Five Considerations When Renting Office Space
Renting office space is a whole new world. In this article we take a look at the dos and don’t’s and the highs and low of such rentals.
There are so many questions to ask when enquiring about office space. The key ones –whether you are after offices to let Basingstoke or Birmingham – include the following:
• Can I afford it? Do your sums before signing on the bottom line.
• Size matters; ask yourself how much space you need and try not to deviate from this.
• Think ahead and ask yourself how likely it is that your business is going to grow.
• Long term or short term? The difference is important.
• Do I understand the terms of the lease? It is hugely important that you do.
Depending on location – offices to let Basingstoke will differ vastly from office space to rent in Braemar – costs vary. Unless money is of no consequence – try sites such as http://www.matrix-house.co.uk/ for high-end office suites – you will need to factor in some of the items which can make renting an expensive business, including the deposit, service charge, office furniture and, critically, the rent.
Don’t rent more space than you actually need. You could be in for a nasty shock come the end of the month when your rent is due and your productivity does not match up.
Before you take on a lease, it is worth asking yourself about your growth plans. Your business strategy should already offer an indicator about its potential for long-term growth. Rent will always increase with inflation, and if your business does not match this growth, the longevity of your business could be at risk.
The Long and Short of It
Be sure – you need to understand fully how long you want to stay. Ensure there are clear lines of communication with the landlord so that he/she is aware of this also. A long-term lease with limited business capacity to pay for it can, at worst, lead to bankruptcy.
Stick to the Law
As a tenant you will need to be properly represented by using the services of a solicitor; don’t cut corners. Your solicitor will understand the terms of the lease as it stands in law and be able to advise you accordingly.