3 Factors to Consider When Renting Office Space

office space

With almost 28 million small businesses in this country, it’s easy to catch the entrepreneurial spirit. When it comes to starting a business, there are hundreds of responsibilities that need to be taken care of. The task is daunting but finding an office space to rent or lease doesn’t have to be. When looking for the perfect space to help your business grow, keep these three things in mind:

Less is more: The average cost of a start-up is $30,000, according to the Kauffmann Foundation. This number may seem astronomical but it can be even higher if money in the budget is wasted on unnecessary luxuries. When it comes time for you to lease office space, try to keep utilities and space to a minimum. You’ll thank yourself down the road when all the other expenses start flowing in.

Fear of commitment is a good thing: when it comes to renting or leasing space, it’s best not to rush into anything long-term. While you may have plenty of confidence that your start-up will succeed, don’t put all your eggs in one basket. If you’re able to find temporary office space without a long-term lease, you’re better off. The business world is constantly changing and you never know where it will take you. But keep in mind that you can always extend your lease if you find yourself in a great financial position down the line.

What will it look like furnished? While it may seem trivial, how the office is laid out is incredibly important. A study conducted internationally found that office design has a direct correlation with employee productivity. The five factors measured were spacial arrangements, furniture, noise, light and temperature. Considering how much time employees are going to be spending in the office, it’s ideal for the space to be welcoming and warm. Keep this in mind while perusing office space rentals.

New Jersey Cities Getting NYC Rub for Office Space Rentals

office space rentalsIn the United States there are currently over 4,000 business centers, many of which can be found in New York City. A recent report from Knight Frank’s Skyscraper Index found that, unsurprisingly, New York City is one of the most expensive cities in the world as far as office space rentals go. New York, in fact, is number two in the world at $153 per square foot for office space, second to only the bustling metropolis of Hong Kong at a whopping $255.50, according toForbes. Read more

Need to Rent Office Space In One of These Major Cities? Consider Temporary Options Instead

rent office space

Business owners, corporations, and fledgling entrepreneurs alike looking to rent office space in some of the world’s biggest cities might end up channeling their inner Jimmy McMillan, specifically when the former New York City mayoral and gubernatorial candidate uttered his now famous line, “the rent is too damn high!” New data from the Knight Frank’s Skyscraper Index found the cities with the highest average cost of professional office space to rent and the amounts are quite exorbitant, according to Forbes.

Far and away the leader in the clubhouse is Hong Kong, which currently offers prime executive office space for rent at an average price of $255.50 per square foot. Comparatively, in order to rent office space in New York City, which placed second highest on the list, you’ll end up spending about $100 less per square foot at $153.

Rounding out the top five were: Tokyo at $125 per square foot, London ($122), and San Francisco ($105) respectively. Also making the list for the U.S. was Boston at number nine ($75), Los Angeles at ten ($73), and Chicago ($68) at number 12.

Even though Hong Kong and NYC had the most expensive rates, they only grew by about 2%. Meanwhile, London jumped by 11% in the same time period.

These prices presumably reflect the operational and lease costs, as that’s what 80% of the cost to rent office space is. Unfortunately, these kind of terms price out a majority of the 28 million small businesses in the U.S. as they simply don’t have the means to cover such expensive overhead.

It’s these exact reasons that are helping to spur the burgeoning virtual and temporary office space rental industry. Unlike traditional lease terms, these types of offices are extremely flexible with their lease terms making them more affordable for smaller companies. Instead of committing long-term they can be rented by the hour, day, week, month, or year.

If you need to rent office space in one of these, or any city, consider more flexible and affordable temporary office space and invest the money you’ll save back into your business.

With Rents Rising in the OC Businesses Should Look for Flexible Office Spaces for Rent

office spaces for rentIf there’s one thing every successful business needs, it’s adequate space for their employees and operations to work and grow. Unfortunately, in today’s market the cost of real estate and lease prices continues to rise. Add Orange County, CA to the list of places becoming increasingly difficult to find cheap office spaces for rent, according to the local news source OCregister.com. Read more

With Rent Rates Rising in Oakland More Businesses Should Consider Temporary Office Space

temporary office spaceFor all intents and purposes, the real estate market has recovered from the Great Recession of 2008 and appears to be back on track. So much so that finding office space for rent in New York City to Atlanta and across the country in San Francisco can be difficult and expensive. It’s one of the reasons more and more companies and business owners are turning to temporary office space rentals to provide them with the accommodations they need at reasonable and flexible rates. Whether you’re looking for one day, month, or year, temporary office space leases are flexible. Read more

Intel Capital’s $67 Million Investment in Chinese Startups Could Affect Temporary Office Space Rental

temporary office space
The demand for temporary office space rental in China just went up. Intel Capital, the global venture investment division of Intel Corporation, announced Thursday its plan to invest $67 million into eight Chinese technology startups across various industries. Those sectors include: robotics, smart devices, Internet of Things (IoT), big data, cloud services, and data analytics, according to The Wall Street Journal. Ian Yang, Intel China President, called China a global leader in technology innovation. Read more

Virtual Offices the Perfect Fit for These 3 Businesses

virtual officeThe landscape of businesses has changed quite a bit over the last couple decades. In fact, even just a few years ago things like virtual office spaces were virtually unheard of. Some of these new ways to do business have helped small businesses reemerge as a huge part of the economy. There are approximately 28 million small businesses in the U.S. currently, and they have created over 65% of the net new jobs since 1995. Read more

3 Reasons to Find Executive Office Space Rental

executive office space rentalOne of the most important factors in having a good work environment is naturally, the environment itself. The right (or wrong) office can have a big effect on the dynamic and day-to-day mood of employees. For many new or small businesses, though, finding a place to set up shop can be difficult and expensive, which is why executive office space rental has become more and more popular than outright buying real estate. This is important and relevant since the U.S. is home to about 28 million small businesses, which have created 65% of new jobs since 1995. Here are 3 reasons to consider executive office space rental if you are one of them. Read more