Renting Office Space during Economic Difficulties

With today’s tumultuous economy, many businesses haven’t been able to withstand the obstacles that have been presented to them and can no longer afford to pay for their office buildings.  This puts many company owners in a tough spot. However, there is a way out—renting or leasing office space.  Short-term office solutions are a great way to keep your business afloat during this troubled time.  Instead of dealing with high upfront costs and other services, businesses now have the option of letting a third party handle the background decisions while they focus on their business and attracting customers.  

Short-term office solutions supply office accommodations that are available right after the rental agreement is settled.  Also, renting an office space can cost far less than purchasing one right off the bat and almost all of these spaces are already furnished, leaving you with everything you need right when you move in.  This gives you more time to focus on the important things such as bringing in more clientele and improving your overall company goal.

When renting or leasing you still have free range to do things the way you want and to make the decisions you see fit for your company.  Choosing to take this route will most certainly improve your money situation as well as help you get through the difficult economic times.  If you think relocating to rented office property would benefit you and your business, look into all your options today and make the move that will be best for your company.   

Common Mistakes with Renting Office Space

People who have never rented office space before are, naturally, prone to making some mistakes when going through this process.  Even though we all make mistakes, making them in a business setting can sometimes be quite costly.  There are a few common mistakes that tenants make that you must be aware of in order to avoid. 

The first is a lack of planning.  Many tenants aren’t clear on what they need, such as with the amount of space they are going to want, the heaviness of their equipment, and if telecoms or extra electric space is needed.  Consulting a professional about these things will benefit you and the way you spend your money.

Another mistake people make is with the rent and security deposit.  People have a tendency to not check out other similar properties before putting the security deposit down, and wind up trapping themselves with payments that are through the roof.  It is important to compare similar office spaces to find out the going rent for that area.  You will also want to try and negotiate your security deposit, as it should be based on demand, supply and the regular market norms. 

Not checking the terms of the lease is another mistake that is common amongst tenants.  You must read and understand everything in the lease before signing it.  Some people think of this as a hassle but that fine print will sneak up on you in the end if you don’t. 

Lastly, if you are thinking about moving from your temporary office space, do not underestimate the time it will take you to do so.  Renewing a lease or moving altogether can sometimes take anywhere from 6 to 12 months—sometimes more than that if your company is very large.  Divide up your time carefully and make sure you are ready for whatever may be thrown your way.  There will always be elements of surprise and things you just aren’t aware of, but knowing and understanding as much as you can when renting or leasing office space is crucial to your overall success and longevity.

Signing Your Office Space Lease

Many people choose to lease office space instead of buying right off the bat.  The ins and outs of signing the lease, however, can be tricky and difficult to understand if you have never rented this kind of space before.  Many people do not know how long of a lease they should sign for, and wind up committing themselves, and their business, to a longer amount of time than they wanted.  There are many things to consider when you begin to figure out how long you would like your leasing term to be. 

First, landlords like longer leases because they have mortgages that they are continually refinancing.  When it comes time to refinance their buildings, they look for people and companies who have established stability in the building. This means the longer the leases are the better the terms a landlord can reap.  Because of this, landlords generally require a three-year minimum lease.  You will rarely see a one to two year lease available. 

You must be aware that the length of your lease can drastically impact your business in the long run, as an office lease is, most of the time, one of the biggest expenses a business has after the payroll.  If your company has matured and doesn’t plan on expanding the employee base, signing a long-term lease may be a good idea.  However, if you are anticipating a good deal of growth, negotiating your leasing terms may be of high importance to you and your company. 

Despite what some people think, office spaces for lease are not hard to come by.  If you are interested in renting or leasing an office, look into all the specifics before you make your decision.  The success of your company could depend on it.    

When And Why You Should Consider Renting Office Space

There’s a lot to consider when shopping for office space. Some people buy. Some people rent. Granted there are pros and cons with buying and renting; however, renting has become a very popular route to take when looking to settle your company down in a new location. But at what point do you move your business from your home to an office?
There are some prevalent signs that should tell you your business is ready to move out of your home. Some of these include:
• Frequent face-to-face interactions with clients
• If you have local employees that you need to work with often
• If your home poses a lot of distractions and you have a difficult time completing your work
• If your business is doing well and you can afford the expense of an office
Even though it’s convenient to work from home and it cuts down on startup costs, there are many benefits to having an external office. Some of these benefits include:
• A physical location for your business provides clients with an image of stability,
• Sharing office space with other professionals allows you to socialize and brainstorm with others
• Sharing expenses may enable you to afford other things
• And, it gets you out of the house!
Renting shared office space may not be for everyone, but it certainly provides you with more opportunities and free range to do more with your business.
If you are thinking of either moving your company to a new location or are just trying to expand your business from the confines of your home, look into renting an office space and see just what it can do for you. It may be just what you need to help your business succeed and skyrocket to bigger and better outlets.