An underperforming standalone building was refurbished into an attractive & promising managed office space with a bucketful of recreational facilities—the result was increased revenue with over 90% office occupancy.
IDENTIFYING THE PROBLEM
Mr. Rishabh Sanghvi had a low-profile standalone G+2 building near Indore’s most significant commercial hub Brilliant Campus. The adjacent corporate hub houses offices of some well-reputed companies & is a favourite office destination for the corporate in Indore.
The first challenge Mr. Rishabh faced was the low visibility of his office building & found it pretty tough to market it as a well-known space. Because of low visibility, he faced a lack of credible clients & revenue.
The second challenge that haunted Mr. Rishabh was having a higher building occupancy and good maintenance. Due to lower occupancy, maintenance of standalone buildings takes a back seat, which deteriorates their look & quality & further hampers their rental value.
The third challenge was the proximity of a well-established corporate park, as corporate find it highly lucrative to have an office there. It diminished the chances of Mr. Rishabh to attract clients to his building.
DESIGNING A SOLUTION
The day Mr. Rishabh shared these concerns with the Propques expert team, our team started formulating a plan to resolve them. After our preliminary research, we suggested that our standalone building needs a name for its visibility can be increased. Also, we analyzed that converting the building into a privately managed office will improve the reputation of the place & will also solve the maintenance & ambiance issues. We proposed to renovate all the floors of the building under this plan.
Another factor that was a significant hindrance to having high occupancy was the proximity of a well-established corporate park. To counter that, we suggested changing the perfect-fit client criteria to attract more clients. Instead of attracting huge corporate to our space, we focused on targeting Indore-based enterprises, startups, freelancers & other growing local companies. We planned to address their need for a good office with advanced facilities in a reputed building in a well-known area. We planned to develop a better office space solution & community for better engagement.
We came up with a fascinating concept of activity in our spaces, which was majorly lacking in other spaces. We utilized the terrace of the building as a recreational zone for yoga classes, zumba classes, cafeteria, etc. We researched that it could be a desirable factor for the local community & could be a decisive factor for the clients.
POSITIVE END RESULT
So, we started the center in October 2020 & within 6 months, we had full occupancy in the space. We provided office space to clients from different categories like day-night shift freelancers, Indore-based startups, creators, growing local companies, etc.
This center is doing well, with more than 90% occupancy, and is expected to go higher with planned contracts. The market rate for the rental value of this building is 35-40rs. Per sqft but with our co-working space model, now they are generating good revenue of 75-80rs per sqft.