Business 101: Rent an Office Space

Whether you are the CEO of a huge multi-national company that pulls in billions of dollars each year, or whether you are an aspiring entrepreneur that is keen to get the first project off the ground, there are many types of companies that need work premises. If you’re looking to rent an office space there are many decisions to be made and things to be carefully considered. Luckily, the availability of space for rent is fairly diverse, meaning that most companies or lone-workers can find the office for rent that meets their needs and expectations.

Here are some useful pointers when it comes to renting an office space:

Location, Location, Location

The location is one of the most important considerations for anyone looking to rent an office space.

The rented premises need to be accessible, both for staff members and for visitors. Consider whether there is nearby parking available, and whether the property is close to public transportation networks. Being near an MRT station or a bus route is ideal.

Being in the heart of the Central Business District (CBD) has major perks, but it also means that you pay more or get less space for your dollar. Outer areas will likely be a lot cheaper and offer better value for money.

If the mailing address will be the same as the office address, consider how the address of the rented office will appear on letters, websites, posters, etc. Is it an address that will enhance your company’s reputation? Or, will it potentially have an adverse effect?

Another consideration is the proximity to competitors. Too close is problematic, yet too far away can put your business out of the game.

Cost Considerations

The office leasing price is a major factor when choosing to rent an office space. The office rental rates have to be within your budget. Of course, everyone also wants to get the very best deal on their rented business space.

Many factors can influence cost, such as neighbourhood, style and age of building, building facilities, such as elevators and meeting rooms, nearby businesses, amenities, and attractions, duration of lease, onsite parking, condition of building, including décor and any outstanding repairs or maintenance issues, and whether or not there are any inclusive services.

Draw up a comprehensive break down of monthly costs, including the monthly rent of the office space, utilities, services, cleaning, security, and maintenance before deciding if something is a good deal or not. A cheaper basic rental price might not always be the most cost-effective option if a higher price contains additional services.

Remember, it is always possible to try and negotiate the price and terms before agreeing to rent an office space. Many landlords are open to discussions. Even if you cannot secure a lower price, you might be able to get extra services included, such as maintenance, cleaning, or garbage removal, that might otherwise have cost your business money.

The lease duration, lease renewal terms, and size of the premises are other considerations before a company agrees to rent an office space.