How to find cost-effective office space
Renting office space comes with considerable overheads and other monthly expenses. So if you are planning an office relocation, take the time to plan your relocation budget and find an affordable office that meets your needs.
Below are some of the considerations to help you find cost-effective and efficient office space:
Square Footage
When it comes to choosing office space, size definitely matters. It is important to estimate the specific amount of square footage you’ll need. You can do this by using the free Office Space Calculator. This will give you an approximate guide as to how much office space your business needs. Plan on a minimum of 125-225 square feet of usable space per person and discuss with your office fit-out company any particular space requirements you may need to consider.
Location
Office space in prime locations can prove to be extremely costly. Ask yourself how important it is for your business to be in a prime/central location, you may find that renting office space on a business park on the outskirts of town is just as effective. Talk to your property agent about what location options are available to you on the current market.
Leasing Costs
During the lease negotiation stage, it is important to be clear about your monthly outgoing costs in addition to the monthly rent. For example, clarify who covers the cost of repairs or modification of the space? Who will service the heating and air-conditioning of the premises and check whether there is provision for breaking the lease at a point in the lease without any additional cost to the tenant. All these issues need to clarified and noted within your office space budget before committing to the lease.
Growth potential
When you are viewing potential office properties, make sure there is plenty of room to grow so that you don’t have to move office again too quickly. It can be difficult anticipating your future growth needs, so as a general rule of thumb, add an extra 10-15% of square footage to accommodate room for new staff for your growing business.
Alternative office space
If you find that you are unable to commit to an office lease at this time, there are other options available to you such as shared or sublet office space and serviced office space that do not require the same level of financial commitment.
Download the moving office budget template to help manage your office space costs before committing to a lease.
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