An office space is essential for a business to be able to conduct business and serve clients. The choice of whether to lease or purchase an office space is dependent on the owner’s budget and preferences. Each has its benefits and drawbacks. Although leasing is more affordable upfront, monthly fees can add up over time and make it much more costly than buying a unit. For start-ups, renting office space may be necessary before purchasing a specific unit.

When starting a business, it is best to rent out the office space first and then buy the unit once your return on investment reaches a level. This allows the possibility of reducing the rental if the business does not make an acceptable profit. This is an efficient way to prevent potential losses and avoid sunk costs. You should think about what space your business needs now, what storage or warehouse space it may need, and how much space you will need in the future when renting office space. When renting office space, it is essential to do thorough planning. One rule of thumb is to allot 175-250 square feet of space per person.

You and your employees need parking spaces in order to rent office space. For the business to run efficiently and effectively, it is essential that clients have their own parking. If you can’t provide a parking space, you should search for a unit that has a nearby public space. It will be relatively affordable and in a convenient location. Consider sharing the unit, including other amenities, such as the office equipment, the reception area and the bathroom, with another business. This will reduce the cost. This could save you hundreds of thousands over the long term. But there are trade-offs. This allows for less privacy for your company as well as your employees due to the shared space with other businesses.