Road||65||–|
|Outer Ring Road||60-65||–|
|Rest House Road||65||–|
|St. Marks Road||60-65||–|
|Vittal Mallya Road||65||105-125|
|Area||Rate per person per month|
|Old Madras Road||7500|
|St Marks Road||9300|
Now, assuming that you have gone through both tables, it’s pretty easy for me to explain why getting a serviced office is the better option for you than renting commercial space at a per square foot rate.
Let’s say, for example, that you looking for office space in or nearby K.R. Puram, preferably on Old Madras Road. If you look at the rate per square feet in the first table, it’s 65. This means you’d be paying Rs. 19,500 per month for a 300 square-foot office for one person, if you rented commercial space.
But the average monthly rate per person for a serviced office in OMR is just Rs.7,500. This means you’d end up saving roughly Rs.12,000 per month if you chose a serviced office instead of renting commercial space.
Similarly, if you’re looking for a 300-square-foot office in Whitefield (50-60 per square foot), you’d be paying between Rs.15,000 to 18,000 per month. But the average cost of a serviced office per person is Rs. 8,000. That means you save between Rs.7,000 to 10,000 per month.
This is the kind of conversation we have with most of the business owners and startup founders who come to ask us about office space. Contact us now if you want to talk about your office space requirements.