What to Look For When Renting an Office Space
Finding the perfect office space can be nerve-wracking. It must have that perfect balance of professional ambiance while encouraging creativity.
It’s no wonder why after countless site viewings, you still can’t decide. In these circumstances, making a list of what to look for when renting office space will help.
To make it easier for you, we prepared this guide on what you need to know about renting office space.
A suitable location doesn’t mean it has to be in the heart of the city or in a posh high-rise building in Manhattan. A suitable location depends largely on the kind of business you have and where most of your team lives.
If you’re in the IT industry, you should lease office space in places where internet connectivity and power shortage won’t be a problem. If you’re into insurance or other service industries, it goes without saying to stay close to where most of your clients are. If all of your operations can be done online and you just need an actual address to build client trust, a virtual office space will be perfect for you.
Local economic policies and business support initiatives should also be taken into account. That’s why many executives are relocating to places such as that of Boca Raton in Florida. It’s one of the most business-friendly locations this side of the country. Plus, the scenic ocean view is a real treat. Check out our executive office space for rent in Boca Raton.
Apart from having the best location, your office space must also be something you can afford.
First, you need to think about how much you’re willing to spend on lease. Prices for commercial property in a prime location can be astronomical. Set a price ceiling so you won’t waste time visiting locations that are way out of your budget.
Remember to take into consideration other expenses like utilities, security, and parking fee among others. How is office space rent calculated? Who pays for repairs and maintenance? Make sure to clear these things out with your potential landlord before making any decisions. Co-working spaces are also becoming increasingly popular these days because they’re cheap and gets the work done. You might want to look into this option too if you want to save up on business expenses.
Space Wide Enough for Your Team
This one is pretty obvious. You can’t squeeze in ten employees in a space intended only for two. It will seriously affect productivity and can hurt your business in the long run. Plus, your employees will be on each other’s throats – figuratively and literally.
How much office space do you need? Consider how many employees you have or are planning to hire. Then figure out how much space the tables, chairs and other items of furniture will take up. Make sure they have enough space to move around and do their jobs unimpeded. A wider space also gives you more room to rearrange the office in case of organizational changes.
If given the choice, you wouldn’t probably say “no” to an office building with a helipad or a rooftop pool. But are these really necessary? If you’re one of the Fortune 500 maybe, but if such is the case, you won’t be renting your office.
My point? Look beyond the fancy office amenities. Think about your needs. Do you require a wide parking space? a tight security system? restaurants nearby? or maybe even a kindergarten just a few blocks away so it’ll be easier to drop your kids off to school? upscale meeting rooms to impress your clients? Determine your priorities to know which amenities are more important.
Transparent Lease Contract
One of the deal breakers in real estate is a shady lease contract. The rights and responsibilities of both the tenant and the landlord should be clearly stated. It must also have provisions for early termination of the lease or when you want to sell your business.
Do you plan on having the office space renovated before you move in? Make sure you have a clearly-defined agreement about that on the contract too. Most landlords only allow certain types of renovations especially when it involves significant alterations to the office’s structure. While others don’t allow any type of renovation work at all.
Some rental agreements like ours offer flexible month-to-month terms if you’re not into committing long term. It’s advisable to have your lawyer take a look at the contract first before signing just to be sure that everything is in order.
In business and almost everything else, appearance is a great deal. Your office design and overall ambiance tell your clients a lot about your business. It reflects your organizational culture, how you treat employees or how creative you are. A shabby office building that’s in dire need of repairs won’t really paint you in the most positive light. While lavish office decorations can make your clients think your services are too expensive. Make sure that the office space you choose is consistent with your brand and the image you want to project to the world.
In modern working spaces, a common area where employees can discuss stories, opinions, and ideas are very important. Whether it’s the kitchen, conference room or the lounge, common areas are proven to increase productivity and creativity in employees. You have no idea how many brilliant ideas and concepts were born in the office’s common rooms. That’s why more and more multinational companies are putting common areas in their offices. Check out this list of the most beautiful office spaces in the world to know how companies are getting creative with their common areas.