Renting office space: 5 things to think about.

Today’s blog focuses on the world of renting office space and what you need to know when you’re looking to rent.

RENTING OFFICE SPACE

 

  • Can you afford it?

  • Do you really need that much space?

  • THINK, is my business going to grow?

  • Make sure you understand the terms of the lease.

  • Am I here for the long or short-term?

 

Here at Hurstwood Holdings, we pride on offering the best rental properties so that businesses can grow, that’s why we want to share some of our expertise today, so a future entrepreneur has the know-how and judgement in their search.

 

Can you afford it?

The most obvious question when thinking about renting but the most serious. Renting office space can be expensive if not budgeted correctly with Deposit, service charge, Furniture and of course monthly rent serious questions must be asked about the prospect of having the capital to invest in an office space,

Do you really need that much space?

Having more office space than you need can leave you with a large monthly rent bill and if your productively is not matching the cost of the rent you could soon find yourself in the red for just having more space than needed. THINK carefully about the size of your business compared to how much office space you want.

THINK, is my business going to grow?

So, you have your business idea but is it going to grow? An important stage of any business strategy that is sometimes misplaced is the ability for long-term growth. If you don’t have a strategy for growth and lease a quality office, over time rent will increase with inflation so if your business isn’t growing at the same time it could harm the long-term ambitions of the company.

 

Make sure you understand the terms of the lease.

For the landlord and the tenant being on the same level when it comes to their lease is imperative, therefore for a tenant to be properly represented they must have their own solicitor who can read through the lease and interpret it properly for the tenant so the deal can be made as quickly as possible.

 

Am I here for the short term or long term?

A question that is hard answered but if you have a good strategy something that will be answered. Agreeing to a long-term lease for then deciding that you don’t have the capacity to pay the rent is a daunting prospect for any business, this could mean forced removal or worst bankruptcy. So, it is important in the lease phrase to know exactly how long you want to stay for and to be upfront about what you want from the landlord in terms of length.

 

Hopefully, we've given some important opinions on what you should do when renting an office space, we know renting an office is stressful and at Hurstwood we try and make that process as painless as possible by offering incentives such as a month rent free when you move in.

 

Check out our Office page to look through our portfolio of spaces: http://crystalhurstwood.com/offices/

If you’re interested please call us on 0800 996 1999.