To make a new office fit your budget 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.
Can You Get a Loan for Relocation?
Many lenders offer short-term loans to cover office relocation costs. Before borrowing, compare the borrowing costs with benefits such as preserving cash flow and avoiding delays. If the benefits outweigh the costs, you can work with a lender offering money loans fast to help finance your office relocation.
How Do You Determine How Much Office Space You Need?
Extra office space increases your rent and maintenance costs. Choose a space based on your current team size while leaving room for reasonable growth.
7 Ways to Secure Office Space Without Overspending
There are several ways to lower the cost of securing office space without sacrificing location or functionality. You can lower your costs with the following strategies:
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
- Choose Emerging Submarkets
Popular business districts usually command the highest office rents. Looking at emerging submarkets instead can help you findsuitable office space at a lower cost.
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.
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.
Time a Move Mid-Quarter
Office demand often slows during the middle of a quarter, which can give tenants more negotiating power. Plan your move around these slower periods if you want a better chance of securing a favorable lease.
Opt for Turnkey Spec Suites
Turnkey spec suites are fully prepared office spaces that require little or no renovation before you move in. Choosing one can reduce upfront costs and help your business start operating faster.
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.
Planning for Upfront Relocation Costs
Beyond rent, moving into a new office involves upfront costs such as fit-out work, IT, and security deposits. To help cover these expenses, you can:
- Use business savings
- Use a business loan or credit line
- Stagger equipment purchases
Finding Office Space That Fits Your Budget
Affordable office space comes from making smart leasing decisions. Choosing subleases, shared amenities, tenant incentives, and emerging submarkets can all help reduce your costs.
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