Are you on the hunt for the perfect office space?
Although remote work is surging, offices are still super important for most organizations. A physical office enables a business to build a professional image and creates an environment for innovation and collaboration.
Buying office space is one of the biggest expenses for businesses, but you can also rent a space if you’re on a tight budget. In fact, renting office space affords your organization great flexibility and comes with other unique benefits.
However, there are important things you need to keep in mind as you head out to find a rental office. Read on for expert insight.
Renting office space is just like finding an apartment to rent. You need to know what you can afford.
However, while you might have a clearer picture of your personal finances, oftentimes entrepreneurs don’t quite have a handle on their business finances. There’s a reason about 80 percent of all small businesses that fail can trace the cause of their failure to financial challenges.
This is why it’s essential to assess your business’s finances, draw a budget, and establish how much money you can afford to pay for office rent. Armed with an estimate, it’s easy to determine how much office space your money will get you.
It’s also important to note that most commercial buildings require tenants to pay rent on a quarterly (or longer) basis. In this case, the upfront capital cost of renting an office can be much higher. Prepare for this.
The Needs of Your Business
Defining the office space needs of your business enables you to zero in on a building that offers what you want.
Do you need a traditional office space with a reception area, private offices, break rooms, conference rooms, and an open area? Or perhaps you’re looking for a more open-plan office that’s popular with tech startups? Or maybe you need a flex space with an industrial look.
Most modern commercial buildings will offer different types of office spaces, but when you know what you need, it’ll be easy to identify the buildings that can potentially house your business.
Also, establish the size (in square footage) of the office space you’d like. Some buildings, from the way they’re designed, won’t have the size of office space your business needs.
Location isn’t just important when you’re buying a property. It’s also a crucial factor when you need office space for rent.
Ideally, you want your office to be centrally-located; somewhere that’s easily accessible to both your employees and clients. The location will also add to the reputation of your business. If your company is a luxury or premium brand, it would be against your branding efforts to set up an office in a dingy part of town.
Finances not being a limiting factor, all entrepreneurs would set up offices in swanky buildings in the most upmarket locations. Unfortunately, that’s not often the case. Your budget will have a direct impact on your choice of location.
The best bit about renting an office is you get relocation flexibility. So, even if you might not be in a position to afford a Class A office right now, you can settle for a Class B or lower and relocate when your business can afford it.
In a country where almost everyone owns a car, you want an office that comes with adequate parking space. A good number of customers will opt not to visit a business if they aren’t sure that they’ll get parking.
Modern office complexes are built with parking availability in mind, but don’t assume that you’ll get the parking space you need. If the complex designates parking spots for tenants, ask how many spots your business will get. If your business has a lot of walk-in clients, your preference should be to find a commercial complex that can accommodate hundreds of cars at the same time.
In cases where you have to settle for a building that doesn’t have adequate parking space, you might need to find additional parking space near your office.
Infrastructure and Utility Services
Setting up a good office isn’t just about having adequate space for your needs. Infrastructure is key.
Before choosing a commercial building or complex, ensure it has reliable communications and internet infrastructure, serviced by multiple providers. After moving in, you want to worry about choosing the best internet service provider, not how to install internet hardware in the first place.
What about power options? Is there a backup generator that will keep your office running when there’s an electricity outage? Does the establishment employ security and cleaning services?
The availability of good infrastructure and utility services will help lower your operating costs as well as make your office a safe, clean, and healthy space for your workers and visitors.
Renting Office Space Shouldn’t Be Difficult
Renting office space is an ideal option for small businesses with a limited budget. Even big companies often prefer renting when setting up satellite offices.
However, a lot of research needs to go into your search; otherwise, you might end up with an office space that doesn’t suit your needs. With this guide, you now know some of the most important things to keep in mind before and during your search.
Keep tabs on our blog for more helpful advice for business owners.