4 Tips to Efficient Office Space Rental
Due to the financial crisis and recession that the world has recently been hit with, a lot of the landlords with office space to rent out are turning their attention to smaller businesses. This is because they are in a vulnerable position after losing some big clients, which makes this a great time for small business owners to rent some new offices.
The general norm when it comes to renting office space is ‘bigger is better’, but the fact that large businesses have started downsizing their staff is making landlords hasty to divide their larger rental spaces into smaller parts and then to strike good deals with smaller enterprises. If you are looking for such a rental space, here are 4 tips to help you make an efficient decision before you move your office.
- Keep the Size in Mind:
It’s very important not to lease more space than you need. The business industry keeps expanding, and what you have today might just increase so much in size tomorrow that even the extra space you had leased doesn’t prove to be enough. It is better to take the help of an architect in the matter and decide how much space you require, so that when your business is ready to expand you can easily move into a bigger space.
- Negotiate for a Longer Lease:
How long you need a space depends on the kind of business you have. Shorter leases are suitable for you if you are running a new business and aren’t sure how it will mature with time. If, however, you are running a stable enterprise then it would be wise to negotiate with your landlord for a longer lease. This is one of the most important tips to remember when finding a rental office space.
- Compare Different Possibilities:
As with any other purchase, you should always consider different possibilities and look into different markets. Comparing the office rents in an area will give you a better understanding of how much you should pay. You should also ask the landlord for concessions based on the market value of the area you are leasing an office space in.
- Build a Flexible Contract:
Try your best to incorporate as much flexibility into the contract as possible. Flexibility in the sense of expansion options and space reduction will ensure that you have enough space for your business even after some years when your business grows or you downsize it.
Finding the perfect office space is not an easy job. It requires market research and a clear set of requirements on your part. You need to be sure of what you want and how much you can pay for it. In this time of economic crisis, it could be wise to find an efficient and small rental space that you can then turn into a very engaging and attractive office. Following the 4 tips mentioned here is sure to help you find the right space for your business while keeping your budget in check as well.