Guide to Renting a Commercial Office Space
As countless new businesses emerge and capitalize on opportunities, more companies are seeking to expand their operations. While it can be daunting to figure out how to rent a commercial office space, here are some tips to guide you through the next chapter of your business.
Define Your Needs
The process of choosing an office space cannot be approached with a “one size fits all” mindset. There is a diverse selection of commercial office spaces available, each tailored to meet the unique needs of various industries. Before a company starts looking for commercial office space, it must first determine what kind of space best aligns with its expansion plans, financial considerations, and operational needs.
Is your company looking for a traditional office with a long-term lease agreement, or are you considering a temporary solution? Anticipating how long you expect to stay at your new location can help you make the best decision.
Just as crucial to consider is how much office space you need. The size of your space should be able to accommodate your team while allowing for growth. Determine the number of your employees, how much space per person is needed, and the type of working environment that best supports productivity and collaboration.
The nature of your business is another key factor. A company operating with a remote setup requires a vastly different office space than a retail brand, which requires foot traffic. Some will deem it necessary to have sophisticated conference rooms that can accommodate high-profile client presentations, while others may benefit more from common areas conducive to creativity.
With so many types of commercial spaces available, a little foresight will aid your company in finding its ideal space.
Set a Budget
Once a company has determined the kind of workspace that best supports its operations, it’s crucial to establish a clear budget. The ideal office is only as tangible as the resources available to secure and maintain it.
A semi-furnished traditional office will price vary differently from a fully serviced, premium office. For some businesses, however, investing in a space that’s fully customized to reflect their brand’s identity is essential. Managing what the company needs with its available resources is imperative when figuring out how to rent a commercial office space.
Do Your Research
As with any major business decision, thorough research is vital. Renting commercial space is no exception. Conducting on-site inspections of both the neighborhood and the prospective office space will help determine if the location meets your company’s standards.
Thanks to the internet, businesses have access to a wealth of information. Surveying the market prices in an area is an essential part of how to rent a commercial office space. Beyond cost, it’s also crucial to evaluate the building’s specifications. Does it have reliable backup power, green certifications like LEED and EDGE, or modern security systems? Another key factor is accessibility. Consider proximity to a variety of public transportation options, major roads, and nearby business hubs to ensure ease of commuting for employees and clients.
It’s also important to investigate the background and reputation of the developers, brokers, and property managers who control the commercial office space. These parties will be central to your transaction, so it’s imperative to research their credibility. While a lack of online information isn’t always a red flag, it can indicate that the transaction may require more legwork on your part.
Dealing with well-established firms is often deemed the safest route for such investments. Reputable companies in the industry will often provide the transparency and support needed to ensure a seamless transaction. A straightforward inquiry and clear communication can be good indicators of how future dealings will be handled. With an impeccable reputation backed by sophisticated spaces, Rockwell Workspaces stands out for offering dedicated specialists to guide the expansion of your company.
Formalize the Agreement
Get everything in writing. If it’s not in ink, it’s not official. Understanding your lease agreement is an essential step in learning how to rent a commercial office space. The lease is a binding legal document between both parties and failing to review it meticulously could create liabilities for your business.
Identify your tax obligations and establish who is responsible for maintenance and repairs before finalizing the lease. Clearly defining these terms, along with provisions for rent adjustments and lease renewal helps prevent disputes and ensures a seamless leasing experience.
Commercial lease agreements tend to be more complex than residential rental contracts, which is why consulting professionals, such as lawyers or commercial real estate experts, are a worthwhile investment. Your lease agreement should be flexible enough to meet the needs of both parties while safeguarding against exploitative terms. As some of these contracts can stretch over a lengthy period, it’s imperative that both sides leave the table pleased with the terms of their agreement.
The next era for your company can unfold seamlessly with the right partners. At Rockwell Workspaces, our trusted professionals are ready to support you through this transition. Whether you prefer the refined sophistication of 1 Proscenium in Makati or the strategic convenience of Rockwell Business Centers in Ortigas and Sheridan, you’ll find a variety of premium office spaces for lease built, thoughtfully designed to elevate your business to greater heights.
For more information on available office spaces for lease, inquire here.
