Furnished Office Spaces

In addition to location, as well-designed office can make all the difference; the address, along with the interior decoration, can have a powerful impact on your company's image.

As buying office space is an expensive proposition for many companies, renting remains a preferred choice. Furthermore, for smaller enterprises and business concerns, investing in office furniture can be daunting especially in terms of cost and the amount of time spent on construction and design.
As a result, the trend of renting furnished and fully-equipped office spaces (with lighting, furniture, generators, ACs, PABX systems, fax machines and computers) has gained traction.
Rental rates for furnished office spaces are 25 to 30% higher than unfurnished offices and there is usually limited or no flexibility to adapt and change the interiors. Despite these drawbacks, there are many benefits to renting furnished offices.
These include:

• A ready to occupy, furnished space is a hassle-free way to get a business up and running within a short span of time.
• It is an ideal solution for new and/or small businesses that have limited funds and want to avoid spending money on furniture and decor.
• Most furnished office spaces located within purpose-built office blocks provide shared amenities, including a reception, meeting foyers, boardrooms, lunch rooms, kitchenettes, security and restrooms.
• Relocating a business becomes easier without the logistical worries of moving furniture and equipment from one site to another.
• Professionally designed office spaces have floor plans that are conductive to productivity and enahnce the work flow.

The monthly rental rates, in rupees per square foot, of furnished offices in Karachi, Lahore and Islamabad are as follows:
City       Budget     Mid range  Premium
Karachi  90-115     120-200      250-500
Lahore    89-113    117-195      234-449
Islamabad 93-109   136-195      214-468


NB: Commercial property Rating
Premium: Office space ranging from 500-2,000+ sq ft;
Mid range: Office space ranging from 300-500 sq ft;
Budget: Office space below 300 sq ft.

What Five To Ten Million Rupees Will Get You In Faisalabad, Pakistan

Faisalabad is Pakistan Punjab's second largest business center. The industrial and agriculture hub, located west of Lahore, has experienced an economic resurgence recently. This has resulted in substantial investment in real estate.
Here is a look at residential areas in Faisalabad priced between five and 10 million rupees, which are attracting investment from across Pakistan:
1. Sitara Sapna City is a project of the Sitara group. A turnkey housing project, it is located near the University of Agriculture and Allied Hospital. Amenities include schools, commercial zones, parks, a community center and underground electricity and telephone network.
Purchase price ranges for houses in Sitara Sapna City are:
Plot size (sq yds)                                                       Purchase Price (Rs)
300                                                                                8.2-8.5 million
450                                                                                9.5-10 million

2. People's Colony, an upmarket residential area on the western side of the canal and adjacent to Kohinoor Colony, is home to Faisalabad rich and famous. The fashionable shopping area, D- Ground, is located there.
Purchase price ranges for houses in People's Colony are:
Plot size (sq yds)                                                       Purchase Price (Rs)
150                                                                                5-7 million
210                                                                                7-8.7 million
300                                                                               8.5-10 million

3. Madina Town, was formerly an industrial area that has been converted into a fashionable, upmarket residential neighborhood. It is located near Susana and Jaranwala Roads; it has parks, commercial areas and schools.
Purchase price ranges for houses in Madian Town are:
Plot size (sq yds)                                                       Purchase Price (Rs)
210                                                                                5.3-8 million
300                                                                                7.6-10 million
390                                                                                9-10 million
450                                                                                9.5-10 million

4. Gulberg is an upmarket residential neighborhood. It is located near Faisalabad major commercial zones, minutes away from the Chenab Club, Faisalabad Clock Tower, Jinnah Gardens, Serena Hotel and the University of Agriculture. The National Hospital is also located there.
Purchase prices ranges for houses in Gulberg are:
Plot size (sq yds)                                                       Purchase Price (Rs)
150                                                                                6.7-7 million
210                                                                                7.6-8.4 million
300                                                                               8-10 million

Investing In Canada: Canada Investment & Property rates

Investing in real estate in Canada has gained traction other citizens who live in Canada, given that property can be purchased and sold by non-Canadian citizens. If you are living in any country, you should contact a real estate consultant in Canada and shortlist properties. The best way to do this is by asking friends and family members to recommend one. Relations usually charge between three and seven percent of the value of the property. If you plan to rent the property, a property manager will help you find prospective tenants, collect rent and ensure that the property is maintained while you are away. Property manager's fees usually include the first month's rent and seven percent of the monthly rental thereafter. People who are not living in Canada are required to pay the entire purchase price for the property at one go.If you are staying in Canada on a student visit or work visa, you can view and purchase properties and contact a real estate consultant or property manager. To purchase property, you can either buy it upfront or apply for a house loan of up to 65% of the property's value. The remaining 35% will have to be paid as a down payment. The mortgage period varies between 10 and 30 years, interest rates range from three to five percent. Popular property options for the other citizens people are located in areas near Toronto, and include Brampton, Markham, Mississauga, New market, North York, Scarborough and Vaughan. Further from Toronto, cheaper options are available in northern towns including Aurora, Bradford and Barrie where both houses and farmland are available. Approximate purchase prices and monthly rental rates for properties in these rates are:  
Type of property                                          Purchase Price                        Monthly Rental Rate Houses with basements (1700-2700 sq ft)      CAD 350,000-450,000             CAD 2,000-2,500 Condominiums (one to two bedrooms)           CAD 250,000-350,000             CAD 1,000-1,800 100-Acre farmland with
a farmhouse & Barns                                      CAD 1.2-1.6 million                          CAD 4,000-5,000 One Acre Farmland                                        CAD 12,000-28,000                            N/A

