Whether you’re thinking of moving from a home office to a leased office, or you’re looking to establish your business in a larger space, there’s a lot to consider when it comes to renting your first office.
After all, it’s not only a significant financial commitment, but it also requires careful planning, taking into account your current and future business needs.
Renting your first office is, of course, incredibly exciting. But it’s easy to get swept up in the excitement and overlook some key considerations.
The good news is, we’re here to help. In this guide, we’ll cover everything you need to know about renting your first office space, including the key factors to consider before signing on the dotted line.
Before you start your hunt for the perfect office space, it’s important to think about where you want to be. You, your employees, and your visitors will need to be able to reach the office easily, and it is also important that it’s in a secure location with all the essential amenities nearby.
If you’re unsure which location you want to be in, it can be incredibly helpful to visit different areas first. Have a wander around, chat to existing business owners and look at the area’s amenities.
All businesses have very different space needs. You need to ensure there is plenty of space for your team, but you’ll also want to ensure you don’t end up paying for space that you don’t actually need. So, think carefully about your business requirements and your plans for the future.
For example, how much desk space do you need? Do you need a separate meeting room? Are there meeting rooms available on site to rent? Is there potential for storage? And is there enough space for you to expand in the future if required?
Cost and budget
Committing to renting your first office can be quite daunting, especially when it comes to covering rent and overheads for the first time. The last thing you want is to find yourself out of your depth or struggling with payments in the early part of your business journey.
With this in mind, make sure you sit down and work out exactly how much you can afford to spend. It’s also important to shop around, compare different prices and remember to check whether your rent includes bills and other overheads that can increase the price of your rent.
Make sure you take into account any extra expenses involved in moving into an office, such as costs for equipment, telephones, computers and the internet.
Terms and condition
It’s tempting to skip through long terms and conditions documents. However, when you’re leasing an office, it’s important to read them carefully.
Key points to look out for include the length of the contract, any restrictions on what can be added to the space, what you can and can’t keep in the office, working hours, and access to the building.
Shared spaces and hot desks
In recent years, shared office and hot desk spaces have become increasingly popular. Providing businesses with a professional space they can operate from at their convenience, this set up is certainly worth looking into.
Giving you the potential to increase your customer base and network, this set up is also a great way to keep costs down. Of course, this might not be an ideal scenario for businesses that want an independent base with the potential for growth.
Car parking is a must at any office environment. It can be a huge asset when it comes to accommodating the parking needs of customers, clients, and new employees. After all, there’s nothing worse than trying to find a parking space. So, make sure you ask about parking when you’re considering potential new workspaces.
Quick tips for renting your first office
Here’s our quick tips for renting your first office:
- Always make sure that you negotiate the right terms for your business needs
- Make sure that you’re in a position to commit
- Short list potential properties
- Get to know the area of your new office
- Evaluate the building
- Does the office facilitate your plans to grow?
- Always seek professional legal advice
- Check amenities and office facilities
- Check add ons
- Understand what you are going to be paying for each month
- Finally, can you afford it?
Renting your first office space FAQs
Can you rent office space to yourself?
Yes! When renting office space, you can choose a stand-alone office, where the entire building will be yours, or you can opt for a shared facility, where you will have you own office within a larger building, with shared facilities. There are also hot desking options if you’re just looking for a desk to use now and again.
Should I rent an office space?
When deciding whether to rent an office space, you should consider your business needs – do you need an office? Will it benefit your business? And can you afford to rent an office space? Not every business needs an office, but many find it a useful and practical way to run their business.
How much does it cost to rent a workspace?
The cost of renting an office depends on a range of factors, including the location, size, facilities, and more. It’s important to work out your budget and take into account any additional costs you will face, over and above the rent amount.
What should I look for when renting an office?
When renting an office, look for the key features your business needs. It helps to write a list of your priorities before you start viewing so you have a clear idea in your mind of what you’re looking for.
Why choose Titan Storage for your storage needs?
If you need extra storage during your office move or whilst you’re looking for the perfect office, we can help.
Here at Titan Storage, we provide premium storage that meets your exact requirements. Whether you’re looking for personal or business storage, make sure Titan Self Storage is your first port of call. Get in touch with a member of our team today to discuss your needs.