Factors To Consider When Leasing An Office Space
The hunt for a new office can be exciting. However, it can quickly become a dreadful experience as there are so many aspects to take into account. When choosing new office space, it is pivotal to be clear about the objectives and requirements of your business, so here a few key factors to help you get started.
Depending on your line of business, the location of your office can potentially be essential. If you have clients often visiting, by choosing an office that is far from the city can be problematic, even if it is cost-effective. Taking into consideration what your employees need is also of importance. You might not find a location that’s optimal for everyone, but being mindful of what keeps your employees happy and active will boost business in the long run.
The neighborhood you chose can also be a significant factor and should be thought out well. Good location plays a role in the image of your company, but things such as noise exposure, restaurant availability in the area, public transport accessibility, etc. are as important.
The decision on the size of your office is something that needs to be considered carefully. On the one hand, tight spaces will not only cut down on the productivity of your employees, but they can also create constant additional problems that could harm your business (i.e., lack of space for the materials, equipment, etc.) On the other hand, renting an area that has more room than needed can create additional monthly costs that are unnecessary. You should also consider the option of your company growing in the foreseeable future, and how flexible your rented space can be if you introduce new workers.
NOTE: If you are struggling, consider hiring a property management company to help you out.
Renting an empty space can be much cheaper than the ones that come equipped with furniture, working desks, kitchen appliances, etc. Investing in a vacant space gives you the option to custom make everything to support the requirements of your business. It does, however, pose a risk in itself, because not only is it expensive, but the items you invest in might not work if you change offices in the future. Finding a fully equipped office space that suits your needs exactly, can be pretty challenging to find, and might be the more expensive option in the long run. Despite that, it does offer the benefit of moving your company in without renovation delays and the additional hassle of furnishing and decorating. Parking options should be looked into as well. Customizable spaces are also a possibility; talk to your landlord to avoid mistakes and explore the best options.
Perhaps the most critical factor when it comes to choosing office space is the cost. But there are so many other things to look into other than rent. You will have to look into general expenses on a monthly basis when making your decision, possible damage repairs, and other costs related to the property, such as costs of heating during winter months, additional lighting if there is low natural light, etc.
Knowing that a quality office space can only help push your business forward, if you pay close attention to these critical factors, you will provide an environment that is most suitable for your employees, business, and your finances.
For more information, ideas and advice, you may reach us at info@LLCPM.com