For this reason, you need to make sure your choice of office space reflects your vision of what your company is and will be. After all, the workplace is not just a place to hang your hat–it’s something that should support your team as you develop and thrive.
Before starting your search of a suitable office space, however, you’ll need to decide if you’re looking to buy or to rent one. Owning a whole floor or building has its own perks, but if your company is still growing, you might want to consider office space rental instead. You’ll find it meets more of your business’ immediate needs. Here’s why:
For Your Image
One great thing about renting an office is the extensive choices available, making it easy for you to choose space that best suits your aesthetic taste and budget. If you want to make a good first impression to potential clients and partners, choose a lovely yet professional office space in a prime location. This is especially vital if your business is reliant on location and good image, such as restaurants or retail. Because it already looks good, you won’t have to break the bank with giving the space a complete makeover–something you’ll have to do with bought space.
Buying an office space will cost more upfront, with down payments for purchase going anywhere from 10% to 30% of the property’s price. There are also property, appraisal, and maintenance costs you’ll need to consider with the huge down payment. If you want to change the look of your building, you’re going to have to spend on property improvement as well.
With an office space rental, however, you won’t have to worry about this. The deposits involved with this option are typically equivalent to just a month or two’s rent. More importantly, your funds won’t be tied to real estate. This saves you enough money to direct on other aspects of your business, like hiring talented employees and expansion.
Renting means you don’t have to build an office from scratch. In fact, there are office and meeting room rental providers who can include all the essentials you need in a reasonable package. Everything is ready for you to move into. This means:
- No planning good layouts for smoother flow of movement in the office
- No buying furniture to accommodate your team comfortably
- No figuring out interior design as the rented space already comes with a pleasant yet professional decor for comfort and productivity
- No setting up internet access as they already have a trusted provider to ensure fast and efficient connection
The fact that you also won’t be responsible for office repairs and maintenance is also a big plus.
Rental offices can be customized according to your needs, which is particularly handy when your new or growing business experiences big changes in the future. As your company expands, you can reconfigure the rented space to accommodate you comfortably. There are office space providers who offer conference room rental services as well. Should you need a function room for training, team activities, or meeting with clients, it’s good that you can book them as needed. Additionally, rental periods aren’t fixed, which adds an extra layer of flexibility.
Making the Most of Renting Office Space
Now that you’ve decided to rent an office space for your business, you’ll need to consider a few essentials to make the most of your investment, such as:
- Choosing an accessible location for your team and client’s benefit. It’s ideal to pick one close enough for your team members to commute, with access to different modes of public transport nearby. This benefit extends to potential clients and partners, as they’ll have an easier time reaching you. You should keep amenities in mind as well. Clients and team members will appreciate an office in close proximity to good restaurants and coffee shops, for instance.
- Coming up with a budget and sticking with it, while being prepared to handle extra expenses. This means renting office space that fits your budget perfectly but still making room for unplanned expenses so as not to disrupt your business’ operation.
- Considering parking and bike storage. Make sure there’s enough space so your team can get to work on time with minimum fuss. Clients will also appreciate this.
- Ensuring all terms and conditions are clear. Don’t enter any kind of agreement without fully understanding what you’re getting into exactly.
- Asking experts for help looking for the perfect office space rental. Don’t let the search overwhelm you!
Renting an office is a big investment. As you set about looking for a lovely, comfortable, and professional space, bring in a pro to help you with your decisions. After all, the look and feel of your office reflects your business, so it’s important to choose the perfect one.
Dan Shaked Owner at Shaked Law Group, P.C.