Are you looking to rent an office space to propel your business forward? Do you envision starting or expanding your company within a dynamic, shared environment? This comprehensive guide will equip you with the crucial factors to consider and effective strategies for finding the ideal office.
Some business owners prefer to independently research and find office space, while others opt to leverage the expertise and insider knowledge of professionals.
What is Important When Renting Office Premises?
There are five crucial elements to prioritize when seeking office space:
- Location: Your office should be in a safe and reputable area. Your preference might lean towards a bustling neighbourhood or a quieter, more private spot. The key is to find a location that satisfies both your clients and staff. Consider areas with easy access to food, drink, or other desirable amenities. Ensure the location is easily accessible for both employees and clients.
- Service Connections: A functional office relies on robust telephone, internet, and postal service connections. Uninterrupted communication is vital for smooth operations. A business, no matter how thriving, will face delays if its internet or communication infrastructure is unreliable. Verify that these services operate consistently and efficiently, and factor in their costs for the area.
- Size: Determine the appropriate office size for your business’s current and future needs. A small office will be inefficient for a company with numerous employees and clients. Larger spaces might be necessary for client meetings. While your business may expand, today’s needs are equally important. The office should comfortably accommodate both short-term and long-term spatial requirements.
- Style: While not everyone has a strong preference for office aesthetics, it’s worth considering. Some desire a neat, organized space for client interactions and administrative tasks. Others may wish to infuse their creative flair. If style is significant to you, factor it into your search; if not, prioritize other crucial elements.
- Price: Finding an office space that meets all your desires and fits your budget can be challenging. An overly expensive office can lead to financial strain or prompt a premature move. Conversely, an inexpensive space might seem like a bargain but could force sacrifices on essential features. Always consider your budget, compare prices of similar offices in the area, and assess if the value justifies the cost for your business.
Crucially, remember to account for hidden costs. These often include parking spaces, maintenance fees, and other charges not immediately apparent in the base rent. Ensure these are factored into your budget.
What Are the Main Factors to Consider in Office Location?
Beyond general attractiveness, an office’s location should:
- Allow for Growth: Can your business expand or grow within this specific office space without requiring another move in the near future?
- Security and Safety: Prioritize a location with a low crime rate and a reputation for safety.
- Competition: Assess the presence of competing businesses in the area. A high concentration of companies within your niche could hinder your growth.
What Should I Look for In an Office Space?
What you seek in an office space largely depends on your specific business type. The perfect space balances affordability, client service needs, and employee requirements. For example, a tax service might need a smaller space primarily for accountants, while a law firm that frequently meets with clients may necessitate a larger area.
Typically, when evaluating office premises, look for:
- Structure, Stability, and Cleanliness: The building itself should be well-maintained and project a professional image.
- Affordability and Hidden Expenses: Ensure the total cost aligns with your budget, including all potential hidden charges.
- Size: Adequate space for both current employees and future growth, as well as client interactions.
- Location: Proximity and accessibility for you, your team, and your clients.
- Scalability: The ability of the office to accommodate expansion or future changes in your business needs.
How Do I Find the Right Office Space?
Finding the ideal office space doesn’t mean navigating the process alone. Real estate agents or brokers can provide invaluable assistance, leveraging their insider knowledge to help you find an office in your desired location.
Once you’ve established a central location, narrow your search to spaces within your predetermined price range. Next, critically evaluate buildings that meet both criteria, focusing on the overall structure and style of the building and the office itself. By systematically checking off these boxes, you can identify a space that perfectly suits your business.
How Do I Calculate Office Space Cost?
Calculating the cost is arguably the most vital step in finding an office space, as everyone aims for the best possible price. This can be done through a simple six-step process:
- Find the square footage of the space.
- Find the base rental rate (Price per square foot x Square Footage).
- Find the operating expense rate (Expenses per square foot x Square Footage).
- Add the base rental rate and operating expense rate (Step 2 + Step 3) to get your total rate.
- Find the yearly cost by multiplying the total square footage by your total rate (Step 1 x Step 4).
- Finally, determine the monthly cost by dividing the yearly cost by 12 (Step 5 / 12 = Final Cost Each Month).
If the calculated monthly cost is reasonable for your business, and the office ticks all your other boxes, you’ve likely found a match. Always conduct thorough research and exercise due diligence before entering into a purchase agreement or making a final decision. Trust your instincts if anything seems suspicious.