Starting up a business can be an exhilarating endeavour and renting your first office space a major milestone. But with the average commercial lease term being 7.2 years, it’s vital to choose a space that can grow and adapt along with you. Here are a few tips to keep in mind before you rent office space for the first time.
1. Location is everything
As with any type of property rental, location should be a major consideration for your commercial space. Is the office easily accessible via public transportation and motorways? What will the commute look like? The area should ideally offer a range of nearby amenities. Banks, public meeting spaces and restaurants within easy reach boost the location’s benefit and add commercial appeal.
2. Making first impressions
Think carefully about the first impression any given space will make on your clients. Your choice of office says a great deal about your business. Is the space located within a dreary office park on the outskirts of town, or is it part of a charmingly landscaped campus with illuminated water fountains? Look at the other types of tenants in the building; do they share similar values and workplace culture?
3. Productivity-boosting layout
To find a suitable starter office rental, you’ll need to consider both square footage and layout. Ensure that you will have sufficient space for your employees by making headcount projections according to the full lease term, and then budget anywhere from 150-250 square feet per person. Be aware that the floor plan will affect how efficiently the space can be utilised; a rectangular space will give you more room to work with than spaces with angled or round corners. As you rent office space, consider if you prefer a modern open-plan design to boost workplace collaboration, as we’ve suggested previously, or a more traditional layout.
4. Employee-friendly amenities
As you compare office space rentals, ask your broker exactly what is included in the rental price in terms of fixtures and amenities. What type of office culture are you trying to cultivate? At the bare minimum, you may wish to rent office space for your employees that includes a kitchen or cafeteria and break room. Look at mundane yet crucial features such as the number and positioning of electrical outlets, along with additional perks such as built-in gyms, saunas and high-tech reception areas.
5. Private parking
For clients and commuting employees alike, adequate parking and bike storage is essential. Determine if the parking is onsite or in a nearby location, as well as the security factor. Is there a dedicated parking attendant? Will parking be costly for your team members? Is the available bike storage safe and secure?
6. Suitable lease terms
Ideally, you will be in a position to make a quick decision before you rent office space. You should already have clearly defined objectives and a solid growth plan, with all financials in place. Yet before signing your first lease, read over the terms very carefully. Your needs could change significantly over a ten year time period, so look for a lease with some degree of termination flexibility.
The ideal office space rental will merge convenience with financial feasibility. At Engel & Völkers, we offer a range of office rental properties to help you get started. View our commercial spaces today to enlist the assistance of a qualified professional in your search for the ideal office rental