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Tips for Renting Office Space

Renting Office Space

Your office space is one of your businesses greatest assets. This is where you and your staff are going to work on a daily basis, it's where you meet with potential and existing clients so it's need to not only be comfortable, but also be a positive reflection of your company values.

The type of office space you choose will therefore have a strong reflection on your business. You will therefore need to give due consideration to the type of building, the location, the facilities, and it's office design and layout potential.

Taking time to plan your office space requirements before renting office space is a MUST. You should also discuss your office space requirements with a local Tenant Rep Broker to ensure you end up in the most suitable office space that meets your budget, business and space requirements.

Here are some tips to consider before renting office space:

  • Make sure you've got enough space - you'll need to account for a certain amount of office space per employee as well as any separate offices or conference rooms. You'll also need to factor in an additional 10-20% of overall office space for future growth. Failure to account for this could mean you grow out of your office space too quickly.
  • Think modestly - it may be tempting to go for a large swanky office but don't take out too much space than what you really need - or can realistically afford! An proportionally large office could hamper staff momentum and destroy productivity.
  • Do your homework - ask your Tenant Rep Broker for a report on market rents being achieved in your area of similar sized office. This will enable you to compare "apples for apples" and weigh up your options carefully.
  • Be flexible - an office suite in an out-of-town location may be just as convenient for you and your staff and will also save you a few bucks! Draw up a list of priorities but be flexible enough to compromise on those that are less important.
  • Access - whatever location you choose, make sure it's accessible to both clients and staff to visit you. Consider how your staff travel to and from work and how the new location will suit the majority of your workforce.

Don't forget to use the FREE Office Space Checklist to help you to easily identify which office space is most suited to your needs.

 

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