3 Things to Consider When Renting Office Space for a Small Business
There are several reasons why you may find yourself in the market for some new office space. Has your small business grown and you now have more employees to accommodate? Maybe you need more free space for inventory, or want to open a new location nearer to your customer base. Whatever the reason, the leasing process can be difficult without a plan.
Save yourself time and hassle by taking these three things into consideration when renting office space for your small business.
1. Decide How Much Space You Need
As a general rule of thumb, many recommend you need 70 square feet per person. Do your company’s employee’s need larger desks, more room to move around and collaborate in? Depending on the industry and nature of your business, you should adjust this number accordingly to fit your employees needs.
When deciding on how much office space you will actually need, you need to take into account things like meeting and break rooms. Think about the potential growth of your business. If you’re seeking a larger office because your current one is too small, make not sure not to make the same mistake twice.
Don’t know how much space you need, use this office space calculator to see.
2. Location Is Key
Location is a vital component to keeping a businesses clients and staff happy. If your business is located on the edge of town and comes with difficult directions, your employees, clients and suppliers are going to be hesitant on sticking with you for a long time period.
Are most of the competitors in your industry located in one centralized location in your city? If so, then maybe it’s a good idea to join the pack and find out what you’re missing.
Ask yourself the following to gain a better understanding of a superior location for your business:
Are there nearby coffee shops, gyms, or after-hours bar’s nearby to keep my employees content?
Is the area safe, secure, and well-attended to?
Are there competitors nearby? Company’s from the same industry?
Is this office space easy to find on a map or with simple directions?
Connection to the outside world is an imperative part of your business. Few businesses today can exist without a reliable internet connection.
Managed or serviced offices usually include internet access as part of the monthly rent, but leasing through privately owned office space means you need to factor in the cost of getting an internet line connected and the associated monthly payments to gain access.
The quality of an office space’s infrastructure does not just mean internet access, but telephone connections and postal services. Many business owners choose a cell phone over a land phone, and while this might not be prevalent to you, being located near a postal office ensures you’re able to pick up important items promptly and will not have to wait around to sign documents.
The quality of these services is important also. What’s the point in paying for a monthly service just for it to be constantly interrupted by a poor location?
Here are a few questions to ask yourself about a buildings infrastructure:
Can I contact other businesses in the building or nearby to ask about their experience with the infrastructure?
Does this office space have its own dedicated postal address?
Can I ask the owner for an internet speed test to make sure my internet service provider is providing sufficient service?
Every business is different and has its own needs when it comes to office space. Some can thrive in small compact spaces of 500 square feet, while others are more suited for large industrial properties of 5,000 square feet or more. To get the best deal near you, and for more information on renting office space, feel free to contact us right away.