Are you planning to open a new office? Or do you pay high rent charges for your existing office space? If you face any of these situations, then you may be considering renting office space. The cost of having your own office may not be feasible for any startup and thus renting office space seems to be a preferable option. There are some mistakes small offices make when renting and hence, care should be taken that you do not rush into selecting your desired office location. Here are some tips to help you in renting your office space.
1. Convenient for Your Employees
Unlike big business you may not be able to provide with additional perks for your employees, but you can make the workplace a convenient one. Therefore, consider the proximity of your office space for your employees. If you still have to hire employees , then consider a location that is a commercial center. This way you can get employees who work in the nearby commercial center for your small business. Andrew Bermudez, the CEO and co-founder of Digsy, an ecommerce commercial property listing service says that the office location should be centralized. This makes it easy for your employees and clients to get to you and it also helps in retaining more talents for present and future.
2. Accessible for Your Clients
When you look for a new office space, make sure it is not located far off from your existing client’s office. Even if you do not get an office space that is close to your clients ensure that your office building is easily accessible via freeways or public modes of transport.
3. Amenities Around Your Office Building
This is one of the common mistakes small offices make when renting. They do not take into consideration the basic amenities that are required. Apart from easy access to freeways and public modes of transport, restaurants and coffee shops for meetings, financial institutions and other amenities should be taken into account.
4. Fits Your Team
When it comes to selecting the office spaces ensure it fits your entire team. The office space should be big enough for your employees to move around freely. The office should be able to nurture your employee’s creativity. Additionally, you would require more space to conduct meetings with clients and your employees. In case you plan to hire more employees in the future, then selecting an office with bigger space is would be the right choice. At the same time, do not cut your costs unnecessarily. The office space should have a pleasing appearance and a favorable environment to work in.
Budget is one of the main constraints when it comes to renting office space for small businesses. Account for additional expenses that can incur. One of the common mistakes small offices make when renting is that they believe that the rent is the only cost they need to incur. This is not true since there are some other additional expenses that you incur. Some of the costs are listed below.
Furniture and Other Equipment
Repairs to the Office Infrastructure
Power and Internet Charges
Security Charges and others
The type of systems that you are going to use should have enough space and required facilities. For example, suppose you have a software development business. You need to have proper systems such as PCs or laptops. Thus, you need space for desks to keep these systems in place. In addition, facilities such as high speed internet connectivity and continuous electricity form an essential part to carry out the activities smoothly. All these factors add to the cost of renting office spaces.
6. Condition of Your Office Space
Check the condition of your office space before you move into it. While the advertisement looks pretty good, the current condition of the office space is what matters. The longer the time that the office space has not been used, the more repair work will be needed. If the condition is too bad, then you should ask your landlord to repair the office before you move in.
7. Parking Facility
Does your office building have parking facility? It is one of those commonly overlooked mistakes small offices make when renting. The office building should have enough space for parking not only your automobile but also your employee’s automobiles. Additionally, the parking lot should be safe to keep the automobiles.
8. Office Building Security
Neglecting the safety issues is one of the mistakes small offices make when renting. There should be adequate security guards provided for the entire building campus to safeguard your employees and your office systems and assets. Additionally, safety equipment, such as fire extinguishers, should be available on each floor of the office building.
9. Check Your Lease
Clarify all doubts before signing the lease. Some of the things to take into accounts while going ahead with the lease agreement include the following.
Length of lease agreement
Payment option available (monthly, half yearly, quarterly basis) and note the late payment penalties
The extent of customization for your office space
The extent of payment for damages or repairs incurred by both the parties
Ensure the details in the agreement are specific and not generic
Understand the local laws
Provision for early exit (in case you are uncomfortable with the terms of the agreement during the course of the lease)
If the lease contains some clauses that are misleading, then clarify it with your landlord and make it clear in the lease agreement itself. Take the help of a legal expert if required.
10. Take the Help of Experts
The process of renting your office space can be complicated for startups. Take the help of professional business consultants or real estate brokers to help you rent an office space. The professional consultants are experienced to help you out in identifying the right kind of office space depending on your business needs. Whereas, the real estate brokers are effective to smoothen the entire office space selection process.
Apart from following these ten tips, you should know how to negotiate with your landlord before entering into the lease agreement. Avoid the mistakes small offices make when renting by doing a proper research and taking expert advice. A poorly rented office space is going to cost you money and your employees may leave if they don’t find it suitable to work there. If you don’t like the rented office space, you may consider for an early exit or get stuck with the same office until the lease expires. For this reason, it is critical that you do a thorough research and get experts to help you out. To carry out research relating to kind of office spaces in Edmonton, get in touch with a resource center in Edmonton.