Renting Furnished Accommodation: Get Accommodation

Renting furnished accommodation, be it an apartment, house or a portion is gaining traction, especially among people who are relocating for a sort period of time and do not want to purchase furniture or spend money on shipping it. Furnished accommodations can be classified into three categories: Budget: Fully-furnished bedrooms, lounges and drawing/ dining areas with curtains/ blinds; basic bathroom/kitchen fittings and light fixtures. Mid range: Includes the above mentioned features as well as a UPS/generator and air-conditioners. Premium: In addition to all the budget and mid range features, this category includes electrical appliances such as refrigerator, cooking range, microwave, washing machine, TV and entertainment system etc, as well as high-end bathroom/kitchen fittings and lighting fixtures. Home accessories such as rugs/carpets, lamps, paintings and indoor plants are also in place.  
Although such a hassle-free arrangement sounds tempting, it comes with its own share of disadvantages, which include:

• Rents are 30-40% higher than unfurnished units.
• It is sometimes difficult to find a furnished property that matches tenants' aesthetic sense; tenants often have to compromise and live in a space they don't really like.
• Some landlords are inflexible and raise objections if tenants want to modify or add personal touches to the interior. 

To avoid altercations with landlords, tenants should:

• Be very clear on issues such as maintenance of appliances and furniture, the removal of unnecessary items, and the placement of their own furniture.
• Settle on a penalty for damaged, misplaced or stolen items.
• Obtain permission to rearrange furniture prior to making changes.
• Ensure that the above-mentioned points are clearly tenancy arrangement.

The following are the approximate monthly rental ranges (in rupees) of furnished accommodation in Karachi, Lahore and Islamabad.

• 2-3 bedroom apartments - Budget 11,000-30,000 Mid range: 15,000-50,000; premium: 20,000-70,000
• 2-bedroom portion/houses- Budget: 25,000-55,000; Mid range: 45,000-85,000; premium: 65,000-105,000
• 3-bedroom portion/houses- Budget: 45,000-100,000; Mid range: 55,000-150,000; Premium: 75,000-220,000
• 4 bedroom/portion/houses - Budget: 85,000-200,000; Mid range: 95,000-250,000: Premium: 115,000-300,000

Property Tax Returns

Every individual earning a monthly income in excess of Rs 5,000 is required to file an Income Tax Return on September 30, every year. The filing process is fairly simple whether you do it yourself or use the services of an accountant. Either way, you are required to fill in an Income Tax Return Form, in which you have to declare your income and assets, such as property you own
Here are some points property owners should keep in mind when filing their Income Tax Returns:
1. Individuals who own immovable property (such as a house or a plot) measuring over 250 square yards, or an apartment. measuring 2,000 square feet or more, should declare the property in their Income Tax Return. However, no tax is applicable on property owners if they are not renting out their property.
2. Owners who are renting out their property must declare their assets as well as the income derived from the property.
3. Costs incurred due to renovation or remodeling of a property can be included as an expense in the Income Tax Returns. If the amount exceeds your annual income, a tax benefit can be claimed.
Tax Rates on rental income derived from a residential property:
Gross Annual Income                           Tax Applicable
Less than Rs 150,000                            No Tax Applicable
Rs 150,000-400,000                             5% of gross amount
Rs 400,000-1,000,000                          Rs 12,500 + 7.5$ of gross amount
More than Rs 1 million                           Rs 57,500 + 10% of gross amount

Investing in the Outskirts

Real estate purchases made with the intent of earning high ROI (Return on Investment)through rental and resale are usually concentrated in urban centers where the value of such properties is significantly high. It is, however, becoming increasingly popular to invest in property located on the outskirts of the metropolitan cities.

Preventing Illegal Property Occupation

Due to an increase in the illegal occupation of properties in Pakistan, investment in real estate, especially by Pakistanis living overseas, has decreased significantly.
Illegal occupation primarily takes place when properties are either left untended (such as plots) or when tenants (in the case of houses and apartments) refuse to vacate the premises, and in extreme cases, illegally transfer the property in their own name.
If you have an empty plot, or are thinking of purchasing one, take the following measures to minimize the chances of it being occupied illegally:

• Never leave the plot vacant or unattended; have a boundary wall constructed and hire a security guard to look after the plot at all times.
• Do not buy cheaper plots on the outskirts of a city or a remote area for a long term investment. Properties in such areas are more likely to be taken over by land grabbers.
• Never give unconcerned and unreliable individuals access to original or even photocopied title documents of the plot.

To prevent the illegal occupation of your home or apartment by your tenants, take the following measures:

• Always meet prospective tenants in person and run background checks before signing a Tenancy/Lease Agreement: hold on to these documents for later use.
• Check the tenant's financial standing and past financial records in order to determine whether or not he/she will be able to pay the rent.

If you are not residing in Pakistan, or are planning to leave the country for an extended period, appoint an attrney to keep an eye on the property and collect the rent on your behalf.
If your property is occupied illegally despite these measures, you will need to obtain an eviction notice from the city court to recover it. In some cases this process takes months, or even years.