Renting office space is a tiresome task with many different things to pay attention to. Naturally, you have the obvious things - location, rental price, etc. - though there are a few lesser-known things that you should also be aware of. If you're not careful, you can end up renting an office that's nowhere near as good as you thought it was. So, here are the hidden things to look for when renting an office:
Rental price per square foot
When you see an office up for rent, it tends to show the main rental price for all to see. This is how much you will pay each month, and it's clearly a very important thing to look at. However, there will also be another rental price that's outlined when looking at different office buildings to work in. This price is usually described as the rental price per square foot. In essence, it tells you how much rent you pay for each square foot of the office.
Why does this matter? It helps you determine the true value of office space. Let's say you have two offices in a similar location, both offering the same rental prices. However, when you look at the size of the office, you realize that one has considerably more space than the other. Therefore, the price per square foot is cheaper, even though the rent is the same. So, in this instance, you know that renting the larger office represents much better value for money. Basically, it can help you avoid getting ripped off.
Lease terms
The lease itself shouldn't be hidden - you should know how long you hold the lease. Speaking of which, and this is a bit of a side-note, you should choose offices with leases that match your business. If you're likely to outgrow an office within a few months, it doesn't make sense to rent it with a 12-month lease. It'll mean you're stuck in an office that's too small for your growing business.
If you’re also looking to lease your office equipment to preserve capital, it’s important to have proper equipment lease accounting methods in place, so you can account for all of your assets, whether leased or owned.
Similarly, you need to read all of the hidden lease terms. This will detail everything you need to know about moving out of the office. Are there any penalty fees for doing this at a certain point before the lease is over? Do you have to reapply for the lease, or does it automatically rollover? These questions are important as they help you realize if an office suits your business or not. To keep things simple, the best leases are those that are as flexible as possible. You can extend it whenever you want, and you're able to leave the lease without incurring extra charges. Will you ever find one like this? Probably not - landlords aren't known for their niceness! Nevertheless, make sure you check all of the lease terms before you sign any contracts.
There are only two things on this list, but they're very much essential when renting an office. Also, these two things may be quite hidden and neglected, but don't forget about the more obvious things to look for when renting an office as well!
