The search for office space in Australia does not have to involve being faced with unfavourable terms are or protracted contracts. Moreover, leasing in places like Sydney and Melbourne require businesses to allocate more of their funding to overhead and the maintenance of the office, which can consume a lot of money that can go toward building the business. Then, by virtue of business, committing to a lengthy contract to save money is probably not the best solution unless you are an established business.
Of course, there is location, and as usual, the closer to the CBD you get the better your prospects for business growth, but many business district rents are extremely high. These are some of the topical issues many businesses are faced with when looking for rent, even in a day and age when alternative office plans can fit out your business inexpensively. Regardless of your needs, prospective renters should consider many factors when choosing office space in Australia’s diverse commercial real estate market.
Let’s take a closer look at all the factors you should take into consideration when choosing office space.
Have You Reviewed All Options?
Prospective renters should consider whether they have reviewed all their options when looking for space. In addition to conventional leases, the commercial real estate industry has supplied a variety of options that can streamline leasing space while drastically reducing costs. Providers of office space – Servcorp, for example – offer reasonable office space alternatives like a fully-furnished office space, coworking spaces, and the virtual office. For businesses looking to reduce their monthly overhead, these alternatives can place them right in the hub of financial districts where conventional leasing might automatically shut them out by virtue of expense.
What Are The Leasing Terms?
Commercial real estate contracts are such that a novice would need legal advice to fully understand them. When entering into a contract, make sure to read the fine print to understand all of the fees that can be assessed as a part of making late payments and breaking the lease. Furthermore, pay attention to information related to common areas and what is maintained by the leasing company and which ones are not.
How Much Space Do You Need?
Another important consideration that can really help prospective renters determine cost is to look the amount of space you might potentially need. In Australia, the general rule in calculating space is to multiply each person occupying the space by 10 square metres, so an office that potentially would need to hold eight people would need to be 80 square metres. Of course, there are other considerations but this measure is one dictated by the Building Code of Australia.
Is The Building Retrofitted With The Latest Technologies?
If looking to lease space, consider whether or not the building is retrofitted with the latest technologies. This feature is important because, while older buildings have their own charm, offices that do not have updated cable, internet, and phone connections can be a hassle to work out of because of incompatibility, especially if your business is tech-related. Furthermore, it might require coming out-of-pocket to make sure your office is compatible with current technologies that are available.
Is There Room For Growth?
Finally, always think about your business’s future. When looking at the space consider whether or not your business could comfortably grow into the space because costs to relocate can be expensive. Moreover, relocating is a big disruption to business, so you only want to move if necessary.
The Search For Your Next Office
Finding office space is a task, especially if you are going the conventional route. However, prospective renters can find the task less intimidating if they research their considerations. These factors, once taken into consideration, can potentially lead to finding suitable office space.