If you are looking for new office space for your business, your choice is extremely critical to your business. It’ll affect your daily operations, team’s morale and brand image.
While there are many factors you need to consider and checks you need to perform, these five checks are simply a must before you decide on renting an office.
Check the suitability of the location
When it comes to real estate, the fundamental rule is location, location, and location.
- Can my clients locate the office and get to where it is effortlessly?
- Can the team members get to the office without hassle?
- Does the location complement the nature of business?
If your answer is yes to all three questions, then you are well ahead in your plans of finding an office for rent. You can begin to consider other aspects of location such as amenities around the new office, security and other perks that’ll make it really convenient for your client and easy for your staff.
Check the price
Price should have probably come before the location. However, the new office has to work for the business.
If the price is too high, then the extra cash commitment may slow down your operations and reduce your business momentum. If you are not careful enough, you may end up spending too much on rent and potentially stifle your business.
Before sealing the deal, ask yourself:
- Can I afford to make a 3-month rent deposit without significantly impacting the cash flow?
- Have I clearly understood and factored in all the costs linked to leasing the premises?
- How does the price of this office space for rent compare with similar places?
- How easy is it for the landlord to hike up the rent?
All these questions are critical—and answering them with your business interests in mind will inch you closer to sealing the deal on the new office.
Check the size of the office space for rent
The location and price will significantly influence the size of the final chosen office. However, there are other factors you need to consider with regard to space and the key one amongst them is the size of your team.
You don’t want your team to end up cramped in a small space. Scientists have calculated the ideal space per person and recommend at least 1000 sq. feet for every four to six people. Of course, you will need to adjust this formula depending on the storage, desk size needs and the preferred layout. But also make sure to consider future expansion.
Check the length of the contract
Before renting the office space, check the length of the contract on the lease agreement. Does it match with your business growth plans? What are the exit clauses and is the landlord willing to negotiate on this?
This check will help you know how flexible you’ll be in terms of office location.
Lastly, check the quality and style of the space
Although often placed last amongst the most important checks, the quality of space and style is still an crucial factor when searching for business office rentals in Singapore. A modern, refurbished premise is more likely to attract higher rent as is more conducive for customers than an old, poorly maintained premises.
- Can I host a client at this office?
- Does the style of the office resonate with the brand?
- Would I be happy to see pictures of the office on the company’s website?
A no answer to these questions may override all the previous checks and cause you not to close the deal.