Choosing the right office space requires assessing your business’s unique needs, deciding your budget, and shortlisting properties for inspection. The right location can help you attract customers, and if you can lock in the right type of space it can support scaling up without another disruptive move in the near future. Here we take a look at the top considerations for settling on the right office space to rent so your business can succeed and grow.
1. Location and convenience
Ideally, your office will be located in a convenient location for clients and employees, and you. Consider ease of parking and proximity to your target market. If your employees and/or customers face a long commute or no access to public transport, you might want to reconsider. Local amenities such as childcare and cafes nearby can add to the level of convenience and attractiveness.
Security and local crime rates might also be important considerations, along with closeness to your major partners. If you need to meet in person with suppliers and vendors on a regular basis, make sure it’s not too far for you or your partners to travel for meetings. It should be easy for you to get to supplier’s sites to do inspections and conduct face-to-face meetings if necessary.
2. Cost and competitive pricing
A cost-competitive location can help your business save thousands of dollars or more on your lease. Your lease payments will likely be the biggest overhead expense, so find a property that offers competitive pricing. Check local market rates for similar properties to ensure you’re paying a fair price. Options such as coworking spaces tend to offer the most competitive pricing for small businesses, with the added benefit of networking opportunities.
When it comes to finding the right office space, make sure you’re aware of hidden costs. Check the rental contract for extras. For example, the landlord might apply extra costs for parking, maintenance, or minor repairs. If you’re moving to a rundown commercial office space where you’ll be incurring costs for customisation and repairs, factor these costs into your budget.
Balance cost and property features
Cost shouldn’t be the only factor when it comes to choosing a location. Choosing a cheap location that doesn’t fulfil your other business requirements can be a self-defeating exercise, impeding your growth, business reputation, and morale. If you have to move after a few months, this can end up costing you more. However, finding a good balance between cost and essential features lets you save more while ensuring your business needs are met.
Rental rate increases
While rental increases are usually negotiated at renewal, some commercial lease agreements do specify annual rate increases. Be aware of these before you sign the contract. Is the annual rate increase in line with market averages? Consider related factors such as the right of first refusal.
3. Size and space to grow
Consider your employee numbers as you shortlist properties and make sure you have sufficient space for everyone. Take your furniture and equipment into account, and consider whether you need storage space or room for things like servers and specialist equipment.
As you review prospective offices, think about your growth projections. If you’re going to be adding to your team in the next six months, make sure you find a property that allows you to scale, as you don’t want to be moving too often. Coworking spaces are excellent options for growing small businesses as they support rapid scaling up and allow you to save massively on overheads without compromising on access to facilities.
4. Facilities and resources
Does your business need access to high speed Internet, kitchens, recreational rooms, and other facilities and resources? Do you need to have access to multifunctional spaces like event, training or meeting rooms, or even a gym? Other facilities you might need include onsite parking for customers and staff. If you’re a micro business or sole trader, you might want to find office spaces that include printers and other office equipment as part of your lease.
Small businesses can be budget constrained when it comes to paying more for attractive commercial properties with facilities and resources, and so it can be worth considering options such as coworking spaces for you and your employees.
Aesthetic features are often overlooked, but if you meet clients in your office, you’ll want to project a professional image with a well-decorated office space. An aesthetically pleasing office environment could also support higher morale and productivity.
You might want to find a property that allows you to customise the space, or you could find an office that closely matches what you’re looking for in terms of professional business presentation. If you’re happy to publish photos of your office space on your website and in brochures, the property likely meets your décor requirements.
6. The benefits of coworking spaces
Coworking spaces are often overlooked, but for small businesses, they can be an excellent option for saving on rent. Quality office spaces might come furnished, making it easy for you to move in right away. You’ll be able to network with other businesses and feel like you’re part of a community.
Another benefit is flexibility, as coworking spaces can allow you to scale up and down according to your changing daily requirements for space. Access to facilities is often provided, so you can conduct teleconferences, meet with clients on site, and relax in a luxurious lounge for lunch.
Your unique business needs
Finding the right office space can take time as you assess your requirements and shortlist prospective properties. From space and cost to space and facilities, the criteria you’ll use depends on your unique business needs. If you’re a small, growing business, leasing space in a coworking environment can help you save on costs while giving you access to premium facilities and a community of potential business partners.
Nexus Hub combines the best of serviced offices and coworking facilities. Whether you’re an up-and-coming startup, sole trader, or a small business, we can provide you with everything you need to innovate and succeed. Explore our website or contact us for more information today.