Is Your Business Ready for a New Office Space?

At the time of expansion, when your company wants to hire more staff and connect with more clients, it is obvious to think about the new office space. Choosing a business location for a new office space is quite challenging and requires a detailed market research. To learn the changing trends in commercial real estate, you first need to list what are the things to do before renting new office space. While making the list, you should also think how a new office space can add value to your business and create new opportunities. Following are few tips to follow while renting a new office space that you might help you.

Types of Office Space

As per the market study, shared business space is recommended more for companies looking for a new office space. However, it is important to understand what is more beneficial for your business and its nature of work. This is the key factor to determine whether you would prefer an un-interruptive surge in business with a dedicated office space or would like to save money by renting a co-working workspace.

Rent and Hidden Cost

One of the most important tips before renting an office space is to check hidden costs. The rent of the new office space can put a lot of pressure on your budget if not calculated well in advance. In order to ensure that your existing business and future plans do not suffer, keep at least a year’s rent saved in advance so that you can easily manage with the amount required for deposit.

List Business Requirement

While planning the things to do before renting new office space, list out facilities that are missing in your current setup. This will act as good suggestions that you definitely should consider while looking for a new office space in the market. Do not rush to finalise before finding answers to key questions like; ‘Are you not able to achieve the realistic goals with your current location?’ and ‘How will a new office space add value to the same?’ These criteria will help you to make a better choice.

Quick Tips:

•              Shortlist multiple potential locations and jot down their pros and cons of the business

•              Predict the approximate revenue you will be able to generate with a change of office space

•              Analyse if you would need more investment for marketing, hiring and production in addition to the rent of the space

Once you are convinced with your decision and assured that all these important aspects have been covered before making the investment, then you no more need to look back.