Office space is one of those elements of running a business that is both necessary and a challenge. Having knowledge of the options and points of consideration you need to follow while also knowing what is relevant to your business for the growth and development.
Type of Rental
Before even starting out looking at the options of office space and the traits of those spaces that are needed for success, we need to understand the types of rentals and which one is right for your business.
Landlord powered leases are spaces that you are renting directly from the owner or manager of the building or property. Generally, you sign a contract with these landlords that lock you into that rental between 2 – 8 years at a time. This may be ideal for larger more established businesses that have chosen their location wisely and are completely satisfied with their space.
Subleasing spaces means you are dealing with someone who is indirectly managing the property. This could be someone who has a lease themselves with the property owner, maybe it’s a partner of the property owner or someone who is looking for a temporary tenant. This can be beneficial to businesses who are not looking for a long-term solution and may need a temporary space before signing that permanent lease.
Coworking spaces provide monthly or daily subscription based spaces for companies or even individuals working by themselves. This is by far the most affordable option if you have a smaller team or an unestablished customer base that is unpredictable. These are essentially paid on an as-needed basis, providing a bootstrapper friendly solution for startups and new businesses.
Space and Location
When looking at the size of a space, analyze where working environments will be and how they will be laid out. Will this space provide an efficient amount of space to promote productivity? Will this kitchen be large enough to allow my employees to be comfortable, happy, and healthy?
In addition to kitchens, consider other facilities such as private meeting spaces like conference rooms, private offices, technology storage, and other recreational spaces. Ask yourself these things to consider the sizes of the spaces.
Choose the best location you can that is beneficial to your business needs. If your business needs to meet with many clients and prospects on a regular basis, it shouldn’t be located in a remote part of the city. A technology company needs solid and quick internet speeds with the best available options in the area. Be thoughtful about the location.
Never Follow a Long Lease
A common mistake is to sign a long-term lease and result in the space having issues that relate to your business growth, development, or other property issues. Only agree to shorter leases, and make the decision to extend said lease later. This decision will prevent problems that come up from affecting your business and hurting you long term.
- Parking: you don’t need your employees to constantly get parking tickets, have extended walking times after driving to work, or be frustrated in any way before they start their day. Don’t neglect the need for quality parking.
- Always negotiate: You can never go wrong with negotiating. Never agree with the first option, always have a counter-offer and never settle for something unreasonable to your business needs. At the end of the day, you are running a business.
- How much freedom do you have? Get clear answers to how much freedom you have when customizing your office space and modifying variable options throughout your space.
In conclusion, always remember to keep your business needs in mind and think about the daily operations that each space will cater to. Think long-term in many ways, but also think short-term in other ways, by delegating each one relevant to your particular business.