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Office Space: Tips for Growing Businesses

Posted On Tuesday, 04 June 2024 10:24
Office Space: Tips for Growing Businesses Photo by www.pexels.com

While many business owners are opting to work from home, there may be instances where it is preferable to hire office space instead. This can be due to factors ranging from limited workspace at home  to a desire for a more clearly-defined work-life balance.

The need for office space can also depend on the nature of the business itself: some businesses may require the use of equipment which cannot be used in the home. In some locales, zoning regulations may also impose specific restrictions on homeworking.

Greater Flexibility

While there are certain benefits to investing in office space (such as building equity and greater leeway in terms of remodeling and decorating), office space for lease can mean greater flexibility, especially for growing companies.

By hiring office space, the renter is committed to the square footage, location or monthly payment for the duration of the lease. In this way, renting can be a good way to adapt to the changing needs of your business.

Types of Office Space

Office spaces consist of two main categories. The first includes co-working spaces designed for one or more businesses, typically utilizing an open-plan layout to encourage collaboration and “hot-desking” rather than allocated desk-space.

The second is the traditional office or executive suite consisting of a private space belonging to one business. These tend to include dedicated desk and  privacy amenities to minimize distractions, for example by using  cubicles.

Other Types of Office Space

Besides traditional and co-working formats, other types of office space can include:

•  Virtual workspaces (these tend to be used as a mail pick-up point and occasional workspace for remote workers).
•  Dedicated desk space within a shared private office for solo workers
•  Office suites including a private kitchen and lobby.
•  Private offices.

Sharing Office Space With Other Businesses

Sharing office space with another company can help build rapport that may even lead to a  business partnership or collaboration. If pursuing this route, it is important to be mindful of each other’s  time and space in addition to noise and other distractions in order to maintain a harmonious work environment. 

Whether or not you share your office space, it is generally best to avoid working close by to businesses in immediate competition with your own, as this could have a direct impact on revenue.

Making Space for Your Team

It is generally a good idea to keep already-established teams involved in the process of finding a new office space. Consider the size (and potential future size) of your team: around 150 square feet per person tends to be best in terms of comfort and maneuverability.

Accessibility is a major consideration for disabled team members who may require lifts, wheelchair accessibility or other accommodations such as hearing loops or private focus spaces in which to work. 

Finding the Right Location

If your business relies on walk-in customers, it may be beneficial to look for properties in high-traffic areas. While other businesses may find this less of a priority, commuter needs are a universal consideration for businesses with multiple team members.

Find out how your team commutes and  how far they have to travel to work. Ensure your new office space is easily accessible, whether by car, public transportation, or walking or cycling if local amenities allow. 

Enlisting Help

Office space rentals can be sourced via  realty listing sites offering general information or with a professional commercial leasing agent, who may be able to offer more in-depth advice in addition to vetting potential properties. Seeking legal counsel can also help with navigating paperwork and negotiations. 

When reviewing the lease agreement, be sure to check it thoroughly and look at the terms, duration and renewal options allowing for greater flexibility. It is also a good idea to consider preferences, deal-breakers and any counter-terms you might have while making any final decisions on your new office space. 

Amenities and Features

Once you have a list of criteria required for your new space, tour a selection of potential office spaces, taking note of current tenant reviews, quality (as well as promptness) of property management and  building features and amenities such as printers or refreshment facilities.

Offices without certain amenities might mean additional expense if you choose to add them yourself. In addition to this, other aspects such as mail service, tax and maintenance costs should all be factored in when budgeting.

Safety Considerations

While touring your potential office spaces, check that all building safety checks and regulations are completed and up to date. Ask about building security and maintenance features such as keycard access, security cameras and emergency and evacuation procedures for the building.

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