It’s relatively easy to find office space that is available in most areas. The problem is finding a space that fits your needs, budget, and goals for the future. Here are a few questions that you should keep in mind when searching for an office for your business:
What is the real cost of the space?
Knowing how much a space will cost is not as simple as the monthly price of the lease. Once you find office space that seems to fit your budget, make sure you are including the secondary costs of the space. Costs of furnishing the space, customizing it to your needs, costs of network setup, etc. can be significant one-time factors that will add to the initial setup of the space. With a conventional office, many recurring costs will also add to the monthly price of your office. This is a large part of the reason that furnished offices and executive suites may seem more expensive than conventional spaces. The reality is that the pricing of a full-service office space is a much better picture of the actual cost of the space than a conventional office’s lease price. Things like maintenance, custodial services, utility bills, and receptionist services are already included in the price.
Is the location an asset for your business?
Location is obviously an important factor when it comes to selecting a space for your office. Is it easy to get to your office? Not only do you want easy to find office space, that provides you with a commute that is as stress-free as possible, it should be convenient for others to get to as well. In a large city, such as New York, this could mean a central location or proximity to subway stations.
Does your space give you opportunities to network?
Networking is vital to the success of virtually any small business. Financial professionals, attorneys, consultants, and many other small business owners rely on their ability to network to generate business. Try to find office space that puts you close to people or business that may be beneficial to your own business, whether through referrals or partnerships. Any small business can benefit from a space that facilitates this contact.
Can this space accommodate growth or other changes in my business?
If your business grows, you may need to find office space for a few more employees. Likewise, if your business goes through hard times, you may end up paying for space that you no longer need. With an average lease term of 3 to 5 years for a pre-built space, it would not be wise to commit to a space without considering whether or not it will be a good fit if your business goes through changes.