Finding the right office space can contribute to the rapid growth of any business. The decision to buy or rent hinges on whether buyers want to take on the responsibility that comes with owning the office space.
The first thing a person looking for office space can to do is evaluate his/her needs; making a checklist definitely helps. It's a good idea to make two checklists. The first one is for everything he/she is looking for in a new office space. The second one is for specific factors that are okay to compromise on. The important points to consider when buying or renting new office space are accessibility, infrastructure, location and budget.
The best location for office space is one that is easily accessible to both employees and clients. It should be in a secure neighbourhood. Too many similar businesses in the immediate neighbourhood can be too much competition and pose a threat to the growth of business. Facilities like a coffee shop, snack bar, grocery store, gym, etc. nearby are conveniences that should not be discounted.
Business owners should pay careful attention to their budgets when seeking office space to buy or rent. Most rented properties come with a full-service lease. However, there are no standardized rules for what full service really means. The terms of the lease might exclude the cost of maintenance and other operating costs like utilities. Therefore, prospective tenants should find out what else they are expected to pay for besides rent. If it is necessary to redo the interiors, the cost of doing so should also be factored in. Another issue that needs a lot of thought is how far the budget can be stretched without it becoming a burden.
The size of the office space to be bought or rented must not be overlooked. When considering size, growth projections in the near future have to be taken into account.
Almost all businesses need Internet connection for efficient functioning. In the case of a serviced lease, the reliability and quality of the connection is crucial. If the service is not dependable, the business may have to get its own Internet connection at an extra price.
Finally, it is important to balance the pros and cons of the location and budget before making a final decision.
