Companies don’t usually stay in one place throughout their business journey. More often than not, most companies move or branch out to other places. It’s actually a natural part of growing a business. Putting up offices in different places lets you explore new markets. If that’s the case, you need a space to use for your office.
Buying an office space seems appealing at first. After all, owning an office space is a great investment. Not to mention, you’ve got the whole place to yourself. You can renovate or decorate the property depending on the needs of your business.
But owning an office space also means being responsible for property maintenance. Aside from this, you also need to pay property taxes. If you’re a startup, or a new business, this is such a huge disadvantage. You only have a limited budget, so you’d want to put everything into strategies for growing your business.
It would be ideal to rent an office space for a specific period. This article explains all the benefits of renting an office space. It also outlines factors you need to consider before you look for one.
Benefits of Renting an Office Space
Most likely, your company didn’t start off with a dedicated office. Starting your business online and using a remote workforce can help you save money, and grow your business quickly.
A physical working space can take your business to the next level. More specifically, here are the benefits that you can enjoy when you choose office space rental company.
You can choose where you want to be situated.
Location is everything when it comes to managing a company. But, finding the right place to set up a business isn’t a walk in the park. There are a lot of factors to consider before settling into a new place for your business. Some of these include nearby establishments, parking spaces, and competition around the area.
More importantly, the area has to bring success to your company. But, this can be hard to measure without actual results. With an office space for rent, you can test the waters in a new location. If you think the place isn’t that beneficial to your company, it’s easy to move out and look for another.
If you find that your target audience is in Dallas, just search for “office space for rent in Dallas.” There are a lot of office space options to choose from. If you need an office for your remote sales team, you can rent executive suites in the area.
You can also find co-working, or shared office spaces if you still can’t commit to a lease agreement. These spaces also let you renew your contract monthly.
Additionally, some rental agencies offer their own office manager. This way, you can focus entirely on expanding your business.
You can rent based on your company’s needs.
You can decide how big your space will be when you rent an office space. If you need to hire more staff members, you can find a big office space for rent. Dallas has a variety of big office spaces, including creative and flex office spaces.
If you only need a space for top management, there are executive suits for rent. Renting an office space is also ideal when you figure out that you don’t need as many employees as you originally planned.
You can’t have this much flexibility when you own a business property. In cases when you have to enforce a work-from-home arrangement, all that extra space is a waste of money.
Rental leases are flexible. You can extend the terms for shorter or longer periods, depending on your needs. A tiny office could become a large one the next year, or the other way around.
You don’t need to go through buying the right furniture.
Securing your own office space is great. But even so, there are still other challenges standing in the way of growing your company. Besides bringing in furniture, you need to set up the office. You also need to buy all your equipment, establish phone lines, and secure an internet connection.
Just getting an office up and running involves a lot of time-consuming tasks.
Some office spaces for rent are ready to use right away. Property owners can include free coffee, furniture, and an internet and phone connection.
You can get additional business support.
Some property owners also offer solutions that your company needs. Most adaptable workspaces feature made-to-order configurations for your company.
Some provide specialized support to help you set up and become acquainted with the area. By looking for office spaces to rent in Dallas, you’ll find property management companies offering different professional services. This includes business formation, the establishment of tax, and accounting procedures.
It offers potential networking opportunities.
In business, developing connections and relationships are important. Co-working spaces let you interact with other business entities that share the office space with you. This way, it is easier to set up a meeting with them, and add them to your contact list. Shared spaces allow for a deeper connection than those made at professional gatherings.
Working in the same setting lets you build stronger connections. Frequent conversations in the elevator, or beside the coffee maker create actual ties.
It promotes collaboration.
Working in a shared office space also promotes social interaction. Speaking with people on the same road as you can be a source of inspiration, and can boost morale.
Working remotely or managing a small business can sometimes be alienating. This makes it hard to foster collaboration among your employees. Associating with different people can increase employee productivity. Not only that, but it also offers important perspectives when you need them.
You can avoid paying for building maintenance.
