Finding a suitable office space for your business can be an exciting yet daunting time for any business owner. With so many options out there, it can be difficult to decide on exactly what you need while taking your budget and desired location into account at the same time. Whether you’re a startup or a well-established business, choosing the right office is more important for the success of your business than you might think.
Premium Office Space
Office space plays a vital role in many different areas of your company. It can have an effect on how productive your employees will be, how others view your organisation and even be reflective of your company culture. In Sydney, office space is in high demand due to limited supply which is driving prices up in excess of $1,000 per square metre for premium locations. This can be detrimental to the success of new businesses who are pushed out as larger companies and foreign investors take the most sought-after locations.
However, it’s not all doom and gloom and with our tips below, you will be able to find an office space in a premium Sydney location easier than you might think.
Define Your Requirements
Before you begin your search for a suitable office location, it’s crucial that you take some time to properly define what you require. Start with the basics such as how much space you will need and what your budget is per month or per year. If you’re dealing with a realtor, be sure that you are clear as to whether the rent is gross or net and enquire as to whether there will be additional outgoings for utilities.
Location
Choosing the right location for your business also needs careful consideration as where you base your operations can have a direct effect on your success. For example, when deciding on an office Space in Sydney, do review the appropriate service provider after performing an extensive research on all mediums (social media, internet, etc.) How you choose between these different areas and buildings is going to be dictated by your day-to-day tasks, activities and interactions with clients and other business partners.
Lease Agreement
Once you have clearly defined what you require of your new office space and zoned in on a particular area, or even better, a particular building, you need to look at the different leasing options. In Sydney, realtors often give office rental quotes as a rate per square metre and will give you the rental rate per annum.
Also, don’t forget to consider the length of the lease and if there is any scope to exit early if required. Now is the time to start your negotiations which will take some bargaining skills and local knowledge in order to get the best deal.
Consider a Serviced Office
If the thoughts of entering into an expensive, rigid, long-term contract is not appealing to you then you should consider a serviced office solution. With a serviced office, you pay a fixed monthly fee which includes all of your utilities, support services, office rental and other bills associated with the space.
You can also choose to pay for services as you use them rather than up front and leases are on a month-to-month basis, so you’re not locked-in to the contract should you want to move location for any reason. This level of flexibility and ease of getting off the ground are just some of the reasons more businesses are choosing to go serviced in today’s business climate.
Find a Premium Office Space Location Within Budget
Nowadays, it seems more difficult than ever to keep your business expenses in check, especially your office rental outgoings. Choose an office space that can offer you flexibility so that you’re not tied to any long-term commitments should things not work out the way you had planned.
With office rental rates in Sydney looking uncertain over the next twelve months, it’s important that you remain adaptable. Having the ability to move with the market puts you in control of your outgoings and as a business owner in Sydney right now, that’s one of the best positions you can be in.
