Statistics show that in an average office the amount of space allocated to workers is roughly 176 square feet per worker. This figure has reduced from about 225 square feet as of 2010.
This is of course occasioned by the scarcity of office space.
Renting office space for your new business must obviously be pretty exciting. But if you intend to rent an office there are certain things you must keep in mind. Choosing just any office is likely to be a gross mistake.
You must have had several experiences when you rented something; a car, an apartment or a house maybe. But you can hardly compare these experiences to that of renting business space.
You must ensure that the office space which you select must be suitable for the needs of your team. It should be enough for your operations and growth.
Secondly, you must see to it that the business space for rent is economically viable. You don’t want space for rent that you can’t pay for. Of course, it will depend on what type of business you’re on.
If you’re not sure what to consider, here are a few useful tips on how to rent office space.
What Are the Upfront Costs?
This could be the deal-breaker. So you had better ask, and do so. Find out how much that space is likely to cost you every month.
Sometimes the rent may look pretty great on paper. However upon considering other costs that hadn’t been configured it becomes costly.
So when discussing payments, find out who will meet the cost of electricity. How about the water bill? You do not want to be surprised when the postman hits your mailbox with bills that you did not anticipate or plan for.
Besides these, there are other additional costs that accrue when you are moving in.
You might be required to give a security deposit. It could also be that you may need to pay attorney fees for purposes of execution of an agreement between you and your landlord.
Is there a chance that the space for rent you have found is ideal but requires a few repairs? Who does them? Do you need commercial liability insurance?
Who pays for the internet?
All these costs finally have an impact on how much you will pay before you occupy. You need to have prior knowledge to avoid frustration.
Don’t forget that it’s an office for rent. For your new business, time is of the essence. So you can’t afford to wait for 6 months to move in.
How long it takes for your space to be ready is thus a chief consideration.
At the same time, it’s not your house. You might soon need to move out of that office if you’re uncomfortable or the conditions are no longer favorable.
So you also need to know what’s going to go down when you will be moving out. The much time you will be given to exit and so on.
What Amenities Do You Need?
The office space you are getting should totally meet your needs. Don’t get something unsuitable. Or something that you might need to make too many adjustments that will cost you more money.
So what you need to find out is what your landlord is providing you, in terms of amenities. Is your suite fully furnished? Or will you need to purchase everything?
Consider all of this because it will help you with planning. It helps you know how much you should budget for, and whether or not you can manage what you are getting.
You could also check other infrastructure that is located nearby, a restaurant maybe. An office might be quite suitable with all amenities but put you through the extra cost of making lunch for your staff. You don’t want to have your staff taking 2 hours of lunch break in a bid to identify a suitable restaurant
Small as these details may seem they have an important bearing to your stay at your space for rent.
In What Condition Will You Receive the Office Space
This is yet another potential deal-breaker. There are lots of things that could cause you a headache when looking for office space, but this one takes the cake.
Would you want an office that is full of scrap and left-overs from the previous occupier? Or do you want broken furniture that you have paid a fortune for? I doubt it.
If you have inspected the place and ascertained that it’s in perfect condition then that is okay. But if the place is yet to be fixed, ask who should do it and when.
If the place is messy it might cost you to clear it up, so you might consider somewhere else. Or probably you and your landlord might reach an amicable settlement.
Is the Lease Assignable?
The future is never quite certain. So you could find greener pasture or any other reason why you can’t keep the business. Or you could be in the business of growing young businesses and then selling them off, it’s possible.
You must look out for your best deal.
Find out if the landlord can terminate your agreement if you decide to sell off the business. This is a big deal.
Some landlords will let you re-assign the agreement you entered into while others will want a fresh agreement with the new tenant.
It all depends on your future plan and whatever arrangement will suit your circumstances. But find out before moving in. It’s the safest thing to do.
How to Rent an Office
Every case is quite different depending on various circumstances. So this piece provides general guidance that you can apply in your special circumstances.
Look out for each detail before you rent an office. Make sure to get the best deal that suits your needs.
Reaching an agreement can be tough but you and your landlord can surely decide. Keep checking our blog for more tips!