Renting commercial real estate is cheaper than ever
Whether you’re renting a commercial space or a private office, it’s always important to get informed on all areas of the office rentals topic. And while renting an office is necessary, the bigger question is whether or not you have a big enough budget. In this quick guide, we’ll talk about tips on how to find your perfect rental office space without reaching too far into your wallet.
Research co-working office spaces
Co-working is on the rise and no matter where you’re located, you’ll most definitely find an office space suitable for smaller companies on a budget. Co-working buildings often include all necessary amenities for startups to work in a comfortable environment, including a shared kitchen and personal and business development events.
Since you’d be working in a building with multiple startups, this is also a perfect opportunity to bounce around ideas and create a unique working environment with like-minded people. However, it is also important to consider that the co-working office contracts tend to be significantly shorter than traditional office spaces.
Look for business incubators
Another popular solution is business incubators. While their main purpose is to help guide startups to reach their next goal, many also offer budget-friendly office rental spaces. While co-working offices focus on only providing working space, business incubators take it further by being personally involved in the company and offer all possible help to see it succeed.
Business incubators also offer flexibility to their office spaces. If your company grows at an unexpectedly high rate, business incubators will help you accommodate that and find the perfect solution.
If the idea of co-working seems tempting but you still want more control while still being on a budget, office sharing might work for you. Companies will often pair up, either with a sister company or simply any business looking to split the costs of office space. This is often done with smaller startups that are on the rise but can’t afford to pay the full price of their space.
You can share the office with another company and work simultaneously or rent out your space to another company after your working hours.
Pay attention to extra expenses
Finding your very own office and managing its space comes with plenty of extra utilities and expenses that are often not clearly stated upon your first search. When you’re on a shoestring budget, you must consider all extra expenses involved with renting an office, including utilities, phone service, heating, electricity, water and more. It’s important to have everything clearly outlined to avoid surprises at the end of the month.
Location, location, location
Renting an office space in a popular location comes with many advantages but it may mean you’ll have to go over your budget to make it happen. On the contrary, finding an area on the outskirts of the city with cheaper rent may mean a longer commute for your employees. When you’re looking for office space, it’s extremely important to research everything there is to know about cheap office rentals in your area based on the location.
Finding the right location is all about compromising. It may take a lot of time but it’s the ultimate step to ensure you’re getting the best value for money.
Have an all-remote company
With working from home being on the rise, many companies are cutting down costs on office spaces by renting smaller offices and letting their workers work from home. Remote working has many benefits, including ensuring a better work-life balance for your employees. While it may mean the company will have to adapt to new communication tools, it appears to be the new trend.
Companies like Twitter have announced that as of 2020, all employees are encouraged to work from home after noticing the rise in productivity. Many other companies are predicting they’ll ease their remote working policies in light of the 2020 coronavirus pandemic. Luckily, there are plenty of genius products out there to make sure your work from home routine remains productive at all times.
Negotiate rent and expenses
If you’re renting a commercial property, you’ll most likely run into promotions for a rent-free period. This may be due to many reasons, but there are a few things you can do to use this promotion to your advantage. Your future landlord may also be open to negotiating your base rent, depending on the length of your lease and various other causes.
You can also negotiate a cure period, which will help ensure no legal action is taken should you miss a day of paying your rent. Should you need to move out unexpectedly, you can also negotiate a lower early termination penalty fee. Every negotiation will help ensure your rental space stays within your budget and gives you a longer grace period for growing your business.