Are you looking to rent an office space for the success of your business? Do you wish to start or expand your company through a shared space? Here is the complete guide to renting an office space. It includes significant factors to be considered and how to find the right office.
Some business owners start searching for office space by themselves and do their research. Others decide to turn to professionals to gain insider knowledge and further support.
What Is Important When Renting Office Premises?
There are five crucial things to consider when renting office space.
1. Location
You likely want your office space in a safe and reliable location. Some prefer their offices in a bustling neighborhood, while others desire a quiet and private spot. You require a place to make both your clients and staff happy. Consider an area with access to food and drink or other favorable amenities. Find a location that your employees and clients can access easily.
2. Service Connections
An office requires working telephone, internet, and postal service connections. Communication is indispensable for smooth operations. The infrastructure of a potential office cannot run poorly. A usually-thriving business experiences delays if the internet connection or communications are unreliable. Ensure these operate correctly and without issues often. Also, consider the costs of these services in the area.
3. Size
What size office space meets the needs of your business? A small office works poorly for a company with many workers and clients. Larger office space is sometimes necessary to meet with clients, too. Your business may expand tomorrow, but the needs of today are also vital. The office should meet the demands of both. Short-term and long-term spatial requirements matter equally.
4. Style
Not everyone has a preference for how their office space looks. Some want a neat and organized space to serve clients and take care of their clerical work. Others wish to add their creative flair. Consider this aspect and if it is significant to you when searching for a space. If not, worry more about other factors.
5. Price
Finding an office space that has everything you want and fits your budget is no small feat. An office space that is too expensive requires a struggle with rent or moving out very soon. An office space that seems like a great deal and is inexpensive can also have its issues. It is affordable, but you could later sacrifice things you need from it. Consider your budget, comparable office spaces in the area, and if the office space is worth the cost to you.
Not all business owners remember to consider what is known as hidden costs. Hidden costs include paying for parking spaces, maintenance, and more. Keep this in mind for your budget too.
What Are the Main Factors to Consider in Office Location?
You should make sure the office location you choose gives your business room to grow. Will the expansion or growth of your business still work in this office space? It also is critical to consider the security and safety of the area. A place with fewer crimes and in a safe neighborhood is ideal. Lastly, you want to scope out and see if there are any competing businesses. A heavily populated area with companies of the same niche could prevent yours from growing further.
What Should I Look for In an Office Space?
What you should look for depends on the type of business you run. The perfect space is dependent on a combination of affordability, service given to clients, and the needs of your employees. A tax service, for example, may require a smaller space as only the accountants frequent the office. Other businesses like law offices that spend more time with clients might need a bigger space.
What you typically look for in office premises:
- Structure, stability, and cleanliness
- Affordability and hidden expenses
- Size of space for employees and clients
- Location in proximity to yourself and others
- Ability to handle expansion or future growth
How Do I Find the Right Office Space?
Searching for the ideal office space doesn’t mean you have to go in alone. Real estate agents or brokers can assist you with finding an office in your perfect location. Once you establish a central location, you need to look for spaces within your price range. Then, when you look at buildings that meet both criteria, look at the structure and style of the building and the office itself. After, you can find a space that checks all the boxes and will work for your business.
How Do I Calculate Office Space Cost?
Perhaps, the most vital step in finding an office space is calculating the cost. Everyone wants to pay the best price possible. Luckily, this is a simple six-step process.
- Find the square footage of the space.
- Find the base rental rate (Price x Square Ft.)
- Find the operating expense rate (Expenses x Square Ft.)
- Add the base rental rate and operating expense rate (Step 2 + Step 3) for your total rate.
- Find the yearly cost by multiplying the total square footage by your total rate (Step 1 x Step 4).
- Finally, determine the monthly cost by dividing the yearly cost by 12. (Step 5 / 12 = Final Cost Each Month).
You have the perfect office space if this is a reasonable price for your business. That and the other boxes all checked off indicate you have found a match. Always perform careful research before making a purchase agreement and final decision. Trust your instinct if something is suspicious.
Find The Perfect Office Space with Daniels Greer Properties
Now that you’ve learned how to find the ideal office space near you, you may still have questions or uncertainties. The process sometimes requires additional help. That’s where we come in. Consider the expertise of Daniels Greer Properties in Tulsa, OK, to help you find the perfect office space for your needs. Contact us at Daniels Greer Properties today at (918)-740-1015.