Four Things to Know Before Renting an Office Space

Renting an office space seems to be a better option, especially when you are not able to buy it or when you don’t want to purchase it. But choosing just any office space would be a mistake. You need to ensure that your office is one that supports your team and also lets you grow and thrive.

Here are some of the things that you should consider before renting an office space:

1. Location

“Location, location, location”— we all have heard that phrase which drives home just how necessary it is to choose the right location for your business.

Here are two important questions that you should ask  –

  • Can my clients reach there without issue?
  • Is the location easy to commute for employees?

If you find an office space that ticks these two questions, you’re well on your way to finding a right location. Also, pay attention towards the neighborhood and what’s close to the office. Is there a gym or coffee shop? All these things can keep your employees and clients happy!

2. Price

If you spend too little, you’ll end up with an office you’re not happy with or you might also move out from the space after a few months. Similarly, spend too much and you might find it difficult to pay the rent or you might have to downsize. Neither of these scenarios is useful.

Here are some of the questions that you should ask to find a right space:

  • Can I afford to pay three months’ rent of this office right now?
  • What are the hidden costs involved?
  • Is the price of the office in line with the similar office space prices in the area?

Such kinds of questions, give you an indication of affordability and help you know about hidden costs. The third question will help you ensure that you’re getting the right deal. It is always advised to make a comparison with other office spaces in the area as it will ensure that you get the right value for money.

3. Size

As a general rule, it is recommended to have a 70 square feet of floor space per person. However, you have a better understanding of your business and therefore, if you think your employees require more storage, up to this figure accordingly. Also, there should be meeting rooms where you can meet clients and have a departmental discussion and then your employees also need a space to eat!

Here are a few questions that will help you choose the right office size:

  • Do I have minimum 70 square feet of office space per person?
  • Do I have sufficient room to accommodate growing staffing requirements?
  • Do I have dedicated meeting and cafeteria space?

Undoubtedly, a cramped office space curtails productivity, so pay all attention towards it.

4. Office Insurance

The success of your business depends on how satisfied your employees and clients are. But has a fear of losing it all ever comes to your mind? God forbid, if any misfortune hits your uninsured workspace, your financial dreams could be shattered. So, it makes complete sense to go with an office insurance policy which promises to keep your premise completely safe and secure. Though, it is your rented space, you are still vulnerable to the perils, like fire, flood, riot, strike, etc. Some office insurance policies also offer you coverage against the dishonesty of employees. You can also purchase the policy to insure content and office equipment against the risks of burglary and fire.

Here are a few questions that will help you in finding the right office insurance –

  • Are you looking for a simple insurance policy that covers against theft, burglary or is you concerned about flood damages too?
  • Do you want to insure everything in the office—computers, telephones, printers, etc. or is it only some big things that you’re worried about?
  • Who is going to do the legwork?

Depending on the items which you want to cover against which risk, you can choose an office insurance policy. To ease the entire process, you can take the help of corporate insurance advisors like SecureNow which will help you find the right policy.

Conclusion

While the needs of every business and entrepreneurs are different, the above factors act as a checklist to follow when looking to rent office space. Remember, an office space isn’t just an investment of your time and money. In fact, it will go on to define your company, its products, and employees. So, make sure you choose an office space that not only optimises your budget, but represents your company, products and of course people!

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