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A dedicated office space will give your employees comfortable room to work in and showcase your professionalism to your clients. Unfortunately, buying commercial office space can be quite expensive, which is why you should consider leasing one. Office space rental is more affordable and can also be convenient, especially if you are still building your business and want to minimize risk.
When Should I Start the Process of Finding an Office Space?
This depends on the size of the private office space you need. You can find a small meeting room or single office in a month or less if you are fortunate. However, large office spaces measuring around 10,000 sq. ft. will not sit empty for long and are difficult to find. You need to start looking at least 12 months in advance.
Some of the Resources You Need to Help You Find an Office Space
- A project manager who can be a single point of contact between your company and the rental service
- HR and IT teams to help determine if the office building can support the employees and equipment comfortably
- A real estate broker to help you find the right deal
- A legal expert to help you with the lease contract
- Your executive team to make the final decision and agree on the expenditure
What Kind of Financial Guarantees are Required
The landlord will want some financial guarantees to mitigate risk and protect their interest. Office space for rent can be very valuable, so landlords will only want tenants who can pay regularly and without delays. Here are some financial guarantees that they are likely to ask for:
- A security deposit
- A personal guarantee signed and attested by the founder of the company
- Bank statements
- Tax returns statements
- Upfront rent
How Much Space do I Need?
Most experts believe that anywhere between 100 to 250 sq. ft. per person is an acceptable space. Consider the factors mentioned below and calculate how much space you would need:
- How many employees you are likely to have over the lease period. Bear in mind that your company might grow and gain more employees.
- The design and efficiency of the space. Rectangles and angled spaces allow you maximum usage of space. It is important to consider the floor plan and layout.
How Do I Determine the Right Location for My Office?
- Pick a location that is convenient for majority of your employees.
- Ensure that your long-term clients and target demographics can reach your location comfortably as well.
- Choose an office building that is easy to locate and reach.
Other Factors to Consider:
- Ensure that it is easily accessible for others. Look at the parking solutions, elevators, and accessibility.
- Make sure the office lease is clear.
- Find out who is responsible for repairs. If you are responsible for repairs, consider your rental amount carefully.
- Consider whether you need an office-on-demand or a full-time office
Contact Officescape for office space rental in Markham to find the best office rentals for your business. Give us a call at 905-482-3020. Book space now or contact us online if you have any questions or concerns.