Looking for a commercial office space for rent is a complex task and one that is especially challenging for startups. What might be a minor financial setback for some established businesses could be the breaking point for a new company. To avoid the potential risks involved when renting an office space for your start-up business, we outline some key factors to take into consideration.
The true cost of committing to commercial office space for rent goes beyond the monthly rental price. Before signing a lease, take into account the following details that will fall under your responsibility:
• Security deposit
• Commercial liability insurance
• Lawyer fees
• Furniture and equipment
• Telephone and internet
Start-up businesses have a unique situation in which they need to remain flexible and consider a plan of action for an early move out if necessary. Before signing a contract, find out what the penalties are for breaking the lease and determine if you can afford those fees.
Another unique challenge that startups face is deciding on the amount of space the business needs. New companies need to estimate the amount of space they need for a smaller team today while anticipating the number of hires in the future. Be sure you know the maximum capacity of the office you’re renting and look into flexible spaces that your company can grow in.
Make a priority list of the top amenities that your team will need. These can include a full functioning kitchen, conference room, storage area, free parking, after-hours security, bike storage lockers, and more. It’s rare for start-up companies to get all of the amenities they’d like, so it’s important to consider what your team really requires and what you could do without.
An ideal location is close to public transit and is easily accessible for employees to commute to. Keep in mind that the best locations are also the most expensive, so it’s common to start ups to compromise location while building their company.
The unique challenges that startups face highlights the importance of needing to be diligent and strategic when it comes to choosing a commercial space for lease. Above all, be sure to understand every detail of your contract, seek a professional commercial real estate company, and invest in a lawyer that will guide you in protecting your growing business.
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