Buying Materials And Tools For Your Company

4 Considerations To Make When Budgeting For Office Space

28 October 2016

Judith Anderson

As a business owner, having office space for you and your employees is important to ensuring productivity and allowing your business to grow and expand. When it comes to looking for the right office space, you need to be sure that it is going to help your business, not cause it to plummet. Here are four considerations you need to make when budgeting for your new office space:

1. Know the Exact Cost of Expenses: Instead of only looking at the monthly rent for the office space, you also need to consider all other monthly costs that are going to come with it. This includes energy costs, which are going to fluctuate depending on how large the space is. You are also going to have to factor in the cost of utilities, which will also depend on location and the size of your office. 
2. Know the Costs for Maintenance: When you rent your office space, you are going to be responsible for the cost of maintenance to keep it running smoothly. This includes maintenance, such as plumbing, painting the walls, and more. You need to go over the lease to know exactly what types of maintenance you are responsible for and what types of maintenance the landlord takes care of for you. This way, you can plan for it in your budget. You should also have the office space inspected before agreeing to lease it to see if there are any major problems that you are going to have to take care of right away. This is especially important if you are renting office space in an older building. 
3. Plan for the Rent to Increase: When you lease office space, it's important not to lease right at the max of your budget. This is because, eventually, the rate of rent can increase depending on the location and prices of other office rentals in the area. If the rent increases and you are no longer able to afford it, you don't want to have to quickly find a new office and relocate everything, including your employees. 
4. Know What the Shared Expenses Are: Finally, you should be sure that you know what the shared expenses for your office rental are. This includes fees for maintaining the lobby in the main entrance of the building, fees for maintaining the elevator, and more. If these shared expenses are significantly large, you may consider renting elsewhere so that these expenses are reduced. Otherwise, you are investing too much in shared space that you aren't even in control over. 

When you make these four considerations, you can be sure that you are making the best possible investment for your business. Contact a company like Bklyn Commons to learn more.

Share