Every businessman dreams at the moment when he will finally be able to move into an office building, hire more employees and expand his business. This is an important step in his journey towards success and he needs to choose his office space carefully. If you are looking for office spaces to buy or sell, here are some of the most important tips and tricks you need to remember in order to make a decision that you will be satisfied with for years.
Don’t rent more space than you can afford
Office spaces are usually charged depending on their square footage. Obviously, larger office spaces are priced higher and they might not be into every businessman’s budget reach. However, it is worth taking into consideration that if the business grows quickly, in no time the office space previously rented might become too small and the company might have to be moved somewhere else. Therefore, new businessmen should assess their needs and future plans and rent as much office space as they can afford.
Make sure that you take a look at the layout of the building
In most cases, businessmen want to customize their rented office spaces according to their own preferences and needs. Therefore, before renting, one should inspect the office space and find out if there is enough space for IT equipments and other infrastructure. Also, what types of furniture will fit? Are there toilets and kitchens in the building? By taking into consideration all these factors, a businessman can make a better decision when renting office spaces.
Make sure that you also take a look around the office building
When renting or buying residential properties, there are 3 words that are very important: location, location, location. Well, the situation is not very different when renting office spaces. The location of the office building is extremely important in relation with other amenities around it. For example, can employees arrive at work easily and in a short amount of time? Are there enough parking options to take advantage of? Is the office building situated in an area where the crime rate is high? Businessmen should ask all these questions and many more before renting a particular office space.
Consider leasing a lower floor if you are on a tight budget
Prices are very different for offices spaces, depending on the floor where they are located. For example, renting office space at higher floors might be considerably more expensive because it offers stunning views. On the other hand, lower floors are cheaper to rent and they might be suitable for businessmen who don’t have a lot of money at their disposal.
Take into consideration the resale value of the office space you buy
In some cases, some businessmen want to make a giant leap and they consider buying an office space directly, instead of renting it. This is a brilliant idea, but this step shouldn’t be done in a rush. For example, the buyer might want to take into account the resale value of the office space he purchases. If that particular office space will greatly depreciate in the future then maybe it is a good idea to look for another space.
Consider sharing a workspace if you don’t want to spend a fortune
Another excellent way to keep expenses at minimum when renting office spaces is by sharing the workspace with another business. There are numerous businesses which already do this and they pay a smaller fee on an ongoing basis. Basically, this means that one businessman should team up with other businessmen and rent an office space which will be used together at the same time. As a result, they will pay less and they will be able to start their businesses on the right foot.
Make sure that you take into account zoning restrictions
In some cases, different zoning restrictions can limit the uses of a particular office space. Therefore, it is a good idea for businessmen to carefully research the zoning restrictions before signing the contract in order to find out exactly how they can use the office space rented.
Seek professional help if you are unsure about something
Especially if a businessman rents commercial space for the first time, he shouldn’t make this step uninformed. Renting office spaces is very different from renting residential properties and there are many factors to take into account. In order to make a better decision and have more peace of mind, one should take advantage of the services of a professional real estate agent. An expert can provide useful advice and tell a businessman if the office space he is about to rent is worth his money or not.
If you seek such a commercial space rental expert in Toronto to help you, don’t look further. We are a team of professionals who can help you lease or buy the right office space quicker and for a smaller price. Give us a call today!