Renting Your First Office Space
It’s important to make sure that your office space is one that will support your team and allow your business to grow and thrive.
An office space can bring awareness to your brand, create a sense of legitimacy for your business, and increase your team’s productivity. Leasing office space for the first time can be complicated and confusing. There’s a lot to consider when you’re leasing commercial space and many factors could impact your decision. If you’re ready to rent your first office space, here are some things to consider.
Think about your wants and needs
Much like looking for a home or an apartment, finding an office space can be exciting and overwhelming. Make sure you have a clear idea of the space your business needs before starting the process. Consider how you will use your space and amenities you prefer. Every office space will have different features, therefore it’s important to understand your priorities. Consider how many people are on your team and how big of a space you’ll need. When thinking about amenities, provide your team with a functional space, this could include fiber internet, conference rooms, mail service, or a fully furnished workspace.
2. Consider your budget
Don’t choose an office space that will put your business in debt. Determine an appropriate budget to avoid overspending. Remember, amenities, maintenance, taxes, mail and shipping services, and other factors should be considered when determining your office space budget.
3. Choose a space your business can grow with
After determining your wants and needs and your budget, you should consider your business's future. Choose a space for your business to grow into. It may be helpful to ask yourself where you see your business in the next one to three years. Are you thinking of bringing on more employees and will need more desk space? Or are you planning on hosting clients or need space for a conference room to work collaboratively? Or do you operate a store and need space for more inventory, and to accommodate customers? Also, consider the technology needs for your business and if the space you’re considering can support your needs, such as fast, reliable internet or the ability to do conference calls.
4. Explore the area
It’s important to choose an office location that is easily accessible to your team and clients. Consider if there is public transportation nearby or if the office includes a bike rack. Your team may also appreciate a location that has coffee shops and restaurants nearby.
5. Don’t rush into finding a space
Since you are in need of a new workspace for your growing team, you might be eager to rent the first place that meets your needs. However, it’s best to take your time and consider other options. If you need a space for your business right away, consider a short-term lease while you search for the perfect long-term space.
6. Carefully review your lease agreement
Make sure you carefully review your lease agreement. Leases can be confusing, and you shouldn’t ignore unfamiliar terms. Details you are unsure about may not be uncovered until it’s too late. Don’t be afraid to ask questions in order to make sure you are getting what you want. Consider consulting with an expert to reduce any risks.