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.
Location and Accessibility
Location might be the most important factor you consider when picking your perfect office space. Your location should be accessible to clients and employees, as well as to the surrounding city and its activities. There are a few questions to keep in mind when deciding on location:
- How long will the commute be for your employees?
- Is there accessible public transportation nearby?
- What are the surrounding traffic conditions?
- How close am I to my clients?
- Will my clients be able to easily locate the office?
- Is it a safe neighborhood?
- Are there restaurants, bars, gyms, coffee shops, etc. nearby?
- Is there parking?
It’s important to think through every answer and consider which of these questions are relevant to your business. Location and accessibility could dictate whether your business fails or succeeds.
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. 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 can be uncomfortable and large offices might be a waste of money. During your search, keep in mind all of the ways you want your office space to function and the future of your business.
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.
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.
Painting walls, adding logos, and even hanging things up on the wall could all come at 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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