Finding the right office space is essential if you want to make the right impression on your clients and increase your chances of success. Your office’s location can also affect how your employees feel about coming to work.
As a business owner, you also have to take into consideration the costs of renting or purchasing office space.
You may be torn between whether to buy or rent an office; both have their pros and cons, depending on your needs. In many cases, rental office space is the better option.
Learn more about the benefits of renting an office space and then take a look at your options to lease an office for your business.
1. Easily Change the Size of Your Office
Buying office space means a long-term commitment, and can affect how your business grows (or fails to). If your business is rapidly growing or you don’t need as many in-person employees as you thought, you could be stuck with a space that doesn’t fit your needs (or budget).
Renting office space means you can more easily make decisions that better fit your needs. As most leases are for a year or two, you can tackle each situation as it comes.
Renting an office makes a lot of financial sense. If your business is new, buying an office will add to your initial costs, which can be a pretty tough financial burden early on in the life of your company. And if you have to renovate to better meet your needs, this will make initial costs even more expensive.
Renting an office tends to have a lower cost in the short term. If you don’t see yourself in a space for more than a few years, you can easily save money by renting office space.
3. Location Matters
Location can make or break a business. A poor location can be hard to find for clients and an inconvenience to your staff. Businesses, like law firms, really do need an exceptional location to succeed.
The real issue is that good locations can be expensive.
If you want to buy, you may not be able to afford the best location for your business. However, renting an office in a good area tends to be much more affordable.
4. Less Hassle
Most office spaces you can buy may either provide minimal amenities or are already set up in a very specialized way by the previous owner. As a result, you will need to pay to get the office to the state you need it in.
Rental offices are already set up in a way that most businesses could use. Much of the office equipment you may need will already be in place as well, further saving you initial costs.
5. Shared Spaces Can Help You Grow
While you may worry that a shared office will feel crowded, most are set up so your own space feels fairly private. Shared spaces, such as kitchens or meeting rooms, are also critical amenities that come with renting an office space.
Another bonus is shared office spaces give you a chance to connect with other business owners. You may find yourself a new business partner or receive valuable insight that can help your business thrive.
Cobalt Executive Suites Offers Flexible Spaces
Cobalt Executive Suites has three tiers of offices so you can select whichever will work best for your business’ needs. Even if you just need a business address or a professional space to meet, we have options to fit your budget.
Cobalt Executive Suites offers great benefits like shared kitchens, security, and 24/7 access to everyone who has leased an office for their business. Take a look at our options and talk to a representative to find the perfect one for you.