Office Space on a Budget: 5 Factors to Consider

When you’re looking for office space, you need to satisfy your current needs and consider the future. You have to make sure that what you choose is cost-effective but also correctly reflects your brand image. Renting an office space that you can’t really afford will put too much pressure on you. On the other hand, settling for unsuitable office space just because it’s cheap is not a good idea either. Here are five factors to consider when making a choice of office space on a budget.

  1. Your specific requirements

Before you even begin your search, it is important to map out your requirements. This will help you to refine your search and hone in on suitable options that suit all your needs. For example, if your clients visit your offices, you will need to be situated for convenient access. If your office is in a remote location and they battle to find it, you may battle to retain them. A location that employees can commute to easily is important, too, or they may decide to seek out a job closer to home. If your business relies on foot traffic, you need to be situated close to your target market.

When you need office space in Chicago, the heart of the Midwest and a transportation and distribution hub to the whole country, you need to research well. There are a variety of options, from a modern coworking space to a global network of workspaces where companies can grow together.

  1. Your expenses

It’s important to review your finances so you can decide exactly how much monthly rent you can comfortably afford to pay. This requires looking closely at your income and expenses. It can be easy to underestimate your expenses as technology, office equipment, furniture etc., may cost far more than you expect.

Check out comparative office spaces in the same area to see whether the rent is fair. When looking at rent prices, make sure you factor in all charges such as utilities, service charges etc. Be very clear about what charges a landlord is responsible for paying and what you have to pay. Not realizing that you are responsible for paying for utilities, for example, could thoroughly upset your careful budgeting.

  1. The size of the space and the amenities

The size of an office must be big enough to ensure that your employers have the room they need to work productively. If they are cramped and uncomfortable, they won’t be as motivated to work. A large enough workspace with plenty of natural lighting, ergonomic furniture, greenery and adequate ventilation will give them an increased sense of well-being and make them more productive. The safety of your employees is another important consideration.

Employees will also appreciate access to in-office amenities such as break rooms where they can relax, coffee machines etc. For employees who choose to cycle to work, a bike rack and on-site showers will be attractive. Those who drive to work should have easy access to parking. They will also appreciate nearby amenities such as banks, gyms, shops, restaurants and bars.

  1. Sharing office space

Sharing office space can be a great solution if you want to save costs. Excellent Wi-Fi, access to conference rooms and modern equipment are just some of the benefits that usually come with shared office spaces.

Shared office space also usually comes with a short-term lease which gives you more flexibility. Moving can be expensive and disruptive. If you’re not sure about how much cash your startup will have six months from now, sharing office space can give you more peace of mind than committing to a long lease.

  1. Joining a coworking space

Joining a coworking space is a lot less expensive than leasing a traditional office space. Using a coworking space will give you access to inclusive amenities and some great perks. They are made to adapt to different work styles and provide a variety of desks, meeting rooms etc.

Employees have the opportunity to network and collaborate with other professionals. Coworking spaces allow cost savings and convenience due to the shared infrastructure. Equipment, utilities, a receptionist and custodial services are often available as part of the deal. These spaces are perfect for startups, remote workers, small businesses etc. and give them the opportunity to keep their costs down.

When choosing office space, you need to consider all your requirements, your expenses, the size of the space, amenities, and more. It may be helpful to consider sharing offices and joining a coworking space if your budget is limited.

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