Renting a new office space can be an exhilarating step for any business, offering benefits like enhanced brand visibility, increased legitimacy, and improved team productivity. To ensure you make an informed decision that supports your company’s growth, thorough research is key. This blog post provides essential tips for securing your first office space.
Do You Really Need an Office Space?
Before diving into the search, consider how a physical office will genuinely impact your workflow and team collaboration. The advantages of investing in a dedicated office can be significant:
- Mail Delivery: A reputable business address projects professionalism, separating your company’s image from a home address or P.O. Box.
- Search Engine Optimization (SEO): Businesses with a physical address can verify their listing on Google, boosting visibility on Google Maps and local search results.
As Koriko Creative aptly put it, “Before we landed at Expansive, we talked constantly about the importance of a good environment for creative output. So we invested in our businesses and ourselves and rented a private office. We’ve already had so many good conversations and collaborations in the space. Here’s to many more!”
Seven Tips for Renting Your First Office Space
1. Estimate Your Space Requirements
Office space needs vary greatly by company size, industry, and geographic location. While large enterprises might seek suites accommodating up to 500 people, startups and first-time entrepreneurs often benefit more from a coworking space or a smaller private office.
Consider your current team size and your projected growth. How much square footage will each person need? What kind of work environment will best foster your team’s success? How is your business expected to evolve during the lease term?
Sheri Williams, Head of Customer Success at Solv Health, shared her experience: “We moved into the Expansive Denver building last year and one of the main reasons we chose Expansive is the variety of space available that would allow us to stay in the same location as we grow the team. We are now in our third space with Expansive due to growth! The Expansive team is truly wonderful to work with and has been an essential part of our growth plan in Denver!”
2. Inquire About Included Amenities
When renting a modern office space, it’s crucial to assess what amenities are included in the overall cost. Providing your team with a fully functional space and contemporary facilities can significantly enhance their experience.
For example, Expansive offers a comprehensive list of amenities to its clients, such as:
- Fiber internet
- Fully furnished workspace
- On-site management
- Printers, scanners, and copiers
- On-demand conference rooms
- Mail service
- Complimentary espresso, coffee, tea, and filtered water
3. Compare Different Office Types
The office market offers a diverse range of space types, from shared coworking spaces to traditional private offices, allowing entrepreneurs to choose the layout that best suits their needs.
- Access Pass (Unique to Expansive): Reserve a private office for the day using an app, with lounge access on the day of use. This includes all amenities and can be reserved across any location, ideal for those needing an office a few times a week.
- Office Suite: An excellent option for growing teams, offering dedicated collaborative and individual spaces that can be customized to reflect your brand and support specific user needs. These often include private kitchens and entrances.
- Private Office: Suitable for individuals or teams up to 15, providing room for growth and change. Perfect for new teams, geographic expansion, freelancers, or those just starting out.
- Dedicated Desk: Similar to a coworking membership, offering flexibility and affordability, plus the security of a locking file cabinet and a reserved desk within a shared private office.
- Virtual Office: Not a physical workspace, but highly valuable for remote workers needing a professional business address, mail/delivery pickup, and occasional access to on-demand meeting rooms, day offices, or lounge passes.
4. Explore the Surrounding Area
Choosing an office location that is easily accessible to both your team and clients is paramount. Consider proximity to public transportation and amenities like bike racks. Your team will also appreciate nearby coffee shops and restaurants.
Expansive’s ownership of historic buildings allows them to offer prime urban locations at a significantly lower cost than many competitors. For instance, their North First building in San Jose boasts proximity to tech giants like Apple, PayPal, and eBay, along with easy airport access. Meanwhile, Expansive River North in Chicago is just steps away from popular dining, nightlife, the Chicago River, and train stations.
5. Avoid Legal Pitfalls
When renting commercial office space, meticulously review the terms of your lease agreement. Pay close attention to the lease duration, its commencement date, and any renewal options.
Furthermore, clarify what your rent includes. Does it cover insurance, property taxes, and maintenance costs? Understand the security deposit amount and the conditions required for its return. Also, confirm which common areas are accessible with your rent.
6. Consider Your Budget
Never choose an office space that jeopardizes your business’s financial health. Establishing a realistic budget is crucial for peace of mind. However, remember that investing in a suitable workspace is a necessary part of business growth.
Your office budget should encompass not only rent but also amenities, maintenance, taxes, mail service, furniture, and other potential factors.
7. Look for Flexible Terms
Thoroughly read your entire office lease agreement. Beyond your specific criteria for an ideal space, look for any flexibility in the leasing process. For example, some providers might offer a discount for signing a longer-term agreement (e.g., a one or two-year contract). This adaptability can be vital for the sustained viability of a developing company.
Additional Tips for a Smooth Office Transition
Personalize Your Space
If you’ll be spending a significant portion of your week in the office, make an effort to design it to your liking. Your workspace should inspire optimism and excitement. Personal touches like posters, family photographs, inspirational quotes on walls, or even familiar furniture from home can make the space feel more comfortable and uniquely yours. How will you customize your space to reflect your brand and team?
Observe Your Business’s Growth
While a single office might suffice initially for a small business, rapid growth necessitates keeping scalability in mind. How many new team members do you anticipate adding each month or quarter? Do you foresee further expansion in the coming year? When selecting a space, balance your current needs with your near-term future.
Learn About Building Security and Maintenance Features
The safety and security of your team members should be a top priority. Inquire about the security measures in place, such as keycard access, security cameras, and emergency procedures. Also, ask about building maintenance protocols. A prompt response to technical or mechanical issues indicates good management and minimizes disruption to your daily operations.
Cultivate Your Company Culture
One of the greatest benefits of working in an office is fostering a strong community among colleagues. This environment can inspire harder work and make daily tasks more engaging. Discuss with your team what values are most important to them and build your company’s culture around those principles. What drives your actions? A strong culture is what differentiates a generic business from a company with lasting success.
Be Respectful of Others Using the Space
There’s a good chance you’ll be sharing your floor with other businesses and professionals. While fostering connections, always respect their privacy and space. If you have an open-area meeting, be mindful of noise levels. Avoid interrupting others who appear focused on their work. Over time, building rapport with your neighbors can be incredibly rewarding; you never know—they might become your next business partner or client!
Ready to find the ideal office space for your business’s next chapter?