Office rentals set to rise faster in Bangalore

Even as the Indian real estate sector continues to experience a downturn, cities such as Bengaluru and Mumbai are expected to attract healthy office rentals in 2020, mainly backed by rapid IT industry growth, a study said.

Beating not only Delhi and Mumbai but also Singapore and Hong Kong, according to a survey, the rental office market in Bengaluru is now the highest performing one in the Asia Pacific. While rentals in Bengaluru are now lower than BKC from Mumbai and Connaught Place from Delhi, Bengaluru posted the highest 17.6 per cent rental rise.

Due to the availability of the right talent pool and new office assets at comparatively low rents, multinationals continued to expand robustly, especially in Bengaluru. When demand for office space is expected to increase in 2020, we expect the trend to continue for these markets.

In the first half of 2019, the IT industry accounted for 35% of the total volume of transactions across the top eight cities, most evident in Bengaluru, which recorded a 14% rental increase in January-June (H1) 2019.

Grade-A office rents across the Asia-Pacific region are expected to fall by as much as 3 per cent in 2020, compared to a 0.6 per cent increase in the first nine months of 2019, as occupier demand continues to weaken.

Bengaluru’s central business district (CBD) was the best-performing Asia Pacific sector in July-September (Q3) 2019 with 17.6 per cent rental growth, the report said.

Connaught Place’s CBDs in NCR and Bandra Kurla Complex in Mumbai were the 7th and 11th fastest-growing prime office markets in the Asia-Pacific region, with 4.4% and 2% year-on-year rental growth respectively, it said in Q3 2019.

Myrsa is an online platform where you can find commercial spaces for rent on a temporary basis.

December 26, 2019 0

The future of Co-working looks bright

The coworking juggernaut in India has had unprecedented success over the past few years. This rapid growth has been powered by the groundbreaking change to a more open, affordable and accessible coworking space in the traditional Indian workspace. Coworking itself had transacted around 2 million square feet of commercial real estate in the first half of 2019; well ahead of the 1.8 million square ft in 2018.

Through 2021, the industry is expected to grow 3X, which will lead to huge opportunities for the country’s coworking sector. Coworking has now built itself as a fundamental part of the CRE leasing operation and as an autonomous full-fledged market, offering traditional office spaces a tough competition.

However, the rising entrepreneurial spirit, which also flows into Tier-II cities, is accelerating this tremendous development. It is projected that the Tier II markets will rise to 8.5 mn by 2020. Therefore, given the strong demand and momentum, it has been able to gain, it wouldn’t be an exaggeration to suggest that the best is yet to come for a segment that is still in the nascent stages of development.

Over the years, coworking has witnessed many new trends and innovative activities fundamentally cooperative and versatile by nature like coworking spaces for rent. Fierce competition and ever-increasing demand have driven many leading players to put on their brainstorming hats to ensure continued market dominance and maintain value-added benefits for consumers. While some clear developments have been discovered over the past few years that have redefined the segment’s future, we also expect the momentum to continue strongly in 2019.

Here are the top seven trends that we foresee will become the game-changes in the industry.

Coworking players handholding developers in interactions management

The business relationship between a developer and a provider of coworking space is now no longer confined to leasing the commercial space. Coworking spaces are not only going beyond setting up workspaces and collaborating with developers to allow them to achieve higher returns, but they are also handholding developers by marketing and selling other building floors to customers on traditional lease.

Related Post: How to Choose a Co-Working Space Wisely?

Coworking players are curating unique experiences and commitments to create tenants by providing state-of-the-art facilities such as gyms, cafes, creches and managing the entire building environment by providing occupants with partnerships, activities and community emphasis.

Coworking players trying to co-live

Expansion and market diversity is the secret to any company’s sustained growth. While coworking space providers have successfully bridged the gap in Indian office spaces between supply and demand, this has now also spread to the residential real estate market where millennials are now becoming accustomed to the idea of co-living.

This is a perfect setting for engaging millennials when overcoming the conventional lodging issue with all-inclusive services and community events. While this is still untested waters, in 2019 we look forward to seeing more use cases and measuring their success.

Deeper technology integration

Despite wearable technology and AI gradually taking over coworking spaces and turning them into autonomous workspaces, the conventional desk is likely to be non-existent over the next three years. Intelligent access, intelligent meeting rooms and smart receptions have already been explored to allow cloud-based access, facial recognition and real-time security monitoring.

