Renting Office Space? 5 Things You Need To Consider
Whether youΓÇÖre renting an office for the first time or relocating from existing premises, we share five things you need to think about before you start your search.
1. Does location really matter?
ItΓÇÖs probably one of the first things you think about when you start defining your office search ΓÇô but how important is location really?
Yes, some locations are more popular than others, while some have a certain cachet that others lack ΓÇô but how essential is this to your specific business? Will it win you extra clients? Will it allow you to charge more for your services or products?
ItΓÇÖs important to distinguish how you feel about a certain location from the business case for renting space there. Of course, all other things being equal, go for the location that makes you feel a little twinge of excitement.
2. Will your employees like it?
You might be paying the rent, but itΓÇÖs what your employees think that really counts ΓÇô after all, theyΓÇÖll be spending at least as much time there as you. And if your new address adds time onto their daily commute, or the lack of daylight leaves them feeling down, you can guarantee theyΓÇÖll have plenty to say.
On the other hand, if your current employees like it, chances are itΓÇÖll be a hit with potential new recruits, making it easier to hire the right talent in the future.
So find out what they want in an office before you start your search.
3. How much space do you really need?
One of the biggest mistakes companies make is taking on more office space than they actually need.
The reality is that other than desk space for your employees, you may not need much extra space at all. Most modern business centres have breakout space and a business lounge you can use when you need to get away from your desk. Most also have meeting rooms ΓÇô sometimes free to use, sometimes to rent by the half-day, or even by the hour. So make the most of this shared space to keep your monthly rent down.
Expect to be taking on one or two new employees in six or twelve monthsΓÇÖ time? Serviced offices typically offer short-term contracts that allow you to re-evaluate how much space you need, every few months. And ready installed internet access and phone systems making moving to a larger office easy. So donΓÇÖt start paying for space you might need ΓÇô until you actually need it.
4. Who are the neighbours?
YouΓÇÖre not just renting space; youΓÇÖre joining a community. So find out what sort of businesses are located both within the centre and the immediate surrounding area.
As well as making sure that your business is a good cultural fit, youΓÇÖll be able to maximise those networking opportunities ΓÇô and maybe even find yourself some new clients.
You probably donΓÇÖt want to be the only cutting-edge web designer among a collection of financial services companies. Among a community of media and tech startups? Now thatΓÇÖs more like it.
5. How much value can it add?
Granted, youΓÇÖll need to have a budget, and itΓÇÖs natural to think about price ΓÇô but itΓÇÖs more important to focus on the overall value the right office space could add to your business.
WeΓÇÖve already explained how the right location could help to grow your business. But the range of services included at many serviced office centres can also help you reduce the cost of overheads ΓÇôfrom photocopying to meeting rooms and internet access ΓÇô so ask whatΓÇÖs available with each office.
And before finalising that budgetΓÇª
ItΓÇÖs a good idea to get a feel for typical prices for the area youΓÇÖre looking in and the type and size of space you need.
The easiest way to do this? A good office space broker should be able to give you an idea of average prices ΓÇô and may even recommend ways to save money on your space.
Searching for office space? Get tips and advice specific to your business ΓÇô call us on 0203 305 9434.