Category Archives: rent office space

What Type of Office Space Will Be Right for Your Business?

As a business owner, you have plenty to worry about. The hiring process and employees, advertising and marketing, as well as the financial state of your company affairs are all major concerns for the typical business owner. One of the biggest problems you could run into is having an inadequate office space. Before you choose an office for your business, make sure you understand your officing options to decide what fits best with your company’s needs. Here are a few of the options you will want to take into account.

Office Building Classifications

The Building Owners and Managers Association (BOMA) is the end-all authority on office space leasing and rental. This organization has separated office spaces into three classifications. These classifications do not have specific criteria so that they can be adjusted to different areas. The three general classes are as follows:

  • Class A: High quality space, best possible utilities, ideal location, accessible to employees, and excellent security.
  • Class B: Not as well maintained as a Class A building, still quality utilities, has functionality although not ideal, and decent location.
  • Class C: Less desirable, not a good area, difficult to lease, and mostly obtained for remodeling purposes.

Office Building Types

Once you have selected which building classification you want and can afford, you need to decide what type of building will work best for your business needs. Until you are searching for a potential office building, you may not realize how many different types are available.

  • Traditional: The most common office space. The leases can run for up to 15-20 years on these spaces. Typically they are over 1000 square feet in size, allowing for a high functionality and many employees.
  • Executive Suite: These suites are smaller than the traditional space and are under 1000 square feet. Although they offer more flexible leases, they do not allow the room for extra storage or employees. Executive suites work best for small businesses run by just a few experts. More
  • Coworking: This is a relatively new style of shared officing where the community is the focus. Their mission to enhance the 3 Cs of community, collaboration and cooperation. More
  • Virtual Office: A virtual office space is not necessarily the place in which your office is directly located. Instead, it is an office where you can have your company’s mail and faxes sent to, and a space to hold meetings as needed. If you want your business to be run out of your home or a similar location but still have a professional image, a virtual office lease is for you. Additionally, the leases are most flexible and are renewable on a shorter term basis. More

Aside from these common office types, there are a few others to consider. Will your business require a warehouse, and can it be run solely from the warehouse location? Are you interested in establishing other business relationships by moving to a business park? Will you have a small staff that could fit comfortably in a corner office?

Employee Needs

When choosing an office space, you should keep in mind not only what your business will require, but what will make your employees feel comfortable and prepared to work. After all, you want a space that will engage them in their work.

Consider if you want the work area to be open or closed. Will your employees work better when they are isolated or could an open and collaborative atmosphere be better?

Also consider what the office space provides in terms of break areas, recreation space, and office hierarchy. Your number of employees will also affect the storage area, IT infrastructure, and even utility costs. Remember that your employees are a vital part of your business so you need to accommodate to their needs while selecting your office rental.

Choosing the right office space is just as, if not more, important as choosing a new home. After all, your office will be your business’ home, possibly for several years to come. Choose a space that fits your functionality, your needs, and your price range so that you can focus on running your business in a comfortable environment.

Liaisons Business Center

Liaisons Business Center

Guest post by: Theo Schmidt who has an interest in computer science, business, and engineering, and he uses that interest to fuel his blogging. He is a blogger for Montreal’s Liaisons Business Center office rentals.

Commercial Leases for Small Space Account for 75% of REALTOR® Leased Properties

In a recent study by the National Association of Realtors with it’s members, the results show that small space leases of under 5,000 square feet accounted for 75% of the commercial real estate leases completed in the 4th quarter of 2013 and that leases under 2,500 square feet were at 43% of the total. They also found that lease terms were in the typical  3 to 5 year range.

As the market improves, landlords are finding it less necessary to provide rental concessions and the report identified that they declined by 4% on a quarterly basis.

What does this mean for the office market? Very simply that the small space office leasing is the driving the market. Many of the larger users of office space still have excess leased space that they are still working to fill, AKA Shadow space, after the recession. It is also the reasons that the vacancy rate is not declining at faster rates. It takes a lot of small tenants to fill up empty space.

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By: James Osgood

Office Workplace Strategy: 3 Areas Impacting Productivity

When working conditions are right, the results are easy to see. Your employees perform better at their jobs, employee engagement is higher and so is productivity. You reap the rewards. The question is, how do you get there? How do you develop an office workplace strategy that will give you the outcome you’re looking for? We’ve compiled three key areas of focus that will significantly  improve your workplace, almost immediately.

Ability

good office chairThe productive efforts of your employees will improve when they have the ability to do so. Take a look at the offices and work areas of your employees. Are the conditions comfortable for them? Do they have the opportunity to make the adjustments that work for them? Adding components like ergonomically correct and comfortable seating, and heat and air conditioning controls are small adjustments you can offer them that will improve their ability to be productive.

Motivation

When your employees are motivated to do their best work, they become engaged employees  with the work they are doing. The results often surpass your expectations. You can improve their motivation by changing their surroundings to suit their styles and preferences, provide flexible working hours or even offer telecommuting for those who do not need to be in the office all of the time. This might mean different things for different people, but if you can engage their minds while they work, you’ll find that they will become motivated with little effort on or part. Do what you can to create the right mood in their work area, and you’ll find that they are more motivated than ever.