Digital assistants, AI-powered ambience, temperature control, and partnerships focused on the touch screen improve user experience. The laptop and smartphone will become obsolete as voice-activated systems, wearable technology including wearable glasses, embedded sensors, and Internet of Things (IoT)-connected wrist devices will take center stage and linking work professionals with fixed desks will become a past.

No flight, video technology and speed of networking would ensure real presence. In reality, artificial intelligence can confirm the shape, size and use of furniture as cumulative data per client.

Rise of ‘work near home’ programmes

The number of people who prefer to live near their workplaces or vice versa is on the rise and “talk to work” is a phenomenon that is picking up rapidly in metro cities as it saves valuable man-hours instead of losing time to traffic congestion for hours while commuting to work.

Because of multiple locations, both inter-city and intra-city, coworking spaces are the option for reducing traffic hours and providing both personal and business benefits. Organizations have been considering the idea of allowing employees to “work from home” to provide more employee-friendly policies.

Due to intrinsic obstacles such as a, however. Home disruptions b. Right network unavailability (high-speed internet, printer, desk space) c. There is a significant loss of efficiency due to a lack of social interactions/peer to peer commitments. It causes more and more companies to consider “work close to home”–enabling employees to work remotely out of shared spaces while accessing efficient office infrastructure.

Adoption of flexible and mobile solutions

The number of transactions for “just-in-time” use of meeting rooms and flexibility passes has increased three times over the past two years and is rising at a rate of more than 12 per cent per month for most games.

Today, companies are spreading across the country in various geographies and serving customers. As a consequence, it is not always realistic to plan and allow the workforce to work from a few central locations. The current workforce has to be spread geographically and on-the-move according to the job’s demands.

Employees of Millennials and Gen Z are searching for versatility, mobility, teamwork and opportunities to help them work in real-time and untethered. Shared workspaces allow flexibility by providing solutions such as national passes, roaming and bulk meeting room hours to work out from any place at any time, without any reservation restrictions and hassle. Digital offices support small town-based businesses looking to set up a business address or have a presence as their central business districts in larger towns/metros.

Holistic enterprise solutions

Shared workspace providers are working together with running the co-working company to create and manage separate offices for companies. The process starts right from finding an appropriate space for constructing, customizing and providing complete back-end support for office space software and operations. This is a trouble-free way for a company to outsource their “own” office space to plan, build and manage, enabling them to focus on running their business rather than their office.

Platform for collab

In addition to providing real estate options and trouble-free leadership, coworking spaces also provide an ideal platform for participants to exploit business opportunities. The connections are smooth and alliance plentiful with so many different businesses sitting next to each other. Collaboration also often takes place between the coworking space provider and the consumers sitting inside by retailing and selling products and services. Customers receive real-time feedback from the larger community and a chance to test the market with varied demographics.

The change of the workplace has started in earnest and will see some big changes in the next 5-7 years as the lifestyles of people develop, technology advances are taking place at a fast pace, office commute times are growing, and safety and well-being are at the center of attention. This will place the office worker at the forefront of all options for office space.

Finding office spaces on rent for just a few hours has always been a tedious task. Myrsa will help you make this process easier. Find office spaces on rent on a temporary basis on Myrsa.

You can even rent your empty office spaces for a few hours on Myrsa.

November 19, 2019 0

What’s Better? Coworking space vs Serviced space.

With the growth of businesses and entrepreneurs in our country, the need for flexible office spaces is also rising high. These concepts are very popular among small startups but now, larger corporations are stepping towards the concept of shared office space to provide their employees with a better and comfortable environment. There is a potential for tremendous savings in the operational costs with shared office spaces. Two of the most popular shared office space concepts are co-working space and serviced office.

1. Basic Definition

To understand both concepts of shared office spaces we will have to start with the basic definition first.

Coworking spaces refer to an office space that can be used by freelancers, entrepreneurs, businessmen or a team who are willing to work in a regular office space rather than in isolation of their home office. This kind of workspace is very flexible and it offers various types of facilities and services which are according to the needs of the business. Some websites that provide you with coworking spaces are We work, Awfis and also Myrsa.

Serviced office are those building in which each company has an individual floor or an individual office to themselves on rent. These buildings come under the regulations of a facility management company. These offices are mainly known are business centres or executive suites. In India, there are many companies that provide serviced office spaces.

