With the increasing popularity of people working from home, small and large businesses are encouraging their workers to seek better working alternatives. They do this to help employees avoid the constant distractions of working from their houses. Whether you have an established business or run a sole proprietor organization, one of the key advantages of renting an office is that it helps alleviates the financial responsibilities of paying for routine space maintenance and utilities.
Renting office space from an established company like Venture X: office space for rent helps you run your business in a flexible workspace and connect with a community of like-minded business professionals like you. At the same time, a rented office space allows you to mix with other entrepreneurs running small, medium, and large businesses. In the end, you learn effective ways of succeeding in your venture without investing in marketing since small businesses will efficiently grow by mimicking how big organizations handle their dealings. So, let’s find out how much it will cost you to rent office space.
The Average Cost of Renting an Office
The cost of renting an office space varies depending on where you live. It also depends on the size and niche of your business or the number of employees you have. At the same time, renting an office depends on the number of entrepreneurs sharing the space.
In addition, the amount you pay for renting an office space can vary depending on the square feet of the place. On average, renting an office space in places like the United States can go from one dollar to six dollars per square foot monthly. Or, you can pay more or less depending on where the office is located or the quality and design.
For offices in urban places, expect to pay more than those in rural areas. Still, renting an office in a densely populated area is more expensive than in a sparsely populated place. But on average, expect to pay between one to six dollars per month per square foot.
Factors Affecting the Cost of Renting an Office Space
Renting an office space can be expensive or cheap depending on the following factors.
The location of your office space is vital because it helps position your business better while targeting potential customers. Renting an office space close to your target audience or in a location with a considerable population carrying your target customers is one of the priority factors to consider.
Look for an office space with your target customer’s age bracket, gender, and the financial status of those you target to buy from you and become repeat customers. Also, consider the transportation cost to and from your residence to the office.
Or, consider the cost of delivering products to customers from the office. This way, you efficiently determine whether renting the space is affordable or expensive after considering additional services like delivery.
For example, an office close to your target customers can be affordable or expensive, depending on its location. Those in developed or urban places are more expensive than those in rural areas. And those in densely populated areas are also more expensive than those in sparsely populated zones.
If you seem to have a chance of expanding your business within the shortest time possible, consider the size of the office you rent among the priority things you need to determine. But, if your business is easy to relocate, you can rent an office of any size and relocate when expanding.
On the other hand, if you want to expand and grow your business in one location, rent a considerable-sized office so you can efficiently expand your brand. Also, in terms of size, rent an office with enough space to house all your furniture and accommodate employees and customers comfortably.
Also, if you foresee that your business might continue to expand, determine the size of the office space to rent by estimating how many more workers you intend to hire. But remember, small office spaces are cheaper than bigger ones so, depending on your budget, make an informed decision on the size you want.
The Office’s Surrounding Environment
While researching an office space, survey the surroundings close or far away from it. Make sure there is ample parking to accommodate workers and customers. And if renting in a particular place doesn’t sit well on your budget, consider looking for an office elsewhere.
Also, consider the nearest places to and from the office. If it’s within and close to cafes, restaurants, and parks, such an area is viable since employees and customers can park freely in public or free parking spaces.