Renting an office space only means you’re responsible for the space you’re renting. You won’t have to worry about other maintenance and upkeep around the building.
You won’t have to include painting the building’s walls, fixing malfunctioning machinery, or maintaining hygienic restrooms in your budget. The property owner is in charge of keeping the property clean and safe. Depending on your contract, they may also make sure that the office supplies are in good condition, especially before you move in.
You can keep more working capital on hand.
Buying a commercial property requires paying a huge amount upfront. Not to mention, paying mortgages can come with variable interest rates that can rise as the market changes. By renting an office space, you can spend your money on things that your company needs.
More financial flexibility lets you keep more of the working capital that your company generates. This can give you more room to reward and promote hardworking staff members. You can also use the money to make essential changes to your overall business model.
It makes your company look professional.
Renting office space has advantages for small enterprises, startups, and freelancers. It gives you a good base of operations where you can do business. It also presents a strong, professional image to potential customers and workers.
You don’t have to hold meetings in crowded public spaces, like restaurants and coffee shops. You can look for Dallas office spaces for rent to find one that has a built-in meeting room. Traditional office spaces often have conference rooms for meetings.
What to Ask Yourself Before You Settle for an Office Space Rental
Office spaces are not only important for your business operations, but also your employees. Although work-from-home setups offer a lot of benefits, most employees still like working in an office. In fact, only 12% of American employees want to work full-time at home.
So, it’s only natural to provide the right working environment for your employees. To find the right office space that meets both your needs, here are some questions to ask yourself.
What kind of business do I have?
Your workplace should be in line with the nature of your business. This includes the long-term objectives of your company, what you do, and who your customers are.
The need to be close to suppliers, rival businesses, or other institutions depends on the type of business you have. It will also help you decide which facilities you should give top priority to.
For example, if you have customers that often come and go, you need a large reception area. If your employees work from 9 to 5, you need a break room where your employees can unwind during or after work. You can also have a media theater, where you can host large presentations and conferences.
Where is my current workplace located?
If you’re looking for new office space, you most likely have a reason for it. Some business owners look for a new place because their existing office doesn’t meet their needs anymore. Make sure you check what your current office space lacks. This can help you determine what you need and don’t need in your new office space.
How much money am I ready to spend?
Before you look for an office space to rent, make sure you know how much budget you have. Set a spending limit with some wiggle room, and watch it to avoid going over it. Spending more than you make is not good for your business growth.
To find out how much you can spend, compute your net income. Renting an office space isn’t just about paying rent. There are other expenses you need to consider when budgeting for an office space rental. You should also factor in upgrades, furnishings, decorations, and utilities. Make sure you do all these before looking for a Dallas office space for rent.
Does it promote growth for my business?
You might be a small startup with only a dozen people, but as your business expands, so will the size of your organization. Examine a workspace’s flexibility and scalability before renting it.
Does it allow for more people and desks to fit in the area? Can you upgrade its infrastructure? Does the building allow for renovations?
You can also negotiate with the property owner for certain terms. For example, if you can’t afford a big space, you can ask to include a term in your contract to occupy the next room that becomes vacant.
Does the building comply with the law?
Make sure that the building conforms to the law while assessing a potential office space. Does the structure include fire exits, or ramps for wheelchairs?
Most structures shut down due to non-compliance with government regulations and criteria. This puts your business at a disadvantage since you may have to move out on short notice. If you’re looking to rent office space in Dallas, review the state’s building code. You can also ask the property manager about these key issues.
Are the lease and rental rates secure?
Properties often get appraised for their real estate value. That’s why rental rates can increase each year. If your landlord decides to raise the rates, you don’t want to be forced into renewing your lease. You should also put a provision in your agreement limiting increases to no more than 5%.
Renting office space may be the greatest option for any organization. Finding the right one can alter how your business operates and enable expansion. But still, everything comes down to what’s best for your business.
Assessing the needs and nature of your business is key to landing the right office space. By doing so, you may not only see improvements in your sales, but also the productivity of your employees.