Factors to Consider in Renting a Work Space
If you’re a business owner, you know how challenging it is to find the right space for storing office supplies, business equipment, and inventory. Purchasing commercial property doesn’t come cheap, especially if you won’t be needing it for a long time. It’s a good thing that storage facilities exist in Melbourne. You can get the commercial storage that you need hassle-free!
What is a workspace rental?
According to the dictionary, a workspace is any type of space that is utilised for the purpose of working. It can be inside your home, in an office, or in other areas where you’re required to work. Workspaces will contain your tables, chairs, computers, files, business equipment and tools, and everything else related to your business. A workspace rental or work space for rent is any kind of space that can be hired out or rented by companies or individuals for a short-term or long-term period from workspace providers like us at Storage Glen Iris.
How can a work space for rent help businesses?
Working spaces are critical in running your business more effectively and efficiently. When you have a physical working space, you can embody your company’s values and ideals through it. It is the heart and soul of your business, where your clients, employees, and stakeholders can experience your business on a personal level. If you don’t have enough capital and funds to purchase a business property, renting a workspace is a great option for businesses that are just starting.
Renting a workspace can benefit your business in more ways than one. A workspace rental is cost-effective, helping cut costs on mortgage payments, property management and maintenance fees, and more. Secondly, workspace rentals are flexible. You can choose the length of time you want to rent space and the size of the workspace rental that you need. Thirdly, businesses can take advantage of the different amenities and on-site services made available to those who rent workspaces. Some of these services include internet, fax and phone, furniture, cleaning services, and more. Lastly, workspace leasing can help you expand your network, especially if you’re renting in a small yet intimate working space facility.
What are the different types of work spaces available for rent?
It’s not a surprising fact that people spend around 30% of their lives at work. Day in and day out, we go to work and spend our days in offices to earn a living. Like people, office spaces have also changed and evolved throughout the years. Workspace rental isn’t a new concept. There are so many types of workspaces that are designed and created to meet the different needs and requirements of small and large companies. Here are a few of the most popular types of workspaces you can rent:
- Co-working spaces
- Breakout spaces
- Coffice (Coffee shop + office)
- Cubicles
- Desk workspaces
- Private Office
- Soft-seating
- Conference Rooms
- Huddle rooms
- Phone booths
- and more
How much does it cost to rent a work space?
Work space rentals don’t have fixed costs across workspace providers. Different work space providers may have different price ranges for workspace rental. When we’re talking about workspaces, several things affect the price that you need to pay. These factors include the location of the facility, the size of the workspace, the type of workspace, the quality (how well-maintained it is), the length of rental, and the amenities and extra services included in the rental. It is common to have higher-priced work spaces in strategically-located areas or prime locations.
What to Consider in Renting a Work Space
If you’re on the lookout for an excellent working space around Melbourne, you’ve come to the right place! Whether you’re a start-up business looking for your first workspace or a running business looking to expand or upgrade your working space, a workspace rental is one of the best options you can choose. Deciding on renting a work space doesn’t end there. You need to be aware of the factors that you should think about or consider before you sign that contract. After all, you don’t want your first workspace rental to become a complete disaster!
1. Strategic Location
When choosing a work space for your business, one of the most important things to consider is the location. You have to pick a work space that has a location that’s convenient for you, your suppliers, and your future clients or customers. A strategic location can increase customer traffic and lower your operation expenses.
2. Get a workspace that fits your budget
One of the reasons that you want to lease a workspace is to help you cut costs. Before going on the hunt for the perfect workspace, set a budget that you can work with. A flexible budget will help you filter out work spaces so you end up with options that won’t go over your budget.
3. Decide on the size of the workspace you need
When it comes to workspaces, you don’t want to end up with a workspace that’s either too big or too small for your business. Having a workspace that’s bigger than what you need will just incur unnecessary costs that you could have allotted for more important things. At the same time, a workspace that’s too small will cause you inconveniences that you wouldn’t want to deal with while operating your business. