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The Daily Cardinal Est. 1892
Saturday, November 26, 2022

College 101: Choosing the Best Office Space

I own a small business, and my business is growing. It's a crazy feeling — I feel like I'm really in over my head sometimes! I'm proud of what I've built, but it still feels strange to think of myself as a business owner. And now that my company is a little bigger, I really need to have an office.

The problem is, I've never had to look for office space before. I'm going to call a real estate agent, I guess, but I really have no idea how this works or what I should even look for. Experts, is there any way that you could give me a crash course in how to choose the right space for my company?

First of all, congratulations on your growing business! It sounds as if you're seeing some wonderful success, and it's great that you're focused on continuing to expand your business and meet new challenges. While it may feel unusual to you, there's a reason that you're a business owner with a growing business. You've earned your success, and you should be proud!

Of course, a growing business means new and growing challenges. This probably isn't the first time that you've met with a need or an issue that is beyond your existing expertise, and it certainly won't be the last. As you continue to grow your business, you're sure to meet with new challenges and overcome them — and you're sure to make a mistake or two as well, which is OK!

But you had a question, so let's get back to that. You wanted to know what business owners like you should look for in commercial spaces. Well, a few things matter. Let's run through them one by one.

For starters, we should establish that you'll probably be renting your commercial space. Office spaces and large office buildings are usually owned and managed by companies and rented out to the businesses that use them as workplaces. Some business owners own their own workspaces, but that's not the norm, and from what you've said, it seems that you'll be looking to rent space. Unless you have a good reason not to, renting is probably the right play.

You should consider your budget from the start. Renting office space can be a cost-effective way to gain a more productive company, but real estate doesn't come cheap. You don't want to put yourself in a position where you're spending too much of your company's operating budget on rent. Make sure that you really need an office and that you don’t get more space that you should.

On the other hand, you want to make sure that you're getting the office space that you need. Keep in mind that you're seeking a spot for a growing company — a space that fits your business now may not fit it in a year or two. You should consider looking at larger spaces than you need right now. You could also look at office buildings that might allow you to expand to neighboring office spaces as your company grows.

Location is key, too, explain the managers of a commercial office space in Brisbane, Australia. Think about your own commute and those of your employees. Furthermore, consider how easily you'll be able to attract top talent to your business when it comes time to expand again. Urban office space will generally be more expensive, and more far-flung spots may be a good way to save money — but if your location is hurting your hiring and retention rates, then you're paying a steep price in other, less direct ways!

You should also be careful to examine the reputation and the capabilities of your potential landlords and property management companies. What sorts of things will you be responsible for, and what will they take care of? Will you be happy with the condition of the building and with the response time when issues arise? When you have problems with your commercial space, your company's productivity suffers — and, therefore, your bottom line is likely to suffer, too!

An effective office space will be one that offers sufficient space for your company now and in the future. It should be a reliable and clean space in the best location that you can afford, but everything needs to fit within your sensible budget. Look carefully and choose wisely! We're sure you'll set your business up for even more success.

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