Why spend more than you need to when on the lookout for an office space for your company? There are six key pointers to keep in mind that will ensure you pick a space that meets all your company’s key requirements while staying within the budget for your rent.
Assess Your Needs
When picking an office, it’s always best to assess your company’s most pressing requirements. Some things to consider include:
- Staff size – Ensure the space can accommodate all your staff comfortably. That will be a key point for them to feel at ease, but don’t forget the scalability. If your company grows, you might want to have a flexible office to accommodate them.
- Company Image – If your company serves premium clientele, it may be beneficial to pick an office in a high-end district like Central, Causeway Bay or Admiralty if you’re looking for an office in Hong Kong, the business district in Singapore or Makati or BGC in Manila for instance.
- Convenience – Your office location can help you attract top-tier talent if it’s conveniently located. Try to strike a good balance between convenience and rent.
Set a Budget for Rent
Next, you’ll need to think about what budget you have to spend on rent, which can totally depends from a country to another.
While there are no fixed rules on what percentage of your annual revenue should go to rent, your industry’s profit margins and sales volumes can be good indicators of what you can afford. However, a convenient option would be to rent an office through Compass Offices, which offers business centres in Asia-Pacific, all the necessary amenities for you to operate your business. There, you can have comprehensive packages to rent workspaces per seats, and easily add seats in case you hire more employees.
For example, major law firms might be more comfortable spending a higher ratio on rent while retail spaces may wish to spend a lower percentage of revenue on rent. As an additional consideration, your overheads will also play a huge role in determining what you can set aside.
Understand Additional Office Features
Your office space may come pre-furnished with additional benefits that could help your company stand out and for the convenience of running your business operations, the following amenities would be nice to have:
- Reception Area : Having a reception area looks professional and makes your office feel much more premium.
- Kitchen and Pantry : Giving your employees a space to prepare food and eat together can build a stronger communal bond.
- Meeting Rooms : Making sales pitches or hosting important clients is always best done in the privacy and comfort of a dedicated meeting room. It helps show respect to your customers.
- Event Space : If your company hosts events on a consistent basis, then having an event space will save you plenty of time and money since you won’t have to rent a separate space for each event.
Hire an Expert to Help
Sometimes, navigating the waters of your city’s rental market can be tricky if you don’t have contacts or people who know what to look for. If you’re looking for the best deals or for an office space rental with specific requirements, it may be best to hire an expert.
When looking for a professional, make sure they have the following:
- A Detailed Database : Using their database, your expert can ensure you’re able to view properties early.
- Market Knowledge : An in-depth understanding of current market conditions, so they can steer you to a property that’s of great value.
- Local Language : If your expert doesn’t speak the local language fluently, they will put you at a huge disadvantage when negotiating or searching for properties.
5. Read the Contract Thoroughly
Often times, contracts are written once and aren’t changed to reflect modern market conditions or expectations. Make sure to read through the terms and conditions thoroughly so that you can identify any irregularities or oddities, to avoid common rental scams.
Be certain to confirm that all numbers, figures and dates are as agreed upon before signing. If you have any doubts, you can always hire an expert.
6. Do Your Due Diligence
No matter how confident you are that you’re getting a great office space for your company, you should always do your own due diligence. You can, for example, visit forums where people may leave reviews about the office space you’re about to rent.
You should also have a chat with the office and building management to ensure they can accommodate your needs. Before you confirm your lease, check all the electrical components of your office space. If you’re renting in an older building, it may also be useful to keep an eye out for pests that could become a big problem later on.
If you’re able to land the perfect office space for your company right from the start, you won’t need to waste precious resources relocating. Take the time to think about your company’s needs and do your research and due diligence. If you feel out of your depth, hire an expert to help you get it right the first time.