Looking for office space for your start-up? The convenient and best value-for-price location in Mumbai may well be Powai, says a new report from real estate consultancy, CBRE.
While the city is known for costly office space rental values, rates in Powai range from Rs 90-110 per square foot per month for Grade A properties and Rs 60-90 per square foot per month for lower grade space. This is about 13 per cent lower than the prominent office space locations in Mumbai, according to CBRE data.
To be sure, the rental differential between core and suburban office locations can be as high as 300 per cent in the case of Mumbai, but a location of office space has to be a strategic decision, which takes into account factors such as proximity to employee base, social infrastructure and connectivity.
“It is crucial for start-ups to choose an office format that aligns them to react to change in their growth cycle, allowing for downsizing or expanding operations,” said the CBRE report.
According to the consultancy, Powai scores on several fronts. For one, there is availability of cost effective space in that region. Secondly, it is close to the Indian Institute of Technology, Mumbai, which incubates several start-ups on its own. The region also boasts of proximity to the railway network. Besides, there are other advantages such as ample food and beverage options, high-street shopping areas and entertainment options.
Some examples of companies which have already set up base in Powai include TinyOwl, OpenTable, Toppr.com and Care24, according to CBRE.