Top 10 Questions To Ask Before Renting Flexible Office Space
The idea of renting office space in the past was unheard of. However, with changes in technology and work habits, renting flexible office space is becoming more common. Renting a Flexible Office Space is not as simple as renting an apartment or leasing a car – it requires careful research into what makes sense for your company’s needs. It is important to ask the right questions.
Here are some questions that should help guide through this process:
1. Is there a need for office space?
Your first question should be about whether or not you actually need office space. While it might seem like a good idea to rent flexible office space on the surface, there are some instances where that just won’t work for your needs. For example, if you have an existing office but want extra room for client meetings, then renting shared conference rooms will suit your needs better than leasing flexible office space outright.
2. How much will your office space really cost you?
The monthly rental rate may appear to be very cheap in writing, but it might not seem so when all other charges are factored in. Here are some more expenses that will almost certainly be under your control:
Security Deposit: The security deposit is a monthly payment that’s typically between 1 and 6 months worth of rent. It can be taken in cash or through a credit letter, so make sure you have valid documents to back it up. If your finances are concern with sharing this type of information just ask them to sign an NDA (non-disclosure agreement) before giving over any sensitive data.
Attorney Fees: When signing a lease, do not forget to get legal advice from an attorney. If the amount of money involved is small enough for them they may even charge on a fixed dollar basis.
Furniture: If you want an office space with more of an open feel, then invest in some comfortable furniture. Whether looking for new or used options that will last into the future it’s important to know what your costs are before going through with any purchases.
Telephone/Internet: Is there internet in the building? Is there a phone line included? If not, contact providers as soon as possible. Also, don’t forget to include your meeting room and rest area.
Commercial Liability Insurance: To operate in office space, you’ll need to acquire a policy that covers your business. This must be completed before move-in.
Parking: This can be very expensive in a major urban area. There are contracts with garages and discounts for bulk purchases, but prices of parking space get high quickly.
Tenant Improvements/Repairs: When you rent a flexible office space, repairs and maintenance are always included. But when you are looking for an office space rental, this is not always the case. Unless the agent tells you, do not assume they are responsible for these costs. It’s okay to ask them who handles repairs.
3. What are your space requirements?
It is difficult to provide a specific number for space needs when working with your real estate agent. While you know how many workstations you will require right now, you have no idea how many you will need six months from now. Depending on who you ask, estimating room requirements ranges from 200 to 250 sf/person to 100 to 150 sf/person.
Here are some additional things to consider:
- Maximum occupancy rates
- Space shapes/size
- Collaborative office furnishings
- Expectations of future expansion
4. What does the rental rate include?
Some facilities, such as water, garbage, and electricity services, may be covered. These expenditures are recovered in the monthly rent. Inquire about WiFi and, if necessary, a landline. You need to know what you will be responsible for in addition to the rent. It’s possible that you’ll have to pay for these together. Others may demand that you pay all of them from your own account.
5. What are the amenities you need?
Each business center offers its own package of amenities will also vary. Look for serviced offices that offer what you need and be sure to ask if these are included in the license agreement.
Kitchens, pantries, meeting rooms, late-night security. If you want your employees to “eat, sleep, and breathe” you will need all of the above. You are searching for a space that is both pleasant and stimulating.
By Nyttend – Own work, Public Domain, https://commons.wikimedia.org/w/index.php?curid=12521390
6. Is this a great location?
A great spot is near public transportation, airports, and other members of the technology sector. Having a nice place not only makes it simpler to hire outstanding people, but it also makes networking with prospective partners from both in and out of town easier.
7. What kind of office technology is available?
Not all shared office spaces are equipped with the same types of technology. If you’re someone who needs fast Internet access, it’s best to ask about this before signing any contracts or paying for a long-term rental agreement. You may also want to inquire about whether there is wireless printing available in case your own printer breaks down unexpectedly while you’re working out of their office space.
- Do you offer your tenants high-speed Wi-Fi?
- Do you have another server to use in the event that Wi-Fi disconnects?
- What other types of technology do you provide, such as webcams, fiber optic cable lines, smartboards, and conventional hard-wired phone lines?
8. How do you keep company data safe on your office network?
Companies are often very protective about their data, and putting it on an open network could expose them to greater risks than they would like. It’s important for companies using flexibly rented office space to know how the information will be protected throughout the entire process, from storing to moving around.
- Is the workplace’s network divided into separate systems?
- Is your company’s security management system (SMS) in full compliance with the international standard on how to manage information security (ISO27001)?
- Is it feasible that you could request more control rather than sharing resources with the flexible office provider, from a data security standpoint? For maximum protection, will your employees be able to access your personal space, which will be completely separated from other users in the building?
- What strategies are you employing to ensure that your employees’ personal spaces in the workplace are kept private?
- What security measures are in place to protect the tenants? Do you have video surveillance cameras as well as alarm systems?
9. Who are the other office Tenants?
The idea of sharing an office space with other professionals might sound appealing. However, you need to know who the other tenants are before signing the contract. Knowing who will be around can also help you decide what kind of facility works best for your company’s culture and goals. This is especially true if you’re considering a co-work environment. While renting a co-work space is preferable to a coffee shop, it can become noisy and even distracting at times.
10. What are the terms and conditions for moving in and out?
Time is of the essence when leasing office space. You don’t want to wait a month before the space is ready, and you don’t want to leave with major obligations. Also, learn what the consequences are of breaching your lease. Will you be able to afford those costs if they become necessary?
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