To make a new office fit your budget, consider a personal loan, target subleases, choose emerging submarkets, rightsize your office, and negotiate TI and free rent. To save even more, time your move mid-quarter, choose turnkey spec suites, and share amenities.
What if the office you dismissed because of cost is actually within reach? A few smart strategies can help you secure the office you want while keeping costs under control.
1. Consider a Loan
Moving into a new office often means upfront costs like deposits, fit-outs, and furniture. If you need some financial help, a personal loan can be a simple, flexible option to cover these expenses. Depending on your needs, other types of loans—like business or equipment financing—might also be worth exploring. Just be sure to compare terms and rates to find what fits your budget.
2. Time a Move Mid-Quarter
Office demand often slows during the middle of a quarter, which can give tenants more negotiating power. With fewer tenants competing for available spaces, landlords are more willing to lower the rent or offer concessions rather than leave an office vacant. Plan your move around these slower periods if you want a better chance of securing a favorable lease.
Target Subleases
Subleases help you secure office space at a lower cost than signing a new lease. To find sublease opportunities, look for businesses looking to:
- Downsize their office
- Relocate before their lease expires
- Adopt remote or hybrid work
4.Choose Emerging Submarkets
Popular business districts usually command the highest office rents. Looking at emerging submarkets instead can help you find suitable office space at a lower cost.
5. Rightsize Headcount-To-Square-Footage
Leasing more space than you need increases your rent, utility bills, and maintenance costs. To avoid paying for unused space, estimate how many employees will use the office each day. Then choose a space that meets your current needs while allowing room for reasonable growth.
6. Negotiate TI and Free Rent
Landlords may offer tenant improvement (TI) allowances or rent-free periods to secure a tenant faster. During lease negotiations, ask whether the landlord is willing to contribute toward office fit-out costs or offer a rent-free period before you move in.
7. Opt for Turnkey Spec Suites
Turnkey spec suites are fully prepared office spaces that require little or no renovation before you move in. They often have much of the expensive setup work already done, including:
- Private offices
- Conference rooms
- Reception area
- Kitchen
Choosing one can reduce upfront costs and help your business start operating faster.
8. Share Amenities
Some office buildings provide shared meeting rooms, kitchens, and break areas for all tenants. Choosing these spaces can reduce the amount of office space you need and lower your rent costs.
Finding Office Space That Fits Your Budget
You can make a new office more affordable by considering subleases, emerging submarkets, shared amenities, and landlord incentives. For the remaining relocation expenses, consider getting a personal loan to help cover the cost of the move.
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