There may be many reasons to rent an office. Maybe you are setting up your business and are looking for your first office space. Or perhaps you are expanding your business because your company has done exceptionally well.
8 Things to Consider When Renting an Office Space
Whatever the reasons, making the wrong decision when it comes to renting an office space can prove to be disastrous. Here are eight things to consider before you take the plunge.
1. Proximity to the City Center
The location should be your topmost consideration when renting office space. Ideally, you want the office to be close enough for your staff in terms of their daily commute, with bus and/or train links nearby for those who don’t drive. It’s also a good idea to ensure that space is in an area that has an abundance of talent in your particular industry, and is a desirable place to work in general.
One way to ensure this is to set up your office near the city center. By doing so, you’ll be able to ensure that there are good transport links for those staff members who may live a bit further away. For example, if you’re based in Texas, you can find San Antonio office space for rent, with San Antonio being the second most populous city in Texas behind Houston.
2. Clear and Straightforward Lease Terms
Before renting an office space, you should go through the lease terms, preferably with the help of a lawyer. It’s essential to look for flexible lease terms that align with your company’s growth plans.
You should ensure that all provisions are clearly mentioned in the lease. You don’t want to be in a situation at the end of the lease to find your landlord increasing your rent by a massive amount.
Neither would you like to be in a situation where your landlord signs over the lease to some other company without giving you the option to renew? It’s also crucial for you to know when you or the landlord can break a lease agreement. As they say, forewarned is forearmed!
3. What Is Your Budget?
After choosing the location, the next factor to keep in mind when renting an office should be your budget. It’s not prudent to rent an office that may put your business into serious debt and have an adverse effect on your growth potential.
If you plan to take a business loan, you should do so only after considering various factors while choosing a business loan. It’s a good thing to crunch all the numbers with your accountant before signing the lease.
4. Understand Any Hidden Costs and Expenses That May Come With Your Office Space
Before signing the lease, you should factor in hidden costs or expenses that you may have to face down the line. That includes the actual space you will be able to use and the operating costs, including maintenance costs, electricity, potential rent increases, alterations, and repair costs.
You should engage a lawyer to go through the lease with a magnifying glass so that you can discuss any contentious terms with your landlord before signing on the dotted line.
5. What Should Be the Size of the Office?
When it comes to office space, you should rent something that fits your current needs. Rather than choose an office that is much bigger than your current requirements, it’s better to be conservative and choose something that you think will meet your needs for the next couple of years.
If you do grow exponentially, it might be better to either move to a larger space or rent a second office at that point in time. But, at the same time, you shouldn’t rent an office that is too small since a cramped office may negatively affect your staff’s productivity.
6. What amenities are nearby?
Before renting the office, you should find out what amenities and facilities are near the location. Your staff will appreciate having an office that has coffee shops and restaurants nearby.
Furthermore, banks, a post office, and meeting spaces are places that you may need to visit on a regular basis for business reasons. So renting an office with these amenities nearby is a good idea.
7. Parking availability for customers and employees
When renting an office, it’s important to consider office parking. A hassle-free parking facility for your customers and employees is vital when it comes to an office. An ideal scenario is to have sufficient parking space on the premises.
Alternatively, you should look out for street parking facilities that are free or relatively cheap. If these aren’t available, then you should negotiate a good rate with privately owned car parks near your office.
8. What sort of infrastructure comes with the office?
Today not many businesses can function efficiently without a reliable internet connection. Serviced or Managed offices usually include internet access as part of the rental.
But, if you are leasing privately, you should factor in the expenses of getting an internet connection and monthly payments for the same. The reliability and quality of the internet service are important too. Keep in mind that infrastructure also means good telephone connectivity and regular postal services.
Renting an office space is a decision that has long-term implications for your business. Before you sign the lease, it’s vital for you to keep the points we’ve mentioned in this article to ensure that you have peace of mind after moving into your new office.