If only choosing office space was as fun as choosing where to live we would be good to go, but unfortunately there are repercussions if you choose the wrong place and location. Being prepared is key like explained in the two previous articles about finding office space to rent in Toronto or anywhere in the world. You will want to explore the area and get a feel as to how your business would do in that capacity of interest.
Key factors to consider before renting office space in Toronto:
Is There Room For My Company To Expand
Will My Employees Be Happy In This Location
Can My Clients Access My Business Easily
What Are The Hidden Fees
Does This Office Space Send A Positive Signal To Customers
Would I Considering Sharing My Office
Security of The Rental Rates + Lease Terms
How Much Personalization Can I Do
Is There Renovations Lined Up For The Building
When it comes to office space criteria, that criterion is based on the factors listed above. You need to know the main fundamentals in your business and the space you plan to move to before you eventually make the move. Don’t sign a lease for an office space to rent in Toronto if the space is too small and you cannot easily expand. Particularly if you have spent money on improvements only to later down the road you discover that you need more room. A little more planning up front will save you time, money, and frustration down the road.
What do these office rental criteria mean to me?
So, when speaking about office space criteria, finding the perfect balance between something that is affordable and the best possible location for your business- is two of my main recommendations. As a lot of people are aware, renting office space in Toronto comes at a high cost… especially if you are downtown on King St in the financial district or the trendy Queen St West. Whichever high traffic area you choose downtown Toronto will come at a pretty penny.
Location is definitely one of the most important factors. Ask yourself; is this location safe? Will my employees and customers feel secure visiting this area and spending countless hours working here? Does this location have a good reputation? If the area is cheaper than normal, what is the reason for it? Is transportation convenient and is there parking readily available? What types of amenities are nearby? In terms of growth, can my business be expanded in the space provided? Is there a reception area, and if so how is the customer service?
Does the location and building style fit your brand image?
Clients and new customers form hard opinions based on first impressions, does the location fit your brand image? Does the location include professional reception services as all our AllOffice.Space locations do? If someone at the reception gives them a bad feeling or is not friendly, regardless of the matter this could put the person in a salty mood and instantly form a negative opinion about your business even though it had nothing to do with you and your services. The criterion all has to do with sending positive signals and vibes to your consumers.
Entrepreneur.com published a great article to help you get started on identifying and creating your business brand here.
Are landlord improvements included? Any major construction nearby?
One thing to examine closely is if the building is doing any major renovations over the lease period you have signed. Will that affect your business in anyway if they are? Sometimes renovations worry people and people decide to move their business elsewhere because it is more convenient. It’s not always the case but it definitely impacts business in one way or another. An example of this is the current subway/LRT construction taking place along Eglinton Avenue in Toronto. Currently there are long delays, limited parking, and many businesses are suffering. While this situation is far from ideal now, when the construction has been completed in several years it should be a boon for the same businesses on Eglinton Ave.
Landlord improvements, sometimes called Leasehold improvements are explained in more depth here at Business Development Canada.
Your office will reflect, enrich and strengthen the whole culture and brand image of your business.
Mentioned in the previous article, it’s always a good idea to speak with a professional leasing agent in regards to your business and what your potential is. This indeed will help determine the criteria you will need. We even offer options for sharing an office to save on extra costs if your business is just starting out. Coworking and part time office options are also options we have too!
Office space for rent in Toronto is not cheap for the square footage you get; this is another reason why sharing office space might be something to look into and why you should try and maximize what you get from your workspace. For example, our Queen West location includes ancillary services with our plans from coworking to office space such as meeting rooms, board rooms kitchens, rooftop terrace and more. This way you can save money directly by renting a smaller office space for your specific operations yet still access the greater amenities offered on demand! You not only will save on the extra rent, but you can probably rent out an even bigger place later on only when you need the space, not before! It’s essential to look at all possible angles and determine the best possible decision for you, your employees, your customers and the growth for your business.
Stay tuned for our next article on ‘What locations are best for you.’