Need to Know: Renting Office Space

Choosing an office space for your business can be challenging. It can even be tougher if you have growth.

Three Things You Need To Know When Looking for an Office

First, you must determine how you will create the perfect environment that will maximize productivity.

Second, you must choose an office that will not create administrative challenges in the future.

Third, you must get the rental price right to avoid locking your startup into unbending lease terms and hidden expenses.

Today, the office landscape is evolving fast. This means there are many choices and price points to consider before renting an office.

As a business owner, your goal should be to transform your office space into an asset that will serve your growing needs. As such, there are certain things you need to know before renting an office space.

1. Do you really need an office space?

Many startups hunt for office spaces when in reality they only need a private workspace dedicated to them. In such a case, shared and co-working offices can prove to be the correct fit for your business.

These offices offer ample spaces at a small cost. They are also flexible in terms of technology needs and space requirements.

Entrepreneur Magazine put out a great article outlining 9 reasons why your startup really does need an office. Several of these reasons you may not have even considered as yet such as the ability to better attract investors and better team accountability.

2. Understand that offices spaces are not equal

The business landscape today has been disrupted by advancements in technology.

New office space models are now emerging in the commercial property market. Before searching, consider how your business operates.

Also, look at which type of renting contains the correct value proposition. The different office models you will find on the market today include traditional offices and shared offices.

Traditional offices feature direct leases. These leases involve making a long-term commitment to rent the space. This office space is ideal for businesses that pay less attention to teamwork.

A shared office space is essentially a co-working space. It offers a cheap workplace for different types of businesses or professionals.

Such an office space can have things like private cabins, hot desks, meeting rooms, and open lounges.

Philip Taylor of PT Money discuses several different types of offices available to entrepreneurs and small business. Of the seven types of offices Philip discusses AllOffice.Space can help you with three of them.

Leased Office Space. Philip discusses the challenges he's faced in trying to find office space for for a solo-practitioner.

Coworking Office Space. While this is a popular trend and an area of specialty for AllOffice.Space unfortunately there were no locations nearby to his location.

Virtual Office. An ideal option for the front of you business and registration thereof nut not ideal if you do wish to physically get out of your house.

3. Set a good budget and factor in hidden costs

office budget calculator

The actual cost of renting an office space comprises of many factors that go beyond the monthly rent. Some of the things that will increase your monthly rental fee include:

- Utilities, Internet, and Phone: Before renting, determine whether heat, water, electricity, telecommunications, and A/C will increase the rental cost. Do be aware of this and calculate accordingly as it can quickly throw your numbers out of budget. Our office locations at AllOffice.Space include the utilities for you so you only need to remember one figure, your rent!

- Office furniture: Figure out what furniture your business needs to make the office space more functional. AllOffice.Space provides furnished office solutions however if you find a location elsewhere which does not than consider these tips Selecting Your Office Furniture.

Moreover, externalize what culture and image you want for your clients, guests, and employees. This will allow you to choose an office space based on that image.

- Maintenance and janitorial: Does the landlord provide these services as part of the rent? Or will your business pay and coordinate for cleaning services

Office space is the second largest cost your business will incur every month after employee salaries. Set a good budget to avoid locking your business into unnecessary expenses.

4. Factor in growth when choosing office space

Many business owners only invest in office spaces they need now. While this is important, the trajectory of business growth is uncertain.

You should choose an office space after determining whether your business will need less or more space in the future.

Ask yourself: What is the growth plan of the business? You must foresee what the future holds for the business.

This will allow you to find an office space that will accommodate the business today and in the future. All of our AllOffice.Space locations let you upgrade at any time with only 30 days notice so you can easily expand as your team grows and not a moment before helping you keep more money in your pockets.

5. Choose business location wisely

A good office space should be in an area where clients can access without a hassle. This is a location where employees can get there fast and easily.

But accessibility is not the only factor you must consider. Consider things like security and the different amenities available in the area. With over 3,000 locations worldwide (many more than visible on the public map at the time of this writing) we can set you up in just about any major market across the globe. You can find more details on our unreleased locations here.

6. Think about office style

Not all business owners think about style when looking to rent an office space. One of the many goals of a startup is to become a household brand in the future.

Other small businesses also want to protect their brand image when starting. If this is also what you are thinking, then you will have to take office style into consideration.

Determine You Needs and Don't Rush Into Anything

Identifying the perfect office space is not something you can do overnight. All office models available today have their own benefits and drawbacks.

If you are looking for an office space for rent, take your time to ensure you find something that is right for your business.

Next week we will dive right into What You Need To Know Before Searching for Office Space to Rent.