A business needs a productive workspace in order to thrive. While some entrepreneurs prefer to work in home offices or coworking spaces, there are also business owners who opt for dedicated offices where they can run their companies.
If you own a small business or a start-up company and you’re looking to rent an office space, then chances are, your business is beginning to expand and flourish. However, renting an office space is both an exciting turning point and a big step for your business – one that requires careful thought and planning. There are monetary and strategic issues that you need to thoroughly consider to avoid a costly mistake.
Before you take the plunge into finding an environment where you can take your business, here are some factors that you need to take into consideration:
Evaluate Your Commitment Level
When you lease an office space, you have to commit to the terms of the lease agreement. Once you sign a lease agreement, you are legally bound to pay not just the monthly rent but also other fees, including service charges, business rates, maintenance costs, and other daily operating expenses. This needs a certain level of commitment and resources as failure to do so will result in penalties or legal action.
Evaluating lease agreements can be time-consuming and confusing so you may need to consult with a tenant representative to help you with your decisions. A tenant representative will guide you throughout the process and provide a variety of services including negotiating an office lease to ensure a profitable outcome for your business.
Assess the Needs of Your Business
Before choosing an office space, you need to look into the needs of your business and your employees. You can define this by asking the following questions:
- How much space do you need to accommodate your existing employees?
- Are you looking into further expansion and will the space be able to accommodate it?
- Where do majority of your clients work?
- Do you need parking space?
Based on these questions, you will able to narrow down your options in terms of location. Then you can estimate your budget by looking into the average rental costs in the area. You can also factor in costs such as maintenance fees and utilities so you can come up with a more realistic budget.
Tour Available Offices Spaces
You can do this with the help of your tenant representative as they are connected to a network of property owners. They can arrange and attend property walkthroughs with you to make sure your concerns and questions are addressed. Touring office spaces will allow you to narrow down your options to an even shorter list. By looking at the available spaces, you will be able to determine which one offers the best rates and meets your business needs and budget the most.
In summary, you need to understand your company’s needs, set a criteria, and create a realistic budget before you rent an office space. It is recommended that you hire a tenant representative to guide you through the process as they can identify properties that closely match your needs, schedule tours, and negotiate a fair lease.