3 Steps to Keep Your Office Rent Low or Cheap
Renting an office does not have to be expensive, but most people don’t know what steps to take in order to rent correctly. Here is how you can start saving costs:
1. Identify Your Specific Workplace Needs
This is one of the most important and overlooked secrets in the office rental process. This can be anything from maximizing your office space to the last square foot, to choosing a proper location that fits your budget.
Here’s how you start:
- Use your office headcount to calculate approximately how much space you need.
- Plan out your office space: Is there a need for meeting rooms, collaborative spaces, pantry space, etc.?
- For example, if you foresee that you won’t use a meeting room on a regular basis, you can always choose to book meeting rooms in co-working spaces, on a per-use basis for your meetings.
- Save space by creating a multi functional area such as a pantry that will double up as an open discussion area.
- Get creative! Design odd corners in the office for a storage or utility room use.
In the famous words of Marie Kondo, a tidying expert, “Does it spark joy?” If you don’t truly need it, don’t get it. This will benefit your business’s budget by minimizing the amount of space you use.
2. Your Office Search Criteria Should Align with Your Budget
Your budget should be well thought out and realistic. This is a very common mistake most tenants make – biting off more than they can chew.
Here are some examples of office search criteria topics that you can start off to help you plan your budget:
- This factor will highly affect your cost, as well as the type of talent and clientele you will receive.
- For example, the rental fee for office space in District 1 (Raffles Place, Marina Bay, Tanjong Pagar, Marina Centre) will be much more expensive than having one in District 17 (Loyang, Changi)
- Re-emphasizing step #1, office space size will directly impact your budget.
- Businesses grow and teams expand. A typical office lease is approximately 2-3 years, therefore plan for sufficient space for the possibility, that you may have multiple additions to your team.
- At a site viewing, observe the office condition, as this will help you gauge how much work has to be put into the office renovation. Here’s what you should keep an eye out for:
- The condition of the floors and walls
- The size of the offices, open areas, and conference rooms, storage rooms, restrooms, etc.
- Consider your computer/server room requirements if your business needs it
3. Get Professional Help
Professional Real Estate Advisors have extensive experience in representing their clients’ interests effectively.
Some of the important aspects and services they can provide you with are:
- Strong local market knowledge
- Identifying the right spaces
- Scheduling of site viewings
- Negotiating salient terms of the Lease Agreement
- Getting you an optimal Lease in a short amount of time
Save time, effort, and money by engaging a professional to help you with the rental of your office space, so that you would be able to focus on what is most important: Your Business.
spaceSense is an online platform that helps you locate an office and puts you in contact with qualified vendors, furnishers, and designers. We are here to help you in any way! Getting you the best office within your budget that suits your business is our top priority.