Our tips on Renting Office Space
Whether you are self-employed and need somewhere quiet to work or you want to expand your company, you will need to consider renting office space. The world of office rentals can seem mind-boggling at first, which is why this guide will help you find the most cost-efficient working space for your needs.
This has grown in popularity over the last few years, as it provides small businesses with the opportunity to have a city centre location at a fraction of the price of renting their own office.
You simply hire a desk in a big office building that is shared with other companies. These agreements are often flexible, allowing you to rent space for just a few days a week, and the cost includes energy bills, amenities, cleaning, parking, insurance and IT support.
This is ideal for start-up companies that want a central postal address, easy access to clients, and an opportunity to rent out conference rooms and build networks within the office itself. Some firms even allow you to ‘hot desk’ to different locations, so you can find a space wherever you are in the country.
Similar to desk sharing, fully-serviced offices allow you to rent space that is entirely managed by someone else. However, the amount of space you hire depends on the size of your firm and is not restricted to one desk.
The advantage of picking a fully-serviced office is they are ready straight away, allowing your business to hit the ground running. You also benefit from a shared reception, do not have to buy furniture, and utility bills are managed by another company, so fully-serviced offices are often more cost-efficient than stand-alone rentals. They are also more flexible and offer shorter-term leases.
Managed office spaces
This is a hybrid between fully-serviced spaces and conventional offices, as some utilities are included in the rental fee, but they are often unfurnished. This enables you to pick fixtures and fittings that are in line with your branding, but you have to organise telephone lines and internet connections yourself.
Stand-alone office rentals
If you are a bigger firm that needs more space and independence from other businesses, consider renting a stand-alone space. You will need to arrange everything from the energy bills and cleaning services to furniture and kitchen facilities, so factor these into the costs, in addition to the rental fee.
To cut expenses, consider hiring outside of the city where prices are cheaper. However, if your business deals with corporate clients, you might need to be in a central location for meetings.
Read the contract carefully
Make sure you agree with the terms of the contract before you sign, including what type of office rental it is, the length of the lease and how frequently you pay. It is typical to be charged an administration fee, and a refundable deposit of one month’s rent.
Those renting stand-alone offices will also have to pay business rates, while this is normally included in the overall cost of fully-serviced and managed rents. Whatever you decide, it is worth seeking advice from a commercial solicitor to avoid any contract pitfalls.