Tips for Startups Renting an Office
As a startup, it’s only natural to start working out of your garage, home office, basement, or even kitchen table. However, as your business grows and becomes more successful your kitchen table probably won’t cut it. You need space to meet with clients, collaborate with your staff, and create separation from your home life.
Once you decide that you need more space, it’s time to start looking for your first office. But, where do you begin? What should you be looking for in an office?
Here are our tips for startups looking to rent their first office.
How to Find Your First Office Space
Why Do You Need an Office?
An office is a large expense to keep up with. Before you begin looking, take the time to evaluate why you need an office. Can you meet with clients at a coffee shop? Can you and your team collaborate over video conference or phone? If, after considering all of your options, you’ve decided you do need an office then it’s time to begin the search!
Give Yourself Time
The right office will not fall into your lap immediately. It takes time to find a leasing agent, commercial lawyer, decide on a property, and sign the lease. Allow yourself up to 12 months to find an office that will suit your needs and wants.
What Size Office Do You Need?
You obviously need more space than what you currently have, but how much more space do you need? The bigger the office the higher the rent, so be realistic with your needs. You want to have some room to grow but not so much that you have rooms you aren’t using.
Understand the Costs Associated with Renting an Office
Leasing an office costs more than just your monthly rent.
- Leasing Agent and Attorney: It’s recommended that you work with both a leasing agent and a commercial lawyer, both of which cost a fee.
- Base Rent: This is the monthly rent you will be paying
- Utilities: If your base rent doesn’t include utilities, you’ll need to factor them in. Phone, internet, electricity, and heat all require a monthly bill.
- Security Deposit: Just like an apartment, your new office will require a security deposit.
- Liability Insurance: Most spaces will require that you have liability insurance before you can move in.
Location, Location, Location
Where do you want your new mailing address to be? Before you pick what you think is an ideal location, consider where your staff and clients are. You don’t want to create a long commute for your team or ask clients to drive out of their way to meet with you. You should also consider any nearby cities; the closer you are to downtown the higher your rent will be. At this point, it may be wise to rent an office outside of the city.
Hire a Leasing Agent
A leasing agent works for you and has your best interests in mind. They also know the area and can offer you invaluable advice. Once you’ve decided on an office, they will be able to negotiate a deal that is in your favor. Without a leasing agent, you could end up agreeing to a rate much higher than if you had negotiated the price.
Renting from Rosetti Properties
Rosetti Properties is a well-known name in the Capital Region. We offer office space ideal for startups and established businesses alike. Whether you need 800 square feet or 8,000 square feet, we can show you a variety of options. Browse through our current commercial office space and get in touch to schedule a showing. We can’t wait to help you find your first office!