Be your Own Boss: The Perfect Office Space? : Part 6 of 10

Finding a New Office Location

 

Finding the right office space requires a great deal of research, and you must be focused on identifying your needs as an entrepreneur, and the scale of operations you want to establish. Listed below are some questions and tips you must consider.

How much Office space do you need?

This is the most crucial question to ask yourself before starting your search for the best commercial space for rent. How much space do you and your employees need to start operations? Be sure to consider the size of your workforce, the space needed for your corporate activities, and the ambience you seek to create to impress your clients.

Centrally Located

All small business owners seek out centrally located commercial spaces that help them build a strong brand image, along with maintaining a visible presence in the industry. Having a centrally located commercial space will not only help you attract clients, but it will also ensure convenience for you and your employees.

Management 

A bad and unpleasant landlord is even worse than an inconsiderate boss, and if you don’t want your professional life, and those of your employees, to become utterly miserable, choose with care. Be sure to talk with all the other tenants in the building you are considering to rent, and get reviews about the behavior of the landlord.

Cost Comparison of Prospective Locations

Once you have the factors above outlined, it's time to comparison shop locations.  You will often see a price per square foot advertised.  This represents the cost per year and square foot.  

For example, a location is $20 per square foot and has 2,000 square feet.  The rent is $40,000 ($20 times 2,000) per year.  The monthly rent amount is $3,333.33 per month. Electricity at a minimum is typically not included in this, and you may have a separate water/sewer bill.  In addition, many places charge common area maintenance (CAM) charges.  You will need to inquire on the additional cost for this as it's often not advertised.   These calculations apply to both retail and office locations.

With these rent amounts calculated, you can now comparison shop places based on the factors mentioned above.

To calculate the monthly rent, we now offer a calculator to make it easy.  Try It Here

 

Admin
10/2/2019

PRICE PER SQUARE FOOT CALCULATOR


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