Choosing an office space can feel like walking through a minefield.
With thousands of offices available across the country and an almost endless number of lease types and office sizes, it’s normal to become overwhelmed by the process.
In this article, we’ll explore how you can navigate this landscape to make the whole process much easier and secure a great deal of your ideal office space.
Let’s get into it.
What Makes The Perfect Office Space?
Finding the perfect office space has a lot of moving parts.
The space needs to be in a suitable location and align with your business and its direction. After that, you must consider the boring (but important) stuff like lease terms and budgeting.
Let’s explore these key factors to help you make an informed decision.
What Does Your Business Need?
When searching for office space, you’ll need to look for a space that can provide 150 to 300 square feet per employee. So, if you had two employees plus yourself, you would need 450 – 900 square feet as a rough rule of thumb.
This can vary from industry to industry, though, so don’t forget about key spaces that you may need:
- Open work areas
- Private offices
- Meeting rooms
- Break areas
- Storage
Remember to plan for future growth. It is wise to choose a space that can accommodate your team’s expansion over the next few years.
Exploring Location Benefits
Office location is half the battle for your business’s success.
If you’re not located in an attractive location, you won’t appeal to the top-quality employees.
For example, in London, some popular business districts include:
- City of London (financial hub)
- West End (media and entertainment)
- Shoreditch (tech startups)
- Covent Garden (creative industries)
Each area has its unique charm and benefits.
For instance, Hackney and Camden offer a vibrant atmosphere suitable for creative businesses, while Holborn provides a central location with excellent transport links.
Examining Budget and Business Rates
Like most essential things, your budget will be crucial in determining your office options.
The checklist below is a great starting point for all the things that should be included in your budget:
- Business rates
- Service charges
- Utilities
- Maintenance fees
Business rates can vary significantly depending on the location. For example, rates in central London are typically higher than in other major cities like Liverpool.
To maximise your budget, consider:
- Flexible lease terms
- Shared office spaces
- Locations just outside prime areas
By carefully evaluating these factors, you’ll be better equipped to find an office space that meets your needs and supports your business growth.
Securing the Best Deal
Finding an ideal office space involves more than just location and amenities. It’s crucial to navigate the leasing process effectively, leverage negotiation expertise, and make a well-informed final selection.
Leases (The Boring Stuff)
When leasing an office space, start by clearly defining your needs. Consider factors like size, layout, and amenities essential for your business.
Create a shortlist of potential spaces and schedule viewings. During these visits, take notes and photos to compare options later.
Pay attention to:
- Natural light
- Noise levels
- Building security
- Parking availability
- Nearby amenities
The general idea here is to ask as many questions as possible, even if you think you’re being annoying.
Ask about lease terms, maintenance, and potential customization, as a start, and anything else that comes to mind.
Leveraging Expertise in Negotiating
When it comes to negotiating, don’t go it alone.
Consider enlisting the help of a commercial property expert who understands the local market.
They can help you identify hidden costs and trapdoors, find favourable lease terms, and negotiate on your behalf.
Be prepared to discuss things like:
- Lease Duration
- Rent prices and increases
- Fit-out allowances
- Break clauses
Remember, everything is negotiable. Be bold and ask for what you want, whether it’s free rent periods, upgraded amenities, or flexible terms for future expansion.
Finalising Your Office Space Selection
Before you sign a lease for an office space, take time to weigh the pros and cons and consider the future of your business.
Go through each item in the checklist below and make sure it aligns with your goals:
- Total cost (rent + utilities + maintenance)
- Lease flexibility
- Location convenience for employees and clients
- Potential for business growth
After you’ve made the final decision, review the lease as thoroughly as possible.
Professional help can be super beneficial here, and you should ideally have a solicitor to review the terms for you.
So That’s That
Hopefully, you’re confident in finding a great office space at a great price after reading this guide.
That’s much easier said than done, but take things one step at a time and don’t rush into signing a lease just because you feel pressured.
Remember that you’ll be in the space for a long time, so it’s important to ensure it’s the right fit. If you’re unsure, take a more minor lease term for insurance.
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