Are you a small business owner looking to rent an office? Are you a start-up business ready to grow into a new space, but you’re not sure where to begin?
Below is a helpful guide that will show you step-by-step how to lease office space for your small business.
9 Steps to Renting Office Space for a Small Business
Step 1: Calculate how much square footage you need
One of the first things you’ll need to determine when you start looking for office space to lease is how much square footage you need.
Step 2: Determine your budget
Before you can even begin looking at office spaces, it’s important to know what your budget is. Knowing your budget will help you narrow down your options up front based on what you can realistically afford.
Step 3: Research and tour office spaces
Research different office spaces available in your area and take a few tours. It’s best to see the space in person to check out the area, meet your potential new neighbors, and to visualize what it would actually be like to work there.
Even if you have a space in mind that you’re confident you’d like to go with, it’s helpful to tour at least one other option to give yourself an alternative to compare against.
Step 4: Decide on an office
Out of the different offices spaces you toured, decide which one is right for your business. Here are a few questions to ask yourself:
Is the location convenient for your clients?
Is the location convenient for you?
Is the location right for my employees/potential employees?
Is there parking available?
Is it affordable?
Is it located near stores (banks, post offices, day care, etc.) and other conveniences that are necessities for you?
Are you allowed to redecorate and customize the space?
Is there a kitchen you can use?
Will your business have room to grow in the space?
What do current tenants say about the office rentals here?
Step 5: Leave room to grow
Consider extra space if you plan to grow your team. According to this Baltimore City property management company while you’re growing your business, you may be able to sublease the extra space to another renter for additional income. (Keep in mind, the original lease will need to include sublease options up front.)
Remember: even if you’re working alone at this point, it is likely still worth it to rent an office space!
Step 6: Determine all costs
Make sure to look at all the costs associated with the move. Calculate the total cost of rent, utilities, moving expenses, construction costs (if any), etc. so that there are no surprises down the road. And make sure you’ve budgeted sufficiently for the length of your lease.
Step 7: Get your financial documents ready
Before you can lease office space, building owners will want to determine if you can pay the rent! Typically, the owner will require a security deposit. Start collecting important financial documents including tax returns, bank statements, financial references, and a bank letter of credit to prove that you are able to cover the expenses.
Step 8: Finalize special requests
Do you plan on having the office space renovated before you move in? Does the contract include set up of wifi or any other special agreements? Make sure all these details are covered before move in date.
Step 9: Move in
Move in to your new place and make it your own! Make your workspace creative and unique by adding your own personal touch.