For any small business start-up or entrepreneur finding a suitable office space to rent is never easy at the best of times. So in this article, we’re going to help by sharing our top six tips on how to find an office space to rent.
Setting Your Budget
While finding office space to rent for your new business venture sounds very exciting, it can all go terribly wrong if you don’t plan, and that starts with setting a realistic budget.
For any new business, the cost is a crucial factor when it comes to choosing your first office rental space, so having a clear budget in mind is essential before you start looking at offices.
Setting a budget and sticking to it will help you understand how much you can afford to pay for the office space, and it will also help to steer you in the right direction for finding suitable options.
While it may sound attractive to go straight for the lowest cost option, ensuring that the rental space meets all your business needs and expectations is essential. Likewise, overspending on office rentals could mean you end up paying for unneeded space or facilities, and if your business goes through a tough time in the future, you could struggle to meet the higher costs.
It’s a delicate balance between cost and what your business needs, so it is essential that you are realistic about what you can afford, as this will help you to find the right office space for your business.
Finding The Right New Office Space Location
Finding an office rental space in the right location for your business needs is critical. You need to locate an office space that is both convenient and affordable for you and your current or future employees and your clients to travel to, whether that means easy access to public transport, major road links or an office with secure onsite car or cycle parking.
Researching the area and weighing up the advantages and disadvantages of an office close to the city centre or one on the outskirts, looking at transport, cost, noise, visibility to your customers, and any surrounding amenities are all key when choosing your next office space.
Remember, when it comes to choosing the right office location, there’s more to making this decision than simply picking the office next door to your favourite coffee shop or bar.
How Much Space Do You Need?
Initially, when you’re starting out on your new business adventure, you probably only need a table, chair and laptop, but as you grow, you’ll need more space.
So when it comes to searching for rental office space, you need to consider your future business growth plans and the scalability of the potential rental space.
If you’re a growing business, then you might want to consider looking at a short-term rental contract that allows you to change office spaces as your team expands and your needs change.
Accessibility is another critical factor. Ensuring that your workspace will accommodate the needs of all your team members and stakeholders who will use it is vital when considering what size office space you require.
What Facilities Does The Office Rental Space Offer?
We mentioned earlier just how important it was to set an affordable budget in relation to renting office space
Within that budget, you must also consider how much will be offset against the office set-up and running costs.
For example, when searching for an office rental, you must ensure the lighting, heating, internet speed, furniture, meeting rooms, kitchen, and washroom facilities meet your requirements.
At the same time, you also need to consider what set-up equipment you might need to purchase, such as computers and photocopiers, and telephones, as these are all essential to the operation of your business and all cost money.
To reduce any investment in office equipment and to ensure the rental office delivers on all the essentials we mentioned previously, you might consider looking at the modern serviced and coworking spaces offered here by M1 Business Hub.
Understand The Commercial Office Space Rental Agreement
While it’s easy to get carried away in the excitement of renting your first office, it is paramount that you fully understand the commercial rental agreement you’re signing and the commitments that come with it.
When going through your commercial lease, it is essential that you check the small print to see whether you can alter the office space, for example, painting the walls, putting up signs or making larger-scale renovations.
Likewise, you need to know who is responsible for the building’s upkeep, including maintenance costs, repairs, cleaning, property taxes and safety.
Furthermore, because the business world can be so unpredictable, you need to understand what happens if your business gets into difficulty, and you must get out of the rental contract.
For example, what notice period needs to be given when you want to leave, and are there any fees you may be required to pay before you can exit the office building?
What Type Of Office Rental Space Do You Need?
There was a time when, for many business owners, having their own office with their name over the door was a sign of achievement and suggested that they were serious about business.
However, times have changed, and now more and more new business owners realise they don’t need the hassle or financial commitment of renting a traditional first office space.
They are instead turning to alternatives provided by professional specialist office services as we offer here at M1 Business Hub.
At M1 Business Hub, we can offer you a variety of serviced offices that can all be tailored to suit your individual business needs, all supported by a team of highly experienced professionals.
Along with ensuring that you have a modern rental space to suit your business requirements, our team here at M1 Business Hub can also provide you with the very latest in office equipment and technology, meaning the only thing you need to focus on is growing your business.
The Different Types Of Office Rental Space At M1 Business Hub
As the market leader in providing affordable and professional services for every business type, we can offer a variety of business office rental packages and formats that include;
- Serviced Office
- Meeting Room Hire
- Conference Rooms
- Training Room Hire
- Boardroom Hire
- Coworking space
- Virtual Office
To learn more about our services at M1 Business Hub and how we can help your business grow and succeed, contact us at (07) 3387 0111 or reception@m1businesscentre.com.au.
We’re conveniently located between Logan CBD and the Gold Coast if you want to tour your potential office spaces.
FAQs
Are All Office Rental Agreements The Same?
Typically when it comes to commercial office rental agreements, there are two sorts;
Short-term – short-term contracts offer you more flexibility and are ideal if you think your business may grow or move again quickly.
Long-Term – long-term contracts tend to be more affordable because you’re likely to be able to negotiate a better deal. However, they require more financial stability as you’ll need enough cash flow to keep up with payments for the whole of the agreement term.
If you have questions regarding your office rental agreement, contact the landlord or management company or speak with your business advisor.
But whatever you do, don’t sign anything until you’re completely happy with the terms and conditions in the rental agreement.
How Will I Know If I’ve Chosen The Right Office Rental Space?
Choosing the perfect office space for your business will not be easy, as you need to consider all the points we have made here.
However, the process gets easier once you’ve understood your budget and the type and size of office space you need.
If you still need help deciding which is the best office space for your business, contact the team at M1 Business Hub, as we can answer all your questions.
I’ve Heard About Coworking Spaces. Are They Better Than Renting An Office?
Coworking space is ideal for freelancers, start-ups and small businesses as they tend to be cheaper than renting private office spaces.
They are usually in a fully-serviced commercial space that gives you access to fully furnished with either dedicated desks or hot desks and shared facilities, such as kitchens, meeting rooms, storage space and communal spaces, to be used as and when you need them.