2. Privacy

As co-working spaces are something that is a space inside one office, maintaining privacy becomes a bit of a concern. This is because there will e people around discussing their projects and walking around in the space. Everyone has a common space but if you book a space like a cabin to yourself then it will be much better. People who work in coworking spaces should respect and maintain decorum for everyone to work efficiently.

In a serviced office space, each company has the liberty to work inside their own respective offices. Businesses are able to maintain their own rules and regulation inside their offices and every startup or company can work peacefully in their own environment. Thus the privacy of each company can be maintained well.

3. Community Events

Coworking spaces organise events usually to keep the employees motivated from time to time. These events help in networking and also relaxing from work for a short amount of time. Entrepreneurs and freelancers get to discuss new ideas and this can help them a lot for the creation of bigger ideas and collaborations.

Community events are not held so much in serviced offices as they have their own individual workspaces. This reduces the scope of interaction with other companies and other organisations. They have their internal events in their offices from time to time and every company can differ in such events.

4. Agreements

Agreements in coworking spaces are on a temporary basis. They offer a lot of flexibility to freelancers, entrepreneurs and companies who rent out the spaces. It can be according to the requirements like the number of people and how long will they require it for. A coworking space can be booked for a few hours, a few days and even for a week. Usually, it is rented for shorter periods of time.

Companies that are going for serviced office need to pay rent on a monthly basis. Unlike coworking workspace, these are leased for longer periods of time and for companies having a larger group of people. The lease period may start from a month and may go up to a few years. The rent amount of this office is also much higher than that of coworking spaces.

5. Extra Amenities and Extra Space

In a coworking space, entrepreneurs have additional services like a game room or a resting room and this will include inside the particular rent amount. There are usually extra spaces available for entrepreneurs they can make use of the additional features that are there in the office. This can help reduce stress and can provide a comfortable environment for the business owner.

In a serviced office as the company has its own space they use it for the accommodation of every employee. They usually do not have extra rooms available for the employees. Every office has the same layout in these business centres and it depends on the individual office how they utilise it and how they would plan the interior. However, some services are that they have managed reception and maintenance facilities and security services available.

Now that you are well aware of both of these spaces. Decide on what suits you the best. Renting out spaces on a temporary basis and searching for spaces in a different location can become a tiresome task. Myrsa helps you with this. It is an online platform for short term renting of office spaces. You can decide the time and space required and search through various options and start working in your own office.

August 1, 2019 0

How to Choose a Co-Working Space Wisely?

Firstly what is Coworking? It is a business service provision model that involves individuals working independently but in a shared office. Mostly user of a co-working space is a self-employed or a freelancer. It is also beneficial for businesses who want to provide more equipment and space for their employees which they can’t afford otherwise.

Larger enterprises sometimes also opt co-working to provide facilities and space for larger number employees they may higher than normal number hired. In cases like this, one must maintain a number of people hired as their services are shared. Every owner of space provides a work environment, amenities and office equipment found in a typical office.

These are some typical features of coworking facilities include:

Shared Workspaces.
24/7 access.
Rental conference and/or board rooms.
Internet services
Communal printer/copier/fax.
Shared kitchens, bathrooms, and lounges.

Earlier in days if you were an entrepreneur, freelancer, the only choices in front of you for setting up a business were either out of the home of course or any temporary spaces on rent. Thankfully now we can witness the things changing, as the risk-taking ability of entrepreneurs has increased and changed drastically. Funding for a good idea is now possible with figuring out a solution for basic problems that have become so normal.

Here are some essential points you need to consider before taking up a co-working space :

Ask For Trial Period :

Most of the coworking spaces currently offer potential customers to experience the space for a day or two. Therefore, asking for trial is very beneficial and lets you experience whether space is comfortable to your working style. A trial will always make you understand the space better with the vision of how the working will be executed.

Considering the office equipment and amenities, surroundings matter a lot while taking up co-working space, noise levels around must be considered as there should not be any disturbance to your working style due to others. There should not be any disturbance due to a fully occupied space. Also, the availability of quite rooms, conference meeting rooms for discussions. Thus, getting a preview before signing up for the co-working space is crucial.

Know the cost :

The most important point to be taken into consideration is to know the cost. This is a significant aspect when determining the best and ideal co-working space. Different daily, weekly or monthly plans of availability, help to identify the one which fits in your budget.

Some spaces may charge extra for facilities like the dedicated desk, stationery, photocopy and print outs, WiFi, over a certain limit. But basic facilities like water purifies, bathrooms, electricity should not be charged extra as these facilities are which are primary. It is also advisable to know its membership cancellation policy.

