Picking the right office space for your business is crucial and it can be a daunting task. Your office space needs to fit the needs of your business, from day-to-day operations to future endeavors. But how to start? We’ll take a look at what to look for when renting office space so you can choose the right space for you.
1. Location and Accessibility
When choosing a new office space, location and accessibility should always be top of mind.
When it comes to the perfect office space for location, it requires thinking about your staff, as well as clients and suppliers, and what space will be most convenient for them. For this reason, you’ll want to be looking for office space that is easily accessible by both highways and public transportation in order to accommodate all your daily visitors. Additionally, consider your proximity to suppliers to reduce delivery times and additional costs with your office location.
Price is most likely the first thing on your mind when deciding on office space. Cost needs to be strategized taking into account your net income, the monthly cost of rent, the possibility of an initial three-month deposit, and any extra fees. There are a few different hidden costs you should inquire about including:
- Parking fees.
- Maintenance fees.
- Association dues.
- Design fees.
You need to weigh location, amenities, and working environment with your budget in order to determine what you’re willing to spend on a space.
Spend too little and you could end up in an office you don’t like with more issues down the road, but spend too much and you might have to downsize. Consider the prices and amenities of similar offices in the area to see if the costs are fair, if a deal sounds too good to be true, it probably is.
One of the other things to consider when looking for office space is its size. Your office needs to reflect the size of your company and be able to accommodate all your employees; generally, for every employee, you will require about 70 square feet of office space per employee. You should also consider whether you intend to grow your business and hire new people. If that is the case, be sure to rent a space that will accommodate your plans.
Depending on the nature of your business, you might also need space that isn’t just dedicated to desks and offices. Decide whether the layout will be big enough for:
- Conference rooms.
- Break rooms and social areas.
- Storage space.
- Extra offices.
Small offices are great for a small business and are the perfect way to avoid spending unnecessary money on space that’s not being utilized by an abundance of employees. Large offices, on the other hand, are perfect for bigger or growing corporations looking for a space to expand.
During your search, keep in mind all of the ways you want your office space to function and the future of your business. This includes providing a bit of room to grow, as you aim to expand your business in this new office space.
Another aspect to consider when renting a space is amenities. Monthly rates for office spaces might be higher because there are amenities being offered and factored into the price. In this case, amenities can refer to:
- Area maintenance.
- Property taxes.
Keep in mind that different expenses are covered by different lease types.
The infrastructure and technology of your office space need to keep up with the needs of your business. Reliable technology and infrastructure can refer to:
- Internet connection.
- A backup generator.
- Phone lines.
- A security system.
These are all must-haves for any business. If the Internet were to slow down or even stop working, the productivity of your business will most likely slow down, too.
6. Parking Zone
When searching for the right office space, ensure that there will be enough parking for both employees and visitors. Especially important in suburban settings where transportation will heavily rely on cars, the right location will have plenty of space or sufficient parking nearby, such as with a large garage.
7. Proximity to Competitors
Depending on the industry you work within, choosing an office space clustered near your competition can be either incredibly beneficial or a significant downside. When it comes to retail shops and banks, grouping can be helpful to serve the same customer group and gain access to clients.
However, there are things to consider when choosing office space near competition for some businesses. You’ll want to avoid choosing a location near other companies with the same niche, although opting for a space near other attractive amenities is beneficial.
Another key factors when navigating how to choose an office space is the neighborhood. Typically, first impressions are rooted in the surrounding neighborhood. This involves the perceived safety of the location, and if there are relevant local businesses that can be utilized outside of work, such as places to eat, coffee shops, gyms, and stores. This is not only great for convenience but can help improve company culture by keeping your employees’ daily needs in mind.
9. Safety and Legal Requirements
Health and safety standards must be top of mind when figuring out how to choose the best office space. When looking at a new office, check out the crime type and rates in the area, and consider an insurance policy that will protect your staff and the space they work within. Additionally, check with a lawyer that all documents regarding the purchase or lease to ensure your legal requirements.
Last, but certainly not least is style — office style plays a huge role in productivity and engagement. Dreary, outdated offices don’t get people excited to start work in the morning.
Aspects of the office space that affect how well your employees function include:
- Natural or artificial lighting.
- Noises, sounds, and acoustics.
- Proximity to nature and window views.
- General ambiance and design.
Not only should the style be conducive to the work environment of your business, but it is also a great way to build the brand.
The look and feel of the office should reflect the office culture, as well as demonstrate to your employees that you value them enough to make the space appealing and engaging.
When considering office space, find out what kind of customizations can be made to the space and if the interiors can be altered to better suit the brand. It is especially important when you choose a location for a medical practice, a law firm office, private practices in counseling, or for small business. Painting walls, adding logos, and even hanging things up on the wall could all come at an extra cost, so make sure you know before you rent.
How you choose an office space doesn’t have to be a difficult question to answer when you consider these 6 factors. If you’re looking for stylish, high-quality, and conveniently located office space to rent in River North, Chicago, consider the workspaces in 620 N LaSalle. Contact us today!
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