There are many reasons to look into renting a conference room. For smaller companies, renting out a space is a quick solution when they want to host a big meeting, but don't have the space on their own. It's equally beneficial to large firms that may choose to rent a space in a nicer building or better location to improve the ambiance for events. And with so many benefits, there are a lot of options to choose from.
From meeting rooms in hotels, to conference rooms in office buildings like 620 N LaSalle, there are various avenues you can choose when exploring renting a conference room. But the price? Now that will vary. Navigating how much a conference room to rent will depend largely on the venue you choose and the additional amenities they include.
To help you budget for your next event or large meeting, we are breaking down the conference room rental rates and all the details you need to know. Let's dive right in.
What Does the Cost of a Conference Room Rental Include?
While conference rooms are wonderful to explore to find different decor and ambiance options to best suit your meeting's needs, there are various other elements to keep in mind. Depending on the location, the final conference room rental cost will vary based on an array of inclusions.
Typically, meeting room packages offer:
- A room with doors that can close, plus walls that are thick enough to keep any distractions to a minimum.
- A large conference table, or multiple smaller ones, as well as chairs to accommodate the number of people you have attending your meeting.
- Fast and reliable wireless internet connections.
- A reception desk so any necessary messages for those attending the meeting can be taken.
- A board to write on, plus pens and erasers for use.
What Are the Conference Room Rental Rates?
So, how much does it cost to rent a conference room? As we mentioned before, this depends largely on what location you’re looking to rent at. Here’s why.
Typically, the cost of conference room rental options in hotels ranges from $70 to $160 per hour. However, other options can go as low as $20 per hour, and as high as $500. Quite a difference, right?
Oftentimes, cubicles for just a few people will be on the lowest end of the spectrum, coming in at $10 to $20 per hour. For slightly more space, a meeting room that suits up to eight people usually costs up to $35 per hour. But those large, grand conference rooms for an important conference? This can be as low as $40 for a group of 15, and as high as $300, depending on how many people you’re looking to accommodate.
Before trying to price out how much to rent a conference room, make a good estimate, or final list, of who is attending, as the number of people will greatly affect the best meeting room for you.
Are There Any Extra Costs?
On top of the basic conference room rental cost, there are a few elements that will incur an additional cost on your final bill.
In some cases, internet, phone, and fax access will incur an additional fee, depending on the building's specific rules. In all rental situations, you can expect an added cost for food and beverages, whether it's a service offered at a hotel, or involves the coordination of catering to a building.
As you begin budgeting, don't forget to leave room for taxes and miscellaneous fees, too, to ensure the space you choose doesn't break the bank.
What Amenities Can a Conference Room Provide?
On the topic of the additional costs conference room, rental rates may include, there are various amenities you can get in different situations. From improved technology systems, like video conferencing for those that couldn't make it in person, or an array of the necessary refreshments, there are a few things you can tack on for a better experience. These elements include:
- Overhead projectors
- Phone options
- Power strips and extension cords
- Coffee and other refreshments
- TV monitors and DVD players.
Benefits of Renting a Conference Room
Okay, now that you know a bit more about how much to rent a conference room, why is this even something you should do in the first place? With all the various conference room rental cost variables aside, there are a lot of perks to renting a larger, off-site space for your next conference or workshop.
Beyond a new, refreshed, and bigger space, here are some additional perks to opting to rent a conference room.
In a new setting, team members will often feel an increase in their creativity. The same old rooms can get tiring, and switching up the setting with a rented room can bring some excitement back to the team, forcing them out of their routine to explore new business tactics in a fresh setting.
Don't worry about making your smaller space fit the needs of a large group of people. By renting a conference room, you can focus more on your presentation or the meeting at hand, and leave the space and the necessary elements up to the building you're renting from.
While the first exploration of how much is a conference room to rent can make renting meeting spaces feel unnecessary, it does actually help save money in the long run. In fact, renting meeting space is one of the best ways to save costs, as it is much more affordable than paying for the space long-term. Plus, you don't have to worry about the maintenance costs for the meeting room, avoiding any unwanted costs or repair fees.
Provides Additional Amenities
The average cost of conference room rental options includes bonus amenities, which can do a lot to enhance your conference room for a successful event. For example, specific rooms will include leather seating or other aesthetic elements that best suit your needs. Additionally, you will have the option to upgrade or make specific specifications, without having to bring in any of the add-ons yourself.