Identify the amenities:

As mentioned earlier most co-working spaces provide basic office amenities like high-speed WiFi, desks, chairs, meeting rooms, coffee machines, water dispensers, washrooms, etc. However, it is always good to be informed about the upper limit of the user or a certain limit.

In some shared spaces they provide fixed working hours, therefore it is important to check whether your working hours align with the facilities and flexibility it can offer you. It is important to clear all the ‘ifs’ and ‘buts’ before confirming the deal which will help you in the future. Before taking the final decision, be careful and think twice about the services that you will be using and the money you are going to end up spending.

Be cognizant of the commute :

Nothing is more annoying and tiring than being stuck in traffic especially while reaching your office for work. As most of the coworking spaces are located at prime locations, commercial areas, cities, being aware of the time spent traveling during both peak and off-peak hours is crucial.

Not only you but your employees are also going to face daily delay problems due to this which may affect your company working style. Look after and inquire with the coworking space about other locations around the same city or location that you and your employees might be able to use save time. Therefore, make sure that the co-working space you select consumes time, resulting in a higher efficient workday.

Relates Post: Key Factors to consider while considering commercial space for rent.

The other occupants :

The concept of coworking itself is that you will be sharing and using space with other people so, before the deal, it is necessary to know the other occupants. The people you are going to share the space must go hand in hand with yours.

For example, if your company is a real estate or technical company which needs quite a working environment cannot co-work with a musical company or an entertainment production company which has a loud environment. Therefore, getting to know your occupants is extremely necessary.

Myrsa helps businesses, service providers, entrepreneurs, retailers, brands, event managers or start-ups to find the temporary space to co-work which they need to test, sell, serve and grow.

June 18, 2019 0

Learn how startups benefit from Flexible Office Spaces For Rent

The traditional way of working seems to be fading away now. The changing times lead to changing attitudes and to live up to these flexible workspaces are taking the lead in the changing lifestyle. Having a flexible office space for rent has opened up various possibilities of the businesses of all sizes to make working in impressive spaces their reality. Affording these spaces has also become easier which was previously unavailable.

Nonetheless, the office landscape is continuously evolving and also for the better, with these flexible office spaces improving productivity and work satisfaction. Business loot at this as the most advantageous options including these reasons and many others. However, these seem to be a tricky and complicated option for businesses that are just starting out in the work culture and also possibly unattainable. So we wanted to look at how small businesses can actually facilitate growth by using flexible workspaces.

1. Increase Productivity

Anyone who is starting out with their business, who is planning to turn their hobby into full-time work is likely to set up their process at home. Of course, home working can save you money but it can have its own set s of drawbacks in the long run. People often find it difficult to focus when they have to not even get out of their pyjamas.

Moving to a flexible office space option can be refreshing and even exciting to work. It’s difficult to disassociate your home with a sense of rest and comfort, whereas a new workspace will bring you more concentration and the determination to work. Two major problems of working at home can be the ability to focus and isolation, which can, in turn, destroy your focus. However, when you have a flexible workspace you will meet new entrepreneurs and like-minded people who will be willing to work with as much motivation and the go-getters. You can avoid your homely distractions over here.

Flexible workspaces turn out to be the most affordable option for startups. Even workspaces that are for a few hours are on a huge demand right now. They can energise the attitude and can make more productive work. This one day of focused and productive work can be something that could take your business to the next level.

2. Improve Networking

Flexible workspaces always are brimming with like-minded people, entrepreneurs spirit and exciting new businesses. Working from home can shut you off to many new business opportunities. Coworking spaces can be a great way to act as small business hubs. Those who can find great spaces will be around new and buzzing businesses that can help in the long run and keep you motivated.

Flexible workspaces are built to facilitate community and collaboration. For many businesses, building networks can be somewhat daunting, but flexible workspaces can help in this. Whether it is a small office space, a small desk or a space in communal areas it can still be helpful in creating valuable relations when you work in a flexible workspace as natural interactions are far more likely to happen.

Creating good business relationships can be valuable for small businesses. From building client lists to recruiting new talents to find companies who can assist you; finding new collaborators the advantages of networking are endless. Working alone at home can make building networks lot harder. If networking can help in the growth of business and flexible offices can help in making more networks, then it is a good option for small businesses to move into one.

Related Post: Start your own hassle-free popup shop!

