Getting the right office space can make or break a business. Being in a great space and environment can make staff happier and more productive – helping your business thrive.
But making bad decisions when it comes to renting office space can have just as much of a negative impact on your business, so it's important to get it right first time. So with that in mind, here's our guide to renting office space and desk space for your business.
Know the market and what's on offer
In the past few years the market for renting office space has changed dramatically, it used to be that if you needed a space for your office, you simply leased a unit which suited your needs and budget.
But nowadays the commercial property market is much more complex, but that's not necessarily a bad thing… because it also means there are better deals out there which could be a much better fit with your needs.
Leasing office space is still obviously an option and works in much the same way as it always has, renting a space from a landlord for a medium to long term basis with the ability to change what you want.
Serviced office space is growing in popularity as it allows businesses to move into high-quality office space without long contracts. Services like receptionists, post and IT support are often included.
Shared offices are undergoing something of a boom at the moment with many people who would once have worked from home opting to rent desk space in a shared office because it can be very cheap and available on a short-term or even on a pay-for-what-you-use basis.
Sub-let space is also a growing market at the moment, particularly with many companies downsizing and being left with unused office space. Many businesses are trying to recoup loses by advertising their unused office space to let.
Location, location, location
Just as important as not getting caught out by signing the wrong sort of rental agreement is making sure your business is established in the right location. Think about this carefully before renting office space.
The first part will probably be simple, the chances are you already know which city or town you want to be located in. But that's just the beginning, will your business benefit from being in a city-centre or on an out-of-town business park?
Yes, you get the prestige and convenience of being in a city centre, great for impressing when it comes to meetings, but would you rather have the added space (inside and parking) which you could have for the same price if based further out?
What else can renting office space offer
The perks of renting office space do not end with the physical space you are paying for. Depending on the type of rental and location you choose you are also adding the potential of networking and increased business opportunities.
Especially if opting for shared or sub-let office space you will be in close proximity to other, often like-minded, businesses who you might be able to work with or develop as clients.
Plan for the future
One of the biggest perks of these developments in the commercial property market is that you don't have to waste money while planning for the future. Because of long-term leases you used to have to think about where your business would be in five years time when signing on the dotted line.
Now you just need to make sure you are renting office space somewhere that can grow with you. With many serviced and shared options you are able to add desk-space as it is needed — meaning you are not throwing money down the drain at the exact time you are trying to grow your business.
… Simon Crisp writes on behalf of Office Genie, the first proper online marketplace for desk space and shared office space in the UK. He is a freelance journalist who has spent the past 10 years writing for national UK newspapers on topics including finance and business.