An office space can increase your team’s productivity, give your business a sense of legitimacy, and bring awareness to your brand.
Are you an owner of a small business looking to rent an office? Maybe you’re ready to grow your start-up business into a new space, but just not sure where to begin.
Below is a step-by-step guide that can help you lease a private office for your small business in the best ways possible.
1. Measure How Much Space You Need
Requirements for space can widely vary by geographic location, industry, and company.
First-time entrepreneurs and start-ups might benefit more from a small private office or a co-working space. On the other hand, enterprise companies may be more interested in suites that are able to accommodate a maximum of 500 people.
How does your growth projection look like? How many people have you onboarded on your team? These are some of the things to consider when measuring the space that you need. Determine how your business is expected to grow within the duration of the lease, the kind of work environment that will enable your start-up team to succeed, and the space in square feet each person in your team will need.
2. Know What Your Budget Is
It’s important to determine your budget before you even begin looking at available office spaces. It will help in narrowing down your choices up front based on the rent you can realistically afford.
3. Search The Web
When finding a commercial property for rent for your business’ next private office, searching the Web can be of great help. Searching the Internet is especially helpful when you’re still just trying to see what the market currently has to offer.
A good route to take is utilizing the websites of private office spaces for rent. You just have to visit each site. While 100% of the information about the space isn’t available online, you can, at least, have an idea how it looks like. Most websites, anyhow, will allow you to search a private office space by product type and square footage available.
4. Work With A Commercial Real Estate Brokerage
Working with a commercial real estate broker is one of the best ways to find a private office space for your business. As you might know, commercial real estate brokerage firms are exclusively dedicated to selling and leasing commercial property, such as industrial real estate, retail, and office. Throughout the leasing process, a commercial real estate broker will serve as your expert adviser.
A listing database doesn’t exist in commercial real estate. While you can, of course, search online to find information, the best resources are still the brokers. They not only know what’s available, but also have an idea what’s coming to the market next.
In negotiating the lease, commercial real estate brokers can also help ensure that you’re getting the best possible deal. They’ll help in negotiating rent abatement periods, build out allowances, and, of course, rental rates.
The most sophisticated landlords out there have representation. Having a representation for yourself isn’t a bad idea at all.
5. Ask About The Amenities Included In Your Prospective Space
Assessing what amenities are included in the rent you’ll pay for a modern office space is one step that you shouldn’t miss out on.
If one of your reasons for moving to a new private office is increasing your team’s productivity, then providing them with modern amenities in a fully functional space can make a significant difference.
Examples of amenities that you should be looking out for a private office are the following:
• Fully furnished
• Fiber Internet
• Conference rooms
• Printers
• Espresso machine
• Mail service
• On-site management
Of course, those are only some of the many amenities that office spaces for rent provide nowadays. The more amenities included, the better for your private offices.
6. Tour Your Prospective Office Space
Seeing the space in person is the best way to know if an office space suits your business’ needs or not.
During the tour, check out the area, visualize how things will go for your business when you and your team start working there Meet your potential new neighbors, and learn about security and maintenance features of the office building.
7. Avoid Legal Pitfalls
Don’t forget to consider your lease’s terms carefully when renting a private office space. You should pay extra attention to when the lease begins, the lease length, and whether or not renewal options are available.
Knowing whether or not maintenance costs, property taxes, and insurance are included in the rent is also important. Furthermore, ask about the private office lease security deposit and the conditions that have to be met for it to be returned.
Final Thoughts On Leasing Private Offices
When you’re finally ready to rent a new private office space, look for one that offers a competitive rate and is rich in amenities that can help your business grow. The seven easy ways to lease a space for your business discussed above should lead you to the one that suits you and your team perfectly.
