Strategies for Finding the Best Office Space for Rent

The commercial real estate market for small businesses is tight. There’s a shortage of office space for rent because the growth of startup companies has increased competition for commercial properties. The ideal space allows employees and clients to feel comfortable. As an entrepreneur, you need to find an affordable office space for rent that not only meets your current needs but also is flexible and allows for future growth. There are several factors that will impact this decision.

Commute

Key employees’ commute times should be considered. Ask them how far the space is from their homes. If many are going to have a longer commute, then you may need to look elsewhere. Extended commutes not only cause frustration but also are more expensive for your employees. A central, easy-to-access building will help you maintain your top talent as well as give you a competitive advantage when recruiting new staff. If you’re interested in moving to a city center, a location near public transportation routes could make your company more appealing, especially to Millenials.

Room to Grow

If you’re planning for short-term growth, be sure to get a short-term lease. Office space for rent typically involves hefty fees for early contract termination. A lessee also needs to know if the company can undertake any amendments to the space, like painting or decorating. As your company grows, you may want to alter the space around you.

Location

Determine how the neighborhood might look or feel to clients and consider the proximity to the largest portion of your client base. During this technological age, face-to-face interactions need to be convenient. Buildings in urban cores are pricier, but moving your business to a decentralized location could cause you to lose clients. Every office space for rent has a return on investment, and you want to make sure the ROI on your new space is as high as possible.

Surrounding Environment

What is the environment like around this space? If you’re in an urban setting, think about the parking situation for both your clients and your employees. Take a look around to be sure there are restaurants or cafes within walking distance for meetings or lunches. Is there a place nearby where workers can walk or exercise on their lunch break? Regular breaks are scientifically proven to increase overall productivity, improving your bottom line. Visit the building or location at different times of day to get a feel of traffic patterns and parking. All of these characteristics of the surrounding environment will impact morale and happiness, which is crucial for continued growth.