Virtual office space- a new trend in the commercial realty sector
A new trend is taking shape in India. It is said that demand gives birth to new ideas and this too is one of them. The concept of Virtual office space (VOS) is taking shape even in India and seems to be the latest buzz in the commercial realty sector.
Renting even a small office space at a good location in a central business district (CBD) in, say, South Mumbai or Central Delhi, can cost about Rs.200 per square feet, or Rs.2 lakh a month for a 1,000-square feet space. Many entrepreneurs would want to have offices in such areas, but that would cost several lakhs in rent per month. This becomes quite expensive as in the beginning most of the entrepreneurs have cash crunch. And this goes away only in rent which does not include the other operational costs.
Virtual office space (VOS) could be the answer to the problems of the budding entrepreneurs. With a VOS, you can own a reputed corporate address in a CBD without having to pay the high rentals of such an address. One does not occupy the space entirely but gets limited access for some hours or days, during which one can conduct meetings with stakeholders, clients and so on.
Hence the same location will be shared by other business units bringing down the costs. VOS makes sense for small businesses, home-run businesses, or professionals such as lawyers, financial consultants, HR consultants, and so on. Also, start-ups that are uncertain about the future of their business and do not want to get into long-term lease agreements could choose VOS.
Source- Mint
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