The cookie settings on this website are set to ‘allow all cookies’ to give you the very best experience. If you continue without changing these settings, you consent to this – but if you want, you can change your settings at any time at the bottom of this page on our privacy page.
Considerations when choosing an Office Space to Rent
Pall Mall Estates Resources section.
Have you taken growth into account?
You'd be surprised just how many people don't plan for success. A lot of businesses go with a small space to save a bit of extra money in the first few months, but it's often a false economy: you should look at an office that'll enable your business to add at least another 20 per cent or so to your staff. Of course, it might be the extra space is simply out of your budget: if that's the case, it's worth negotiating more flexible lease terms that'll allow you to move to a bigger place if and when you need to.
Is it the right location for everyone?
Another common mistake businesses make is not ensuring the location's right for everyone, especially their employees. The last thing you want is to force your workers into a long commute; one that they didn't actually sign up for when they took the job. The more important your staff members are to you, the more important it is to ensure they're happy. It'll probably be almost impossible to make everyone happy if you're a larger business, but it's important to at least make the effort.
Is the area convenient for clients?
Leaving a more central location for an office in the outskirts might be a money saver, but it may also mean losing those clients who prefer a more local relationship. Though phone and skype calls are fairly standard these days, it's still important to allow for face-to-face meetings. Relationship building in business never gets any less important, so consider whether your new location will be as convenient for clients as it will be for you.
Does the office represent your business?
Many people don't realise just how representative their office space is of their business. Though you shouldn't over-stretch your budget for status, potential clients will judge your business based on the impressions its office space gives. This swings both ways, however: some clients will see a big, lavish office and wonder if they're paying too much! Find an office that looks good and projects a professional air, but don't go overboard.
Make sure you add up every cost
Though we always offer excellent rates for our office space, it's important for any business to ensure they've taken every cost into account. This is especially relevant if you're planning to renovate the office, as construction costs and moving expenses for larger spaces can add up. It's often worth investing in a professional broker to help you understand your total outlay, especially if you're less experienced.
What's the parking situation?
Remember that you'll need to ensure your employees and clients have areas in which they can park. Employees will often dislike having to pay too much for parking, especially if they didn't have to pay at your previous location. If you can, try to negotiate special employee rates with the nearest car parking company, or alternatively validate employee parking tickets. This will be another thing that you should take into account within your budget, but it's worth it: the happier your employees are, the better.
Make sure you understand ownership responsibility
It may be that you'd consider selling the company down the road, especially if the right offer came in. In this case, ensure that the lease is clear about owner responsibility: some leases will indicate shared responsibility between the company and the owner. This means that should you sell the company and the new owner not pay the rent, you would still be equally accountable! It's important to obtain legal advice when dealing with lease terms, as they can be complex.
Get in touch
If this is your first time leasing an office space, then give Pall Mall Estates a call today. We have years of experience in ensuring out clients have the very best office space, and we can help guide you through the whole process.