5 tips you need to know: renting office space

- March 9, 2017 3 MIN READ

Renting an office is both exciting and stressful. It’s hard to decide which outweighs the other. It’s not easy to set yourself up in a new office, but you’ll be thankful that you did once the process is over. This may make it seem tempting to rush through the process, but doing so can leave you with an office you don’t enjoy working in. You have a lot of things to think about before you start ordering new equipment.

Your space requirements are greater than you think

When you’re choosing your first office, it’s unlikely that you have a lot of people to share it with. Your business is in its infancy, and you only have a handful of employees. Will that be the case two years from now? You need to think about where you’re going to put your new hires. Overestimating on space will allow you to make the most of your office. If you outgrow it before the lease is up, it’s going to be mighty expensive to break that lease early.

An office doesn’t have to be an office

With a little customisation, anything can become an office space. When you’re browsing, don’t look through a narrow scope. If you intend on creating a space that reflects your desired work style and the culture of your business, you can do that just about anywhere. Large studios and buildings that were previously large retail locations could easily become your next office space.

Every lease is negotiable

Don’t think you have to accept the terms the way they stand. This is especially true if you have a lawyer who can review your paperwork for you. If the property owner insists that you’re responsible for all repairs to the building and you don’t feel as though old plumbing going bad should be your problem, you can always have that stipulation changed. Even monthly rent, down payments, and lease durations can have a little wiggle room.

Your landlord deserves a background check

You’re going to be stuck with the person who owns the building for a long time. You want to make sure you’re going to be able to peacefully coexist with this person. Research your landlord. If their other tenants have a lot of complaints, that’s your first warning sign that you may not want to develop a long term relationship with this individual. It also helps to make sure that your landlord owns the property outright – you don’t want to set up shop only to find out 6 months later that the office space is being foreclosed upon.

Wisely consider the duration of your lease

Longer leases generally offer less expensive rent. Sometimes, leases can go as long as a decade. Are you sure you want to commit to your office space for ten years? Will you outgrow it before the lease is up? If you do, what is the penalty for early cancellation? You may wind up spending more money per month on a five year lease, but to do so may be worthwhile. If you intend on growing, you can’t afford to be stuck in an office space that will only hold you back.

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