10 Things to Consider When Renting an Office
1. Depending on the nature of your business and whether you need to be on the high street to meet potential clients or your requirements are purely and simply for your own personal office needs. The actual location would then become your key consideration in deciding on an office.
2. Various options are available when sourcing an office to rent these can vary from basic tenancy agreements on a month by month basis to a more detailed contract covering potentially a ten-year term very often these will have a five-year break clause built into them.
3. A new concept has arrived on the market this is referred to as’ hot desking’ which is simply a method of actually renting a desk generally within an open plan office at an all inclusive cost. Again this can be agreed on a month by month basis which can be very cost-effective but as you may expect you will be charged a premium for this flexibility.
4. Managed offices offer the growing business a facility to appear far more substantial than they actually may be which for marketing purposes could meet your criteria.
5. Managed offices generally include all overheads such as business rates, heating, electricity and quite often will have a receptionist to deal with visitors, distribute mail and any general enquiries. Obviously this attracts a fee which needs to be taken into account.
6. Serviced offices whilst similar to a managed office offer the flexibility of an independent office within a suitable office environment but which is totally independent. The serviced office does not generally include a receptionist but would include the previously mentioned overheads.
7. Conventional rental of office space is always an option however in the current economic climate this may not be advisable certainly on a private basis.
8. Furnished or unfurnished offices are available but the key to this would be what deals are available bearing in mind the number of offices actually vacant during the present economic crisis which we are in; the potential tenant is in a strong position.
9. Once you have decided on an office as previously stated you are in a very strong position and as such you should be able to negotiate a discounted rental or failing that certainly a rent free period.
10. As in all business deals you should exercise due diligence to ensure that you have a legal contract in place which is not detrimental to you or your business and if you are not happy with it strike it out or simply walk away, the chances are your potential landlord certainly if they happen to be a private or independent owner should be amenable to a deal to ensure securing a new tenant.