7 Tips When Renting Your First Business Space

Before you take the plunge and rent your first office space, you need to take a look at these 7 tips when renting your first business space.

Owning and operating a business can be stressful as much as it can be fun. There are many positive things to be taken from running a business, but hunting for your office is not usually one of them.

It’s one thing to have a great idea that starts your business; it’s another to find a home for it. Office hunting can be monotonous and difficult, as all of the pieces of real estate tend to run together at some point.

If you’re a business looking for an office space for rent, there are a few proactive things you can do to make the experience a lot better. Making this job easier on yourself will make the process itself a lot easier. With the right mindset – and the following tips – you can pick the perfect office space for rent for your business.

Tips for Renting Your First Office Space

1. Know What You Need

One of the hardest things to do when you’re choosing a new location for your office is to be sure you’re accommodating to your employees. Your employees are essential to your operation, so they need to have space to work and the tools to do so efficiently and effectively.

Some things to consider when you’re choosing a rental location are: how many employees do you have (if any); how much space do you need; do you have meeting space; will you need to expand; what equipment will you need? The space requirement is important for employee morale since happy employees work harder than unhappy ones. Knowing what you need before looking for an office goes a long way towards finding the right fit for your business.

Related: Best Tools for Entrepreneurs

2. Choose Your Location

Knowing what you need only goes so far when it comes to promoting your business. Having a great location gives you status as a company. The office space for rent should stand out in your customer’s minds when they think of your business. The location of your business should be accessible as well as competitive when compared to similar businesses.

When your business is accessible, it offers an opportunity to market itself – say, with a storefront. Storefronts aren’t always necessary for startups, but down the line when your product is successful it’s certainly something to consider. In terms of competition, having your business be located in an underserved area of your town can go a long way.

If you’re renting, and you’re a startup, virtual offices and suites are excellent locations to begin your enterprise. They’re often the right size for a small start up and offer a great location to boot.

Related: Best Productivity Apps for Business Owners

3. Think About What Amenities You Want Nearby

Another tip when renting out an office space is to keep in mind what amenities you’ll want nearby. Your company will likely want to be working at an office space that is close to coffee shops or local eats. Also, you may want to be close to a bank or a metro station.

4. Find Your Price Point

Renting a location for your business can be expensive. Your job as the owner is to decide if you’re getting value for your money from the property. You need to decide whether it’s cheaper to move your business to this new location or whether you should stay where you are. Take into account your present and future overheads. Will you need to hire more people? How fast are you growing? Is there a need to expand your services? These will all have an effect on the cost of moving and the price you’re willing to pay.

If you’re a startup, chances are that your capital is a little lower than an established company’s would be. With a virtual office, you can keep your initial rental costs very low with reasonable rates and negotiable terms.

5. Make Sure You Understand the Leasing Agreement

Looking for an office or business space for rent near you is one thing — but making sure you understand the leasing agreement is another thing. You should ask yourself around 10 questions before signing a commercial lease that include:

  • Have you read and understood the entire lease
  • Have you negotiated the best deal possible
  • Do you understand the common area maintenance (CAM) terms
  • Have you considered asking for a CAM stop lease?
  • What is your responsibility for capital expenditures
  • Is the lease assignable?
  • Can you have a sublessee?
  • Does the lease have an arbitration clause?
  • Will you need a personal guarantee?
  • Do you have your business structure in place?

If you need help figuring out these questions, then any qualified attorney can help you decide when to run or when the risk is worth it.

Related: Best Billing and Invoicing Software for Small Businesses

6. Find Out Who is Responsible for Repairs

Let’s say you are three weeks into your lease and the HVAC system stops working — who pays the bill? The repairs for your office space can be costly and you want to make sure that your landlord is responsible for these expenses and will take care of them quickly so it won’t interrupt business. You wouldn’t want to sign a lease where you are responsible for the repairs, ever.

7. Find a Secure Building

While the amenities of your building should be nice for you and your employees you’ll also want to make sure it’s a safe building. This means that the building should have a security guard present at all hours and security cameras in place.

Choosing the Right Rental Space Can Assist Your Business

Rental properties don’t have to break the bank. As long as your employees have enough space to do their work and your overheads are in check, your rental space can work for you. Keep your end goal in mind and find a spot that’s functional and effective.

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