Thursday, May 1, 2014

3 tips for renting office property

Having appropriate and ample space is instrumental to the success of your businesses. The type of space you need will depend on the nature of your business. A lot of business owners, particularly those just starting out, opt to rent office spaces instead of buying property, as renting offers flexibility for relocation and downsizing, among other things. When choosing which office space to rent out, there are several factors you need to consider. Get tips...

A covetable business address in one of Metro Manila’s prime business districts such as Makati and Bonifacio Global City, can be good for business.

1. Location

Location is one important consideration. Your office address affects the image of your company, particularly if your office is open to your clients and is being used for meetings with investors and other important people. A covetable business address in one of Metro Manila’s prime business districts such as Makati and Bonifacio Global City, can be good for business. Location is also important for hiring employees, especially for businesses that are service-oriented or require skilled staff. A location that is out of the way can discourage highly qualified applicants from pursuing employment at your company. 

2. Space

Your rental space should be able to meet your requirements. Consider the number of staff you currently have and plans for expansion. It’s best to consult with an interior designer to get a better idea of how many workstations can fit into a given space. Not all workstations are of the same size either, as higher ranked employees such as managers may be provided bigger spaces. 

3. Terms

Look at the terms of the lease. Check whether there are rental fees during the construction period, and negotiate a month or two of rent-free use of the facilities for renovation. If you’re renting a large space, you may want to include an option for subleasing, just in case you need to downsize later on but your lease term is not yet up. Subleasing can give you the advantage of using the same office address and generating income to cover some of your rent. Also, include an option for renewal, as successful businesses may benefit from continuously using the same office address.


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