Has your business outgrown co-working spaces? Or, are you starting a new business and want to establish your company’s headquarters? Renting an office space will help your business grow and reach the next level of professionalism. You won’t have the same problems you do when you share a workspace with other businesses. Moreover, you can put your logo on a sign to display your brand and personalize the space to reflect your brand identity. Besides, you will have the privacy and flexibility you need to discuss anything business-related. The benefits of leasing an office space are quite appealing, but you may still have some concerns, especially if it’s your first time renting an office space in Singapore.
To make things easier for you, here are some tips on how to lease your office space without worrying.
1. Have a Written Contract
No matter how much you trust the property owner, you must get a written lease or rental agreement, as it will help protect your rights and settle any disputes between you and the landlord. Without a written contract, the landlord risks not getting a security deposit in case of unpaid rent or repair costs. Besides, if you want to have business insurance, you will need to present the insurance company with a lease to have a policy issued.
2. Hire a Broker
A broker takes a commission to act as an intermediary between a buyer and a seller or, in this case, a property owner and a tenant. But why hire a broker and not deal directly with property owners? A broker knows the local real estate market and will help you pick the ones that will serve your business. The experienced brokers at The Genau Group believe that having a good work environment will help business owners achieve their goals in the shortest period possible. A broker will also get you the best deal from the property owners to make sure the office space you chose suits your business plans and budget.
3. Ask the Property Owner Questions
There are plenty of questions to ask the landlord to make things clearer and ensure that you don’t end up having future problems. You should ask about parking spaces, AC unit availability, security measures, facilities, WiFi signal strength in the area, etc. It is also worth asking whether they provide office furniture or if you have to buy your own.
4. Make Sure the Place is Accessible
The place you rent must be relatively close to your team members and employees so that it’s easy for them to commute to and from work daily. If the place is in the middle of nowhere, you will risk losing several employees. An accessible place will also be good for partners and potential clients. If you visit some places regularly for business purposes, like the bank or a governmental office, you can choose a place close to them as well.
5. Make Sure the Place is Secure
If your employees worry about going to and back from work every single day, then the place you picked is not secure. No one wants to work in a place where they don’t feel safe. Besides, you don’t want to worry about your office equipment getting stolen.
6. Choose an Appropriate Lease Length
If you’re new to the business world and are still unsure of its outcome, signing a long-term lease might be a bad idea. If, for example, the office is too small and there’s no chance of expanding it any time soon, it’s better to have a short-term lease. As a general rule, you should only have a long-term lease when the business is steadily growing, and the place has room for you to expand and bring in more employees.
7. Make Sure the Place is Functional and Comfortable
Rent a space that’s big enough to leave room for your business to grow, but not too big that you’re paying extra for unused space. Be smart about how you use the space you have without making your employees feel like they’re cramped. Make sure the place where your team works for 40 hours a week is both functional and comfortable, and that it has everything they need, like an on-site cafe or a simple break room, a parking space, and a room for printing and stationery.
Choosing an office space for your business is a big responsibility, as it can make or break your business. You need to be careful when choosing a place, as it has to be comfortable, functional, secure, and accessible. Hiring a broker would help you find the best deal and eliminate unnecessary costs. To avoid any problems with the property owner, have a valid written contract, but not one with a long term. That is especially important if your business is new.