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If you’re in the market for new office space it can be an expensive time. However, there are a few places you can reasonably save money without feeling like you’re cutting too many corners. Peter Ames from Office Genie has a few money-saving tips for your office search.
Go it alone
If you choose to enlist the services of an agent, you’ll probably have to pay fees of around 10 percent on top of your monthly rental costs. So in order to save some money you might want to go solo on your office search. You might also find it easier to find the perfect space; after all who knows more about your business than you?
However, the agent’s fee is generally only applied to your first year’s rent. It could work out that the knowledge, contacts and negotiating ability agents bring could end up grabbing you a bargain and saving you money in the long run.
Consider alternative locations
Offices outside town and city centres are generally cheaper than those in prime locations. So, if you want to save money, it might be worth spreading your net. There are a couple of issues: Could staff morale be affected by a remote location, far away from good lunch spots and decent pubs? Could they also find travel more difficult and more expensive? If you’re saving a lot on rent you could always consider subsidising staff travel costs or even using some of the money saved to create a break room, which might make them warm up to the idea.
You could also look at some less fashionable areas. These might well be closer to or in city centres, but still a little cheaper than real hotspots. Doing so could even benefit your business. A slightly alternative location might make you stand out from the crowd, while if you get into an area that’s expecting to undergo a gentrification process you may find it becomes increasingly fashionable.
Think small
As a general rule the smaller your space, the cheaper it will be. So here are a few things you can do to make the most out of a cheaper, smaller office:
- Encourage staff to work from home, so you’ve don’t have to house a full team all the time
- Try and go without a large meeting room, or even one at all
- Simply use smaller desks (and combine it with a clear desk policy; they might not feel too much smaller!)
Or think big, and rent out spare space
If you don’t want a small office and are an ambitious company with dreams of expansion, you could always consider renting a property that is larger than you currently need. You could then rent out any spare desks until you’ve grown.
As well as helping with rental fees at the end of the month, it can be a real boost to bring some new faces into the office. They could bring vibrancy and diversity and could even help out with some fresh new ideas or give you constructive feedback on your current ones.
Author Bio: Peter Ames is the web editor for Office Genie, a site where you can search serviced, shared and traditional leased office space.
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