Opportunity

Headphones for noise controlWhile your employees might not realize it, many of them probably aren’t as productive as they could be because they simply don’t have the opportunity. Noise control is often a major problem for many businesses, and the need for more or less noise varies by individual and very often by generation. Younger workers are very often more productive with noise and able tune it out,  while the baby boomers are less likely to be able to cope with it. Crowding can be another factor that determines how successful your employees are. If you are not taking advantage of all of the office space that’s available to you, you might consider making some changes so that each of your employees have the opportunity to work in the type of environment that works for them.

Here at OfficeFinder, we educate our office tenant reps. They are familiar with office workplace strategy concepts that can help improve your workplace, thereby increasing employee engagement and productivity and typically, as a by-product, reducing the amount of office space you need to lease or rent. If you need some professional assistance in this area, we would love to help you. For more information on this and all of our services, please contact us today.

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Headphones Photo Credit: carolyn.will via Compfight cc

Chair Photo Credit: Peter Hellberg via Compfight cc

Office Rental Rates Predicted to Increase by 5.6% by End of 2015

Lawrence Yun, the chief economist at the National Association of Realtors recently reported that the “Growth in commercial real estate sectors continues at a moderate pace from a very slow pace of absorption, despite job additions to the economy. Companies appear hesitant to add new space.”

The good news is that the pace of the recovery in the commercial sector and, in particular, office space is continuing to improve.

His predictions related to the Office Markets include:

Office Space Vacancy rates should decline from an expected 15.8 percent in the first quarter of this year to 15.6 percent in the first quarter of 2015.

Office rental rates are projected to increase 2.3 percent in 2014 and 3.2 percent next year or a compounded 5.6% by the end of 2015 compared with current office rental rates. Net absorption of office space in the U.S., which includes the leasing of new space coming on the market as well as space in existing properties, is likely to total 44.6 million square feet this year and 50.0 million in 2015.

The markets with the lowest office vacancy rates presently (in the first quarter) are

  • New York City, with a vacancy rate of 9.5 percent
  • Washington, D.C., at 10.2 percent; Little Rock, Ark., 11.6 percent
  • Birmingham, Ala., 12.7 percent
  • San Francisco and Nashville, Tenn., at 12.8 percent each

Read more at Realtor.org

Find office space for lease, rent or purchaseBy: James Osgood

Assessing Your Office Space Needs Before You Rent Office Space

Close your eyes and picture your dream office space. Does it include wide open spaces, windows with a view, large, private offices with doors? What about a spacious, comfortable waiting room? According to a study done by the University of San Diego, the United States uses more office space per worker than any other country. While this varies by industry, on average the U.S. offer employees more work space per person. But the fact is, space is money. The larger the office space, the higher the cost. So a balance must be found between creating a comfortable, functioning office space and paying the price for wasted space.

But how exactly do you determine how much space is needed for your office to be a well-functioning office? While there are many theories on how office space should be allocated by industry, position, and services, there are some basic rules of thumb that you can follow to decide exactly how much space you need when you rent office space. A few things to take into consideration are:

  • Privacy – how much privacy does each worker need for their tasks? Will noise be a factor when they are on the phone? Do they share tasks or need to work in teams? Each of these factors can help dictate how much space per worker. An average for a cubicle or open workspace is only 125 sq ft per person.
  • Office equipment – what type of equipment will you have in the office? Does each worker have their own or will they be shared? What type of computer equipment will be in the spaces? Small printer or large copier? Equipment special to your industry? Determining what space your equipment your business will need to operate can help determine space needs.
  • Number of employees – not all businesses require office space per person. Some have field workers who only come to the office to report, pick up supplies, or other needs. Some only require storage space for their equipment. The space needed per employee should be based on what their office space needs are and when they need to use it.
  • Customer needs – the customer needs should be considered as well for office space. What types of customer needs does your business have? Will the customer be waiting? Will the customer be in conference with employees? Will they simply come in to pick up or drop off items? On average, a reception area should be approximately 100 sq. ft with an additional 10 sq ft of room per customer in the waiting room.
  • Storage space – storage space can be a flexible space, but large enough to fit your needs. When considering how much space is needed, take into consideration any supplies needed for the office, any equipment storage, stock, packaging or other bulk items you may need to store. An average size is 200 sq ft. but depends on the type of business.
  • Growth potential – thinking ahead to the future can save you time and money. If you plan on expanding in the near future, hiring more employees, or other types of growth, you should consider adding 10 to 20 percent to your space needs. Most leases are signed for anywhere from two to five years and office rentals from month-to-month to 1 year. The cost of outgrowing your space can be very expensive and can include breaking a lease, the cost of moving, and the downtime while you relocate. Planning ahead for growth can save you that cost.

While these suggestions are only an average, it can give you a starting point for considering how much office space you may need. You should also try out our office space calculator and office space planning checklist. Each business is unique and has individual space needs. Planning out how much you will need based on your individual business will give you a good idea when you start looking at office rental spaces. For additional information on office space planning and help finding the perfect office space to fit your needs, contact us. We are experts in finding the right space for your office rental needs.