21 Tips to Rent Your First Commercial Office Space

If you’re in the early planning stage of starting your own business, do you know where you’ll be setting up the company?

At present, it’s quite obvious that you’ll be making use of a home office or a kitchen table to conduct all your company activities. However, in the near future if you plan to expand, recruit more staff or have meetings with clients, you’ll definitely want to rent commercial office space or establish a storefront.

Yes, renting your first office space will be an exciting turning point for you and your business. But, with numerous options available there are chances that you can get overwhelmed and end up choosing just any office, which could be a mistake.

Therefore, you need to ensure that your commercial office space or co-working space is the one that supports your staff and allows your business to grow and thrive. So, if you’re near to the point of needing a secure space, then consider the renting tips mentioned below before you sign the lease.

Tips to Rent Your First Commercial Office Space

1. Decide if you really need one

In the past, most of the businesses required a dedicated office space so as to survive. But these days, plenty of entrepreneurs are doing just fine working from a home office or for that matter even from a co-working space. So, if your business can function from any one of these alternatives, then perhaps you could yourself ample amount of time as well as money.

2. Choose a location in close proximity

If it’s extremely important for you to have a dedicated office space, then its location is likely to be your priority when renting your first office space EC3. First things first, you’ll have to make sure that the office is in close proximity for your staff to easily commute. Nevertheless, if currently you don’t have any team, then choose an office space that is close enough to an area populated with potential talent.

3. Ensure it’s easily accessible for others

When thinking of renting an office space, you also need to keep your clients in mind. You’ll have to consider certain things like, “Is the office building you’ve considered easily accessible from public transport or freeways?” “Will your staff be able to find the location easily?”

4. Think about what amenities you’ll want nearby

Another crucial factor to consider whilst renting your commercial office space is the amenities available nearby as this could have a huge impact on your location decision. Your staff members are likely to appreciate an office area, which at least has coffee shops and restaurants in close proximity. Also, if there are some places that you’ll need to visit daily for business purposes, like banks and meeting space, then you’ll have to ensure that they’re nearby as well.

5. Have a strict budget in mind

After the office location, your expenses are likely to be the next big concern. Do not select an office that’s going to put your company too far into debt as well as stunt its growth. Therefore, crunch the numbers before you begin preparing a budget that allows you to operate in full comfort.

6. Account for extra expenses

There are numerous expenses that go into renting an office space. When it comes to most of properties, the actual rent is just a small part of it. Likewise, those additional expenses can really add up, especially if you aren’t accounting for them in your original budget. You should make sure that you understand everything that’s included and not in your quoted rent. Does your proprietor want you to pay for the utilities, such as phone and data? Ensure that all of this is cleared and spelled out properly in the office to lease.

7. Make sure the lease is clear

Simply knowing what is included is only one thing whilst renting an office space. You even have to ensure that each and every provision is evidently spelled out in the lease. Of course, you wouldn’t just want your landlord’s word that certain utilities are included only to be charged later since they weren’t officially mentioned in your business lease.

8. Find out who is responsible for repairs

Repairs for commercial office space are also considered as a significant expense. If your proprietor is responsible for all the expenses, then ensure that they’re willing to take over the responsibility in a timely manner. However, if you’re responsible for it, see to it that there’s at least some wiggle room in your budget.

9. Get help from professionals

The entire process of searching an office space can be quite intimidating for a newbie. But, if you’re able to find a broker or commercial real estate agent who’s well versed with properties in a specific area, then they can make the process a lot easier for you. Ask around or search on online portals to find someone in your target community to help you out.

10. Find a secure building

The office building itself should offer you with at least some amenities. In order to keep yourself, your staff and other equipment safe and secure, ensure that the building has proper security, manned entry way as well as after-hours security.

11. Choose a space that can fit your team

Of course, you’ll require a large enough space that can accommodate your team members along with a desk or place to sit. Nevertheless, you’d not want a space that’s so large that you end up paying for the all the rooms, though you never use them.

12. Leave some room to grow

Though you’d not want too much of space, still a bit of extra space can be good, particularly if you’re planning to expand within the existing span of your business lease. A few extra cubicle space or rooms to add a few more desks can be helpful.

13. Decide how you want the office laid out

Are you looking for an open concept or more closed-off work space? Different people have different preferences. So, think of which style would suit you the best and accordingly choose an office space, which lends itself as per your preferred layout.

14. Know exactly in what condition you’ll receive the space

There are certain commercial office spaces that don’t come as advertised by the landlord. On the other hand, some may need a bit of work before you actually move in. If you’re interested in knowing how exactly the space will look like if you decide to rent it, you need to ask some questions. Does the space require improvements like paint and carpet? Do you want the walls and doors moved or added? Who will make payments for all the improvements? 

15. Consider parking and bike storage

Parking is yet another vital aspect that can be overlooked whilst renting an office space. So, you’ll have to ensure that there are enough parking spaces in the vicinity so that your staff can get to work in time without going through any hassle. If the building already has a secure parking lot, then that’s an additional bonus. But, if there are more bikers, then ensure there’s enough space somewhere in the building for the staff to park their bikes.

16. Think about how the office will appear to others

Whether you like it or not, the commercial office space should always send a message to others about your business. So, if you choose a building that is probably falling apart, then that could tell your clients that you’re struggling. However, if you overextend the budget for a lavish organization space, then they would guess that they’re paying you too much. Therefore, set up your office space in such a way that it looks appealing.

17. Have a place to meet

Apart from just cubicles or desk, you even need to think of other spaces that can be used by your staff. So, ask yourself, “Do you need a dedicated conference room or smaller meeting rooms?” “Do you need a kitchen or other specific space?

18. Know what you’re allowed to customize

You’d likely want to make the office space your own. But, most of the landlords wouldn’t allow you to knock down the walls or completely change their space. Thus, before you sign any lease, see what all you’re allowed to do to the space without being charged for the damages.

19. Consider the lease length

The length of the lease is the most important part of your decision when you’re renting any space. For your first office, you may not want to get tied into any long-term commitment. You’ll also not want to get stuck with an office space if your company sells or outgrows the existing space.

20. Have confidence in your business moving forward

For this, you’ll have to think about where you see your business at the end of the lease period. If it is a five year lease, then where do you see the business after five years? And do you have any plans to get to that stage?

21. Have provisions in place for an early exit

Just in case, you should be aware of what might happen if ever you have to break the lease. Ensure that you’re comfortable with the fees and other penalties, if something changes throughout the course of the lease.

To sum up, setting up a business in an office is always an exciting time for every business owner. But, you need to make sure that you completely review the company goals, your budget and take all the necessary steps in order to protect the business as you moved ahead in this venture.