What To Consider When Leasing Office Space

Leasing office space for your business can be confusing. There are so many things to think about, and you may feel out of your element. Here are some tips to help you know what you need to consider when you want to rent office space.

Location

Neighborhood Amenities

When choosing a location, think about the type of neighborhood you want to be a part of. Katharina Otto-Bernstein, a board member of a prominent real estate investment company, believes that the culture of your company can be influenced by the type of neighborhood your office is located in. For example, is it important for your employees to have great places nearby for lunch? Would they value being near entertainment venues that they can visit after work? A neighborhood that is walkable will enhance the health of your employees because they can walk around during their lunch hours.

Proximity To Employees, Clients, & Meetings

There are several distance-related items to consider when you are choosing a location for your office. First, think about where most of your employees live and what would be a good commute for them. Then, consider your clients. You want your office to be convenient for them as well. And, if you routinely attend meetings and events outside of the office, you would probably want to be close to those locations, too.

Workspace Requirements

Office Design

Think about whether you want to have an open office plan for your employees or whether you want to have enclosed offices or cubicles for everyone. Enclosed offices or cubicles will help employees to concentrate, but if you want collaboration to happen in a natural way, an open-plan office may be the way to go.

Size & Privacy Concerns

If your organization is small, you could consider a coworking or shared space. This way, you are sharing the cost of the space with other companies. However, if your company works on sensitive matters, you may need the privacy of a dedicated office.

Budget Considerations

Calculating The Space Needed

In order to calculate how much space you need, multiply the number of your employees by the space each one will need. Then, you will need to add space for meeting rooms, a kitchen, break rooms, and so on. You will also need to consider what is known as the “loss factor,” that is, the amount of space that is lost to walls, stairways, hallways, and bathrooms.

Other Cost Factors To Consider

The cost of your office space will vary due to factors such as your location, type of building, and amenities such as a doorman. Sometimes you need to pay taxes, maintenance, and insurance costs separately, and other times these items are included in the base price. It will be best to work with a realtor who can advise you on these considerations.

Now that you have an idea of the types of things you need to consider in order to rent office space, you will be better equipped to find a suitable space for your company. Be sure to give yourself enough lead time to go through the process of finding and leasing office space.