With over 95 percent of Dubai’s economy made up of SMEs, according to 2017 government figures, the quest to find the right office is not always easy. Figures show people spend more than 35 percent of their lives at work, making it more important to find the best space for your business. Michael Young, head of advisory and transaction at property consultancy CBRE Middle East, shares tips on what to consider before choosing an office:
Timing: Do not take for granted the time needed to look for and secure the right office, as market search, license set-up, commercial negotiation and lease signing can take between three to six months to complete.
Budget: Rent and operating expenses are not the only costs to consider when setting up an office, as additional licensing, visa, security deposits and potential fit-out costs might also apply depending on office space and location.
Size: When considering how much office space is required to accommodate your business, do not forget to consider visa ratios, municipally regulations and current and future headcount growth, as these factors are often overlooked.
Location: Finding the right location is one of the most critical elements of starting a business, as owners need to study a number of aspects including proximity to their customers, ease of commute for staff and access to facilities.
Expertise: Appoint a professional real estate advisor to save significant time, resources and cost during the search and acquisition period. The advisor’s local market knowledge and expertise in acquiring the right office space will add value and enable a smooth and efficient process.
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