When you are considering renting office space for your small business, there are many things to consider. It is important to consider everything, from the amount of space you require to who your landlord is and their reputation. Given that renting office space will most likely end up being one of the biggest expenses for your company, you don’t want to rush into making a decision — due diligence is essential. You need to ensure that the space meets your needs while still allowing for growth. You will need to answer the big question of whether shared office space is right for you.
To Share or Not To Share? This Is The Question
Shared office spaces were once viewed as only for freelancers or other one-man-bands. Co-working has become an attractive option for small and medium businesses.
According to Statista, “In 2017, there were 542,000 people working in co-working spaces in the U.S., and this is forecasted to increase to about 1.08 million in 2022.” The popularity and projected growth of coworking communities can make office space a tricky choice. This is best illustrated by the social aspects of the office space.
One, sharing office space can cause distractions that are not your responsibility to seriously impact productivity and efficiency in your company. The structure of shared offices is often less well-organized than traditional offices. This means that there are more opportunities for socializing. Is it your employee chatting with someone over lunch, on the company clock, or work-related?
These situations are too stressful for you to babysit. It’s important to trust your team won’t get distracted and cause you to miss your deadlines.
There is an advantage to being around entrepreneurs and business owners that are facing similar problems as you. You can find the best places to host events, from happy hours to educational workshops, that will allow you to meet like-minded people.
Additionally, if you’re in an office with many other startups, you’ll be more likely to grab the attention of angel investors searching for their next Warby Parker. Although a shared office gives you and your team the opportunity to come in and get right to work, there will be restrictions on how you decorate and design the space. Once you have decided whether you want to share office space or own your office, there are many factors that you will need to consider.
How Much Space?
It is important to determine how much space your business needs before you start looking for an office. It’s difficult to determine which locations will work well for your business without this figure.
Too much space can lead to a loss of money. This can make it difficult for young businesses to survive. You can lose efficiency and productivity if you don’t have enough space. CBIZ Gibraltar Real Estate Services Tenant Broker Noah Turner says that effective space planning is crucial in determining how much space you will need today and in the future. It also helps you plan how to use it – from private offices, dedicated workspaces, shared functions, and collaborative areas within a space.
To start, you should aim to answer a few basic questions:
- How many employees does your company have?
- What number of employees do you expect to add in the next five-years?
- What type of staffing are you adding?
- Is it necessary for everyone to have their own desk? Or can they share space?
Knowing how many employees you have will help you determine how much space you’ll require. The average office space requirement is between 150 and 350 square feet per employee. This will depend on the industry and employee density as well as the need for common space.
Last Thoughts: Expert Tips on Renting Office Space For Your Small Business
It is not easy to rent office space for your company. This is where mistakes can lead to costly consequences. You should consider exactly what you will need, and allow for growth. Then, set a budget. You can then reach out to experts with your ideas, and allow them to search for properties, or arrange tours of office spaces. If you are looking into renting office space for your small business, contact us today to schedule a time to come and visit our office spaces.