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 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. To help you calculate the amount of office space you’ll need for your business, we’ve pulled together some basic square footage calculations, as well as some tips to help you envision your space.
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 tour. 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.
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?
- Does my business have room to grow in this space?
- What do current tenants say about the office rentals here?
These are just a few questions to get you started. Checkout this checklist of 20 questions to ask yourself before choosing an office space for a helpful list of things to ask about and consider as you’re reviewing potential spaces.
Step 5: Leave room to grow
Consider extra space if you plan to grow your team. 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.)
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.
Don’t forget to let people know your business has moved! Here’s a helpful checklist to help you update your business address in all the right places.
Follow these steps for renting office space for your small business and you’ll be on the road to success!
Looking to Rent Office Space Near Boston, MA?
If you are located in the Boston area, consider renting office space at The Lakeside Park! Located just 12 miles from downtown Boston, our affordable office rentals can be customized to meet the needs of any organization.
Looking for Other Resources to Help You Find Office Space for Your Small Business?
Check out the following resources for additional guidance when it comes to renting office space for a small business:
What Type of Office Space is Right For You? – We go through 10 key things to consider when you’re shopping your small business office space options to help you narrow down your choices and decide what type of office space is best for your company.
Should I Own or Lease Office Space? – Weighing your options when it comes to renting or buying office space for your small business? We take you through some of the key considerations you should take into account as you make your decision.
How to Find Cheap Office Space Near Boston – Boston is a hub for new businesses and start ups. Looking for small business office space in or near Boston? We share some tips for how to go about finding a high quality space that won’t break your budget.
Editor’s note: This content was originally published in 2018 but has been updated as of January 2020.