Here are someinteresting ways for a business to save when renting office space.
Separate Office and Warehouse
Businesses selling products can save on costs by contracting out their warehousing. Expensive office space can be reduced if inventory and document warehousing are taken off-site.
Reach Out to Current Vendors
Leverage relationships with current vendors. If you have a business credit card from American Express, you can benefit from travel discounts, office expenses discounts and cash back programs. If you can save money by reaching out to current vendors, then take advantage.
Limit Insurance Costs
Insurance is less expensive when you rent in the short-term because you are only covering assets, not the building itself. As costs for property owners have increased steadily in recent years, renters have not seen comparable increases. Shopping around can help a business get the best possible deal on coverage.
Choose Modest Views
Although renting space with a great corner office can make the head honcho feel like he's earning the big bucks, it may be keeping him from actually earning that income. Offices with big windows and great views come with a higher price tag. If the office is self-contained and there are no clients to impress with the great corner office, a business can save a lot of money by choosing office space that doesn't boast grand windows and views.
Consider Remote Employees
It can be tough to expand a business when the physical office space is tiny, but an advantage that small businesses these days have is it's easy to hire employees who work remotely. Cloud computing has made it easy for employees in different locations to easily access the same information and collaborate on tasks and projects. All of this can be accomplished without the need to move to a larger office.
Get creative with your office space and avoid spending on anything more than is necessary to help the bottom line. Businesses looking to rent should not only consider the number of square feet needed, but also the type of building, associated costs, and location. Renting also gives a business the flexibility to move as it grows, providing a chance to new deals!
Guest post by Jennifer Morris
Office Space , Office Rental , Flexible Workspace
A typical property owner has ample experience renting out a space. Do you? As some tenants leave and others come to view a property, the professionals know the ins and outs of contract negotiation. As the prospective tenant, you take on the rental of office space only occasionally. Making this process work for you depends on your knowledge of the rental market and the advisors you choose to help you with the office rental process.
- Make the 12-month commitment. What sets apart and office lease from an office rental is the length of the time commitment. Your decision to rent only commits you to the office space for a short period of one year. If you are not sure that you want to go beyond a year or 18 months with a lease, stick with the basic rental agreement.
- Know the market in your target area. Zoning laws govern the ability to use properties as office buildings. Established office properties are therefore frequently in high demand. Yet sometimes you can find amazing properties that combine residential with commercial usage. If your company would thrive in this type of environment, work with an experienced office finder who can point you in the right direction.
- Understand your space needs. The average worker in your office needs between 125 square feet and 225 square feet of usable space, depending on the tasks that are being performed. Remember to also factor in the space for equipment and file storage as well as conference rooms. A tenant representative can work with you to narrow down your rental space requirements, which can save you quite a bit of money over the course of the rental agreement.
- Negotiation skills are a key element of rental discussions. It pays to have experience in the negotiation of rental agreements. Location, size of the space and available amenities are some of the factors that determine the asking price for an office rental. Outdated technology, needed improvements and hiccups in the spatial design of the space are talking points in your favor. Coming to a mutually beneficial decision on a suitable rental price takes skillful negotiation. Unless you know for certain which talking points outweigh the others, get help from an office tenant rep.
At OfficeFinder, LLC, we know that the rental of office space can be a stressful experience. You have a company to run and do not always have the time to immerse yourself in the study of rental negotiations. Contact us today, and we will do the work for you. Working with a tenant representative is free of charge, and you will love the results.
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By: James Osgood
Office Space , Office Rental , Tenant Representation , Office Leasing Tips