Things that Affect the Cost of Conference Room Rentals
There are a number of different factors that affect the answer to how much does a conference room cost. From the particular location to the meeting space size, and the other amenities available, here's what to consider when renting a venue.
Type of Conference Room
With many different meeting room options to explore, many are stuck deciding between coworking spaces vs hotel conference room options. While there are benefits and downsides to each, your best choice comes down to your preferences and needs.
Coworking spaces are a great meeting space option because of:
- The price: With coworking spaces, the price is often more flexible and can be booked for even just a few hours, allowing you to save by reserving just the time you need.
- The flexible location: Whether you have transportation needs or are accommodating a number of different clients and employees, coworking offices can be found just about anywhere, allowing you to choose a location that best suits your needs.
- Unlimited dining: When choosing a meeting room in a city, you are surrounded by food and catering services. With this, you can choose high-end options or any cuisine to match your needs.
On the other hand, hotel conference rooms are also incredibly popular. However, these spaces can be challenging in all the ways that coworking spaces are great. Unlike coworking locations, hotel conference rooms:
- Often have high, inflexible prices with steep daily rates.
- Suburban hotels in particular will have challenging means of transportation, leaving attendees that live out of town with a troublesome travel day.
- Many hotels offer a limited menu, which can hamper the elegance of the meeting.
Before diving too deep into how much is it to rent a conference room, it's important to consider location. Depending on what's best for you, different locations can result in varying rental costs. For instance, a conference room situated in the heart of a city can be pricier, however, opting for a suburban location can mean higher transportation costs, which you don't want to leave clients to deal with.
When choosing a location, consider the modes of transportation the majority of your visitors will rely on. You want to make attending your meeting a breeze, and this starts with choosing a central location for all attendees.
Conference Room Size
Another key factor in how much does conference room cost is the size. As expected, larger conference rooms will come at a higher cost. With this in mind, it's essential that you know how many people are attending in order to select the best venue size for your needs.
First, a small conference room is wonderful for small businesses. With a smaller conference option, you can avoid overpaying for space, accommodating a smaller group of people without extra expense.
Medium conference rooms are another alternative, offering a bit more space to suit a medium-sized group. This space can allow for larger meeting sizes, as well as breakout groups for discussion or training sessions.
Lastly, large conference rooms are perfect for when you need more space. With the capacity to host a larger audience, you can use them for everything from a yearly conference, to a large office workshop.
The cost to rent a conference room also depends on the layout of the office you choose. While standup meetings may work in some scenarios, you'll typically require seating for a planning event and other needs to ensure the comfort of your guests.
Depending on your event style, select a room that has a layout with the necessary seating and tables to best suit your meeting style. With the right layout, you can greatly improve the flow and success of your event.
When looking at average rental rates for conferences, consider - what do you get? This can depend on the venue you choose, but typically, a room will come with chairs, a projector and screen, audio-visual equipment, and reliable internet. In addition, some spaces will feature a computer, printer, notepaper, TV, and video-conferencing options.
All this aside, consider what other add-ons you would like to see as part of your rental. Do you need water, light snacks, and other catering needs? While some of these elements may come at an additional charge, it is best to check that they are a service option at the location you choose to minimize the coordination involved.
Depending on the length of your meeting, it's important to consider what type of catering you need, if any.
If your meeting is on the shorter side, light refreshments such as coffee, tea, and water will be enough. However, for full day meetings, you'll need enough options to fuel people through the whole day. This will require added catering elements beyond refreshments, adding food to your final cost.
Day of the Week
The busier the day of the week, the higher the cost. Studies have found that most meetings occur on Thursdays, Wednesdays, and Tuesdays, wither fewer meetings falling on Mondays and Fridays. With this in mind, you can expect these lower-demand days to come at a lower cost, with is a key consideration for those on a budget.
Whether you're in the early stages of figuring out how much to rent a conference room and your budget or are ready to commit to a beautiful space to host your next event, keep in mind the elements we described to ensure you commit to the best choice. With the conference room rental cost aside, there are different add-ons and miscellaneous costs you won't want to miss.
For help renting a coworking space for your next conference, and for answers to any additional questions about conference room rental rates, our team at 620 N LaSalle is here to help. With a range of conference space options, as well as extensive knowledge of the Chicagoland area, we can help advise you as you search for the best option for your event. To get started, contact us online today.
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