Is your small business finally in the market for office space? If so, you have some choices to make. Maybe you want traditional office space. This option can be expensive, but it’s usually the best choice if you meet clients face to face. But what do you do if your company needs to be a little more nimble, or if the thought of signing a multi-year lease makes you shiver in your boots. If you don’t need the traditional setup, consider sharing a space with another company. This arrangement often lets you cut your equipment and utilities budgets. Co-working spaces also provide the basics — conference rooms, photocopy services, and internet access — for a set monthly fee.
Whichever type of rental space you go for, feel confident that you’ll recognize the right space when you find it. Here are some tips to keep in mind:
- Go over the terms of the lease carefully. Make sure you understand who pays for repairs and improvements. If repairs are your responsibility, consider adding a budget line item to cover the expense. It’s a good idea to confirm the condition the space is in when it’s handed over to you and make sure any agreed-upon improvements are done before you move in. Also, be aware of what’s involved if you break your lease.
- Pay attention to your parking needs. You’ll attract employees if you can provide free or low-cost parking in a safe, nearby location. If your clients come to your business location, make sure parking is available for them, too.
- Choose your location wisely. Look for a spot that’s near freeway exits or public transportation stops so that you’re easy to find. If you already have your team in place, think about their commute since employees like it when their workplaces are in convenient locations.
- If you’ve never leased office space before, work with a real estate agent who can help you find a good deal and navigate the potential pitfalls.
Paying attention to lease terms, amenities, and location is wise when choosing office space. Consider all the available options before you commit to a traditional office space.