Whether you’re a small business operating locally or a large corporation setting up a new branch in an entirely new place; renting an office space becomes a hectic task. Now, while renting or leasing an office space, the location where you’re renting your office also becomes important.
If you’re an early startup who’s looking to expand their business, hire few employee’s and set up an office to meet clients, you’re approaching towards the need of a secure office space.
What can be the best affordable option?
Setting up an office is an expensive task, everything needs to be done from the root level. The location has to be reachable, basic amenities should be accessible, and most importantly, it should be affordable.
There are two options which are available for business looking to set up their office are Buying or Leasing. If you’re a big business you can probably buy the commercial space that you want for your office, but if you’re a small business owner tight on your pocket, leasing seems to be convincingly affordable option. With leasing a commercial space, you can save some money which you can utilize in other mandatory areas of your business.
How to find lease and Retail Spaces?
Finding the best suitable space for leasing is a tough job, but you can save the extra time with a little preparedness from your side.
- Determine your budget. When you put up a search request on any ecommerce website or call a local estate agent, the first question you will face is ‘how much is your budget?’. You should be able to answer about how much can you spend on leasing the office, depending on how much your pocket or office management allows you to.
- How much space do you need? Buying or leasing a home is easy, leasing an office is comparatively tough. You can easily decide the space you need depending on the family size, but you can’t control the size of your office. You never know when you might need some extra space for some unavoidable task.
- Find and compare some available spaces: As soon as you’re done with finalising the budget and the space, look out for some quality options available. You can try local brokers, they have plenty of options that may match your search criteria. Or if you’ve already decided where to lease for your official space, directly contact the management.
How can you negotiate a Lease?
Negotiating is an art known by very few. There can be different cases, you’re dealing to a big corporation which doesn’t allows any negotiation. Or you might be dealing with a broker company or a local broker which may allow a bit of negotiation. If you’re a master of negotiation you can save good amount of money, but if you’re not, try going in with the visible faults in their property.
You can negotiate on following Areas.
- Basic rental rate
- Assignment of maintenance responsibility
- Water and sewer
- Tax, insurance and common area maintenance
- Prepaid rent
- Security deposit.
How can you save on renting Space?
- Look for inexpensive spaces, unless you have a big budget and you can afford expensive spaces
- Opt for ADA accommodations in order to comply with the Americans with Disabilities Act if your office is open to the public.
- Keep the lease period short to avoid restrictions from opting for a cheaper option available in future.
Consider opting for a fully furnished space to save on the cost of buying new furniture for your office.