You’re looking for a small private office space to rent? Congratulations! This is an exciting time in your business’s growth; it means that you are attracting a sufficient and steady client/customer base and are making deals and closing sales. You have outgrown your spare bedroom, dining room table, or garage and are ready to hang your shingle on a professional space.
That’s the good news. The less thrilling news is that finding and securing a small private office can be challenging. This is a process full of critical decisions that can impact your finances – and even the ongoing health and profitability of your business. How do you find the right space for your business, your budget, and your goals?
What Type of Small Private Office Space Do do You Want?
Let’s get down to brass tacks: what type of small private office space do you want and need to continue to grow your business? Clear away all the clutter and focus on the basics. Do you want to enter into a long-term commercial lease or do you want a flexible rental situation?
Commercial leases are typically multi-year, and depending on the type of lease (e.g. single, double, or triple net, full gross), you are paying for more than your office. You are paying, at the least, for maintenance/upgrades to common areas. In some cases, you are paying the insurance and taxes for the building itself. In others, you are responsible for all of the operating costs for the property.
This can be a very expensive proposition for a new company or one in the growth phase. Add to that location. If you want your office to be located in a desirable market (and we’re guessing you do!) you are going to pay dearly for the privilege.
Areas like Tampa and Harbour Island offer a host of benefits (e.g. proximity to airports, transit, parking, services, etc.), as well as prestige and a professional image. But they are often cost-prohibitive for entrepreneurs.
If you want to go ahead and lease office space:
Figure Out How Much Space You Need – Now and in the Next Few Years
How many employees do you have? Do you need space for the equipment? Do you want private offices and conference rooms or an open layout? What about break rooms, kitchens, storage? Typically, you’ll need 75-150 square feet for each employee. Multiply 75-150 by the number of employees and add 30% for common areas.
All right, great. You crunched some numbers. But what about the future? Do you anticipate growth? For example, you may have 5 employees now, but you sign a few big clients, and that grows to 10. Your space needs to grow with you – at least within the timeframe of your lease (typically three to five years).
Think About the Needs of Your Team and Clients/Customers
The right office space is about more than X amount of square feet. Think about factors such as the interior layout. How are those X square feet best distributed and arranged? Another critical consideration: parking. Are there sufficient spaces for your people? For customers/clients? For regular visitors? Or will they have to fight for spots each time?
Location, Location, Location
Depending on your business, you may need to be right in the mix, say in the heart of downtown. This gives you easy access to services and features while making it easier for potential and current clients/customers to find and reach you. Again, factors like access to transit make a difference, and foot traffic may be critical. If you don’t depend on these, an office further outside of the city center may be optimal (and likely a little less pricey).
You can choose between Class A (highest quality, new/newer, well maintained, high profile tenants); Class B (older with potential to be restored to Class A, functional, less expensive); or Class C (less desirable, older, less popular neighborhoods, in need of more maintenance and even restoration, cheaper).
How much can you afford to spend on your office lease? Look at the market, see what’s out there, and see how it aligns with your budget. Also, consider if you want to lock yourself into a multi-year lease at this point in your company’s evolution. For some, it makes sense. For others, staying agile and flexible is the best path forward.
Renting Small Private Office Space: An Attractive Alternative
Another solution, one that many savvy entrepreneurs are opting to pursue, is to rent a space that works for you. Coworking has become a hot trend in recent years, and these providers have expanded their offerings to include small private office spaces. You can secure these on a much more flexible basis, and they give you the freedom to contract or expand as you need.
For example, you may need a small office for yourself to start. You rent (e.g. by the month), and enjoy all of the benefits associated with a terrific building and location. At the same time, you have access to shared amenities, such as a receptionist to greet your guests, break rooms, onsite technology, furnishings, etc. It takes a lot off your plate. Even when you take the burden of furnishing your space off your plate, it frees up a lot of mind space – and space in your budget – that you can apply towards growing your business.
Another benefit of small private office space for rent is that it works perfectly for solopreneurs, freelancers, independent contractors, etc. You may not be “big” enough to lease a commercial space, but you want an environment that is more conducive to productivity and creativity than your dining room or neighborhood coffee shop. This is the place to find it.
An Easy Decision
In business, you are faced with endless difficult decisions. This one is easy. If renting makes sense to you, contact Office Evolution. We have the small private office space you need to take your business to the next level. Let’s get to work.