5 tips you have to know ​how to save money on renting office space

Getting an office space for your business is an important step and one with steep financial implications depending on how well you’re able to navigate the nitty-gritty of it. Therefore, you need to equip yourself with the necessary information so that you don’t end up overspending on the office space. I mean we all like to save cost on expenditures, don’t we? If particularly, you’re starting a small business, then this is for you as it will save you time, energy and money because finding the right office space that will serve your purpose and still be within your budget can be a frustrating and tedious task. However, this article is going to show you how to reduce the probability of being frustrated. 

The two most important factors that will come to play for you here are time and a support team. You need to set out early in your search so that there will be enough time for you to assess your options before making a decision. If you start searching late and you get desperate, Landlords are going to see that and take advantage of you by inflating the price and making you overpay. 

Your support team will also play a crucial role as they will be able to help you out during the process of searching and even when you’re about to close the deal. It’s possible there could be some things you might miss in the lease agreement and it could be your team that will point it out to you. To really save money, then you should surround yourself with people that are knowledgeable when it comes to real estate and lease. Without further ado, here are 5 tips that will allow you to save cost when renting an office space.

1. Determine your office space requirements

What exactly is the goal of your business and what do you intend to achieve as a result of running the business? Who is your target audience and your prospective clients? Considering these and other pertinent questions will allow you to determine the size, dimension and facilities that you will like in your office space. You now have a foundation and a set of criteria that will help you to determine what you should be looking for instead of running a haphazard search. Ensure that you do your best to stick to your requirements and refuse to be swayed by agents or brokers because they are only looking to fatten their pockets at your own expense, so, you need to be smart and aware. 

2. Get yourself a commercial tenant broker 

This should be done right from the outset instead of going it all on your own because unless you’re a real estate broker yourself, the landlord’s broker is bound to try and exploit you since he or she is more knowledgeable than you are. However, getting your own broker will be advantageous because such a person will more often than not watch out for your interests while pointing out some loopholes to you. In fact, he will become more important when you’re about to close the deal and you have to go through the lease agreement. There might be some clauses in the contract that will not favor you but maybe because you’re in a hurry or you don’t know much about real estate dealings, you fail to spot such clauses and that’s the point where your tenant broker comes in handy. Such a person is definitely an important part of your team at least until the office space is secured. 

3. Choose between short- and long-term Office Space

This quite important because the average lease on office space in New York City is about three to five years. If your business is in its infancy, it can thus be difficult to secure office space considering you’re not sure of where the business will be in the next one to two years. The best option might be to consider sublets or shared space with their flexibility and cheap rates. And if the business grows, you can always move to a more permanent building and if it should go south, you will not be incurring any extra debt due to rent. 

4. Learn to negotiate well

If you really want to save cost, you’re going to need to know how to negotiate. This way, you will be getting the price you desire for the property you’re about to lease rather than paying more than it is worth. Always remember that! 

5. Seek out as much information as possible

Experience is the best teacher but will it not be nice if you can learn from other people’s experiences without having to pass through such yourself? You’re more than likely know someone who has searched for an office before. Draw from their wealth of knowledge and ask pertinent questions. This will give the chance to avoid certain mistakes and make it easier to locate your desired office space at a relatively low cost. Your friends or acquaintances can also recommend a good and tested broker for you which will make your search easier and prevent you from overpaying.