5 Tips For Buying or Renting New Office Space

Sarah Brooks

May 23, 2013


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Are you in the market for new office space for your small business?

Whether you’re looking to buy or rent, there are so many things to consider. Your business is your baby – and your new space does have the ability to either make or break your business. Careful planning must be done in order to be confident in your decision.

Let’s take a look at some tips to help you out when buying or renting new office space.

Location, location, location

The location of your new office space is going to be of utmost importance. By asking yourself the following questions, you can make a sound decision regarding the location:

· Is it close to your current and potential customers?

· Is it in a populated area? It may be less expensive to get a space in the suburbs, but that may not be the best decision for your business overall.

· Does the location meet your personal needs? You’ll be driving to the new location daily – is it close to your home? Do you like the area?

Where your business is located can make a world of a difference. If your favorite store was two hours away, you’d probably go significantly less often than if it were right down the street. Be available and easily accessible to your customers.

Space

If you’re buying a new office space, you must consider the size of the office. Think about your long-term goals and whether or not you wish to grow and bring in more employees. If so, you need a space that will provide you with room for growth. If you’re leasing, think about your goals for the length of the lease. If you’re signing a one-year lease, for example, and have no plans on hiring in the next year, a smaller space will work just fine.

Cost

Never get in over your head with your office space. We all want a huge office with beautiful views, but unfortunately that may not be your reality. Carefully consider exactly what you can afford, and stick to your budget. Remember, you still need money available for marketing, paying employees, adding new merchandise to your store and paying your utilities. Bigger offices equal more expenses for maintenance.

Parking

Though this isn’t quite as important as the location, parking still needs to be considered. If you’re customers can’t park near your building or need to walk a mile to get to you, it’s probably not wise to invest in that space. Always be thinking of the customers and what’s best for them.

Condition of the space

Once you find a location you love that’s within your budget, you need to take a good look at the condition of the office. Does it have enough room for your merchandise and employees? Is it in good condition? In other words, is it aesthetically appealing or will it need some work? Does it have electrical outlets for all of your equipment needs?

Consider these carefully before buying or renting a space as little changes here and there can add up to thousands of dollars of hard-earned money.

Tip: Set aside some money in your budget to have your office space looked over by a professional contractor before signing any papers. This way, you’ll know exactly what you’re getting yourself into before making a decision.

Take it slow. Remember, there’s never a need to rush into buying or leasing a new space.

Do your research and find a spot that works the best for both you and your customers.