The cost of occupying an office space isn’t just limited to a monthly lease. It comes with many frequently overlooked operating costs. Quickly, it can extend beyond your business’s budget, especially if you are a startup or small business.
However, this should not deter you from expanding or seeking office space, nor should you settle for anything less than perfect. There are many things you can do to find an affordable office space in a prime location:
Take over another business’s lease
One option for businesses on a budget is to take over another business’s lease. Sometimes, you can find other businesses who need to break lease before they reach their contract’s end date, and in many cases they want to get out of their lease as soon as possible. This creates a unique opportunity to negotiate for a better rate. In many cases, they may also reduce or eliminate upfront costs typically associated with getting a new lease, such as security deposits or advance rent. The original business owner will still be losing less than the actual penalty costs of breaking lease, and you will get a great deal on an otherwise expensive location.
Don’t shy away from prime locations
While it may cost more upfront, settling with a space in the location you really want can actually end up being less expensive over time. Having a space in a prime location can not only draw in new business, it can also help keep your most talent talented employees. More frequently than you may realize, top talent will quit because they dislike the location of their work. When looking to expand and move to a new business space, consider the flight risk. Make sure it is a comfortable space in a convenient location, not just for your employees, but for your customers, too. This is key to increasing revenue and company-wide satisfaction.
Share a space with other businesses
Another option is renting a shared office or co-working space. While it may present an issue if you desire privacy, it is a welcome alternative for individuals or small teams who often work in isolation, but would benefit from a synergistic environment. Co-working spaces differ from other spaces in that they are very informal and encourage socialization and collaboration. If your company goal is to reduce overhead costs in addition to creating a sense of community, a co-working space is a great option.
Find a fixer-upper and do some of the work yourself
Perhaps you found an inexpensive space in or nearby your ideal location, but there’s a catch: it could use a little work. Don’t let that scare you. Repairs or remodeling can be very affordable if you do some of the work yourself, and with the many DIY resources available on the internet, it can be easier than you expect, too. It’s also worth noting that renovating or fixing up an office space increases its value, so you can expect to see some of those costs return to you should you ever want to relocate.
Consider virtual office solutions
The easiest and most affordable option for small businesses is a virtual office space. A virtual office space, provided by companies like Davinci Virtual, includes all the benefits of a professional office lease, but for far less per month and none of the commitment. For a small monthly rate, your business receives a professional business address complete with mail forwarding and access to meeting room rentals. Virtual offices are located in key business centers all over the world, and for daily or hourly rates, you can meet with important customers or clients in one of their fully-equipped, state-of-the-art conference rooms. This eliminates the need for purchasing furniture, equipment, or other supplies, as well, saving your business even more money.
Whether you work from home or you’re a small business looking to expand, there are many ways to find affordable office space for rent, from co-working and temporary office spaces to quality offices in prime locations.
Find an office space for rent in your location today.