3. Improve team morale

Working from home or alone can soon become isolating for many people. Although staying away from daily commuting and office politics can sound like a dream to many people, but we are social creatures and we need to have interactions and go somewhere each day. Flexible offices can be the perfect choices for these problems. Even if you rent an office space for a week the advantages will be massive. Not only will you get a break from the isolation but spending the time in a friendly and functional environment it most likely to create high spirits in you.

People complain about the lack of sunlight and office tensions as moral killers in tradition office. Flexible office spaces can be the solution to these problems for small businesses. These kinds of offices have different designs and turn out to be having big windows, beautiful decor, plants loads of natural lights which can be a good option for people to go to work.

Employee and Employers satisfaction is important for business growth, especially for small businesses, who will fail without the will to succeed. It the person who is running the business is himself not happy to work for the product, then how is anyone else going to get excited about it. Working in a flexible office can have immediate effects on the morale thereby affecting business growth.

4. You Get Professional Services

Flexible workspaces can be the reason for growth for many businesses. They do care about the member’s success. In the traditional leased office, the members are given keys to the office. But in big offices, you can get additional services along with the space that is provided. Professional services like IT support, receptionists, admin staff can be of additional benefits in flexible workspaces. They can not only make your business look professional but also give you the authenticity a business needs. You can perform so much more tasks and also save your money on them. All these combined can turn out to be the best ways for your business to succeed.

5. Reduce your costs

When a small business decides to rent a leased office then they end up signing a contract for 3 to 10 years. This can some times be a financial risk for the small business that decides to follow the contract. They are highly inflexible and that leads to problems in companies growth. When a small business can plan to expand but then end up paying rent for a considerably small space. You can clearly avoid this risk when you choose a flexible office space.

This can help in financial risk, but there are many other ways that can save money for these businesses. By renting just a desk you have to pay rent for the space that you need rather than paying rent for the whole office as is the case with a leased office. The bill you play is always inclusive. You never have to worry about maintenance call out costs. And you don’t even need to buy new furniture. Everything comes with space. Sometimes there are hidden costs in the leased office. The flexible workspace doesn’t have any of them.

One of the main reasons that startups fail is because of the insufficient cash flow. So using flexible workspaces can be affordable and risk-free options for small business to prosper.

Myrsa is a platform that provides you with office space for rent on a temporary basis. You can different office spaces from a desk to a conference room and that too for a few hours! Start your business now with the ideal spaces.

May 21, 2019 0

Your atrium space is your leverage!

Office Atrium for Rent

Cafeterias are all people’s favourite places in an office complex! It’s more of a relaxing zone where officers come to enjoy their much-needed breaks. During the other times of the day, too, there is a fair population in the cafes. Have you thought about the numerous places inside a cafe that is empty usually? Well, we have. Myrsa has amazing monetizing ideas to discover these places as well as make them profitable to you!

Starting with the walls, this article will open your mind to ideas of earning smartly that you must have thought of but not thought through. Walls of various cafes are different in looks and alignment. But they have one thing in common, attention. Anything put up on them catches eyes of almost all the visitors. There are at least a few who read the entire post if it is catchy enough. A little space on these walls is something that a lot of brands seek. Leverage for you!

Another space in your cafe is the one where a canopy or a kiosk can fit. People coming in to eat and chill are usually in a mood good enough to take a glance at what someone has to offer. This place, too, is in high demand among policy sellers or retail companies. With Myrsa, you can put these places temporarily on rent in your cafe, adjusting the availability anytime from your dashboard and keep earning the rent.

You must already have begun thinking about more such ideas. We have a few more to fuel the thought process. If a small space in a cafeteria can be so useful, wonder what are the possibilities of the atriums and common areas. There can be a range of happenings from a single desk of lucky draw sellers to stalls of handmade crafts by less fortunate as CSR. You can have donations drives happening in the atrium of your office complex.

The best thing the atrium of your office can have would be a Food Truck! All you have to do is list the common area on Myrsa as Space and make it available according to when you want a food truck to be there. The food truck owners will book your space and pay the rent to you for the few hours of lunchtime or after-office hours in the evening. This is as flexible as you make notes on your notepad. Myrsa gives you your dashboard, the place from where you can control all the happenings in your office complex sitting back!

Related Post: Temporary Retail and Service Spaces

Let the idea roll in your mind and sign up when you see the benefit! If you have something to add, we’re glad to listen. Speak to us by email, call or any social platform with a #rentitwithmyrsa and we will reach out to you. Meet you in the next post!

February 23, 2018 0

Category: office space for rent