When looking into renting office space, how much you actually need is one of the most common questions we get when businesses are looking for a space. They often underestimate the amount of space they need to run their business.
Signature Workspace, owned and operated by Cantor Fund Management, offers services and amenities such as private/ traditional/ studio offices, virtual offices, meeting/conference rooms, and more. Locations ranging from, offices in Tampa on Dale Mabry and Northdale and one office in Clearwater offer great physical office space amenities. The following questions and factors will help us estimate the space required by each client to allocate our office space.
Your business nature: Are you manpower or legal recruitment firm? Or a fledgling start-up in tech. Because of regulatory requirements, legal, manpower, and travel agency businesses require the highest privacy and confidentiality. This is because they can conduct most of their operations in their private offices. Co-working desks are an option for tech startups and other businesses. This helps to reduce space and costs.
- Stage of business: Are you just starting with one or two employees? Perhaps 3-4 people growing to 6 or 7. Perhaps you have a team of more than 30 people. Most businesses have seen a dramatic reduction in their workforce requirements in recent years due to technological advances. This has resulted in a significant reduction in the physical space required. A team of fewer than 10 people may not be able to rent a traditional office that is exclusively theirs.
- Are you expanding your business quickly? If you are expanding quickly, it is a good idea to find a landlord or provider that offers flexibility. We at Signature offer that flexibility. You can also upgrade to larger spaces if necessary. You can use different workspace strategies to ensure you have a flexible space or a combination of both fixed and flexible office space leases. This will enable your team to grow or shrink as your business grows when renting office space.
- The seating arrangement: It all depends on the job nature of each member and their job scope. Each size requirement might differ. A typical workspace is 50-60 square feet. An analyst or software engineer may need more space to store additional inventory. Most CEOs and senior managers will require more space. Hot desks are becoming more popular in new workplaces. This has allowed for the removal of excess space and replaced fixed seating.
- Ancillary space: Do you have any additional facilities that your team requires in your office? You could need a meeting room, board room, break-out area, pantry, lounge, etc. Do you think it is necessary to include all of the above in your space? In today’s workspace, some of these spaces may not be necessary. Is it still necessary for your reception to be manned full-time by an employee? Are your employees properly using your board and meeting room? Is it empty all the time?
- What is the size of your current space? This is the base we use to start working. Are you considering an expansion or downsizing of your company? Is your company undergoing a cost-cutting exercise? A smaller space will not only help you save money but also allow you to rent a space at a lower cost per square foot. To determine the cost savings that can be made, it is necessary to conduct a thorough evaluation.
- Alternative storage: Does your company require large amounts of storage space? Do you really need the storage? This is especially true in today’s digital world where all documents are stored electronically and protected in the cloud. You might also consider outsourcing storage space to other locations that offer ad-hoc storage services at a lower and more competitive price.
- Server space: Do you still require server space? Is it necessary to keep your server space on-site? It may be worth outsourcing depending on the amount of server space needed. Server space in your office may need 24-hour air conditioning to keep it cool. You can also reduce your utility bills significantly by outsourcing them.
- IoT (Internet of things) tools can be used to assess your workspace efficiency. By using IoT tools, one is able to use the analytics data to manage air-con, lighting operations, and to determine how often a certain portion of the space is being used. The tools allow us to eliminate excess space and plan the best use of the space. It is best to use these tools before moving to a new area, to help you pre-determine how much space you will need.
These figures should give you an idea of the space that your business requires. Are you still unsure how much space your office really needs? Contact Signature Workspace for more information on renting office space from us today!