Things to Consider When Renting Office Space
Choosing an office space can be really a huge decision and especially daunting for the start-ups. Is it the right location? Is the space in line with the growth projections? What kind of infrastructure can it support? Is it a right fit for your strategic needs? With so many important questions at stake, it is absolutely imperative to know what crucial factors to consider when you are set out to rent an office space for your business.
Hire a local broker
This is first and foremost thing to take into consideration. A local real-estate agent, with experience and connections, can help you find the right fit in terms of your budget, your business requirements and the scalability you might need for the future growth.
Think about your company’s present as well as the future
Where do you see your company in the coming years? Your business space must allow you to be flexible in accordance with any foreseen changes in the business strategy or growth. That’s why, when you are in a look-out for office place to rent, you must reflect on your immediate requirements as well as the near-term factors that might get changed over the course of your lease. For example, you might not afford to rent the extra space right now and may not even need it. But what about negotiating a short-team lease with an option to renew? You can also negotiate to add a term allowing you the first right on any adjacent space that gets vacant.
Is the location convenient for the employees as well as the clients?
If you think location of the office is not paramount while renting the office space, think again. Experts say that employees look-out for things like neighbourhood security, easy accessibility and the recreation facilities around the work place such as a gym, coffee shops, restaurants and after-work bars to gather and chill-out. A long, expensive and time-consuming commute might force your employees to find employment somewhere else. It should be an easy road for clients too. A remote, unsafe or unknown location might mean few lost opportunities if clients are not willing to come over for face to face meetings.
Check the affordability and calculate the hidden costs
Who wants to be stung with some unexpected charges? You should ask yourself how much you can afford to spend on your office space. And besides per-square-foot rentals there can be so many expenses that you may overlook or may not look that obvious. It is extremely important to look out for these hidden expenses. There are costs associated with utilities and common area maintenance charges to maintain the building and landscaping, and cleaning the hallways to name just a few. Another important factor is the amount of parking available to your resources and how much it is going to cost. You should by all means seek answers to these queries beforehand so that you can calculate the full cost you are going to incur. It is also important do a quick comparison to know if the new office is priced on more or less similar lines with office spaces in the same area. Are you getting value for your money?
Does it support the IT infrastructure you need for your business?
Many businesses today are turning to IT to reach out to customers and launch new sales and marketing initiatives to retain the existing customers while charming the new ones. In this age of digitalization and so much dependence on IT, it is important that your office space is equipped with all the necessary trimmings to set up shop. Check out for the reliable power supply and if it sufficient to power your IT equipment and data centre. What about the internet accessibility and the connection speed? All these factors are important to consider when you are ready to rent out a business space.
Hire a real-estate lawyer to review the terms of lease
It is critical that you know what your lease says and whether it is in your interest or not. Get the finer prints read by an experienced and expert real-estate lawyer to avoid hassles at the term end. You wouldn’t want to find that the landlord has suddenly hiked the prices or has rented the property to a new party. It is therefore important to have few terms and conditions clarified and adjusted to accommodate your near-term and long-term interests if possible.
Style of the office
This factor might get pushed to the back of the mind when searching for a convenient location and the right office space, but it is nevertheless important in case you are hoping to create a brand name for your business. Besides websites and logos, an actual office is a great branding tool. Companies like google and Apple pay a great attention to the layout and the style of the office as it greatly impacts the creativity of the employees. Relevant outdoor and indoor spaces to lounge and brainstorm are fast becoming popular to provide a creative, stimulating environment to the people. It also helps to charm and retain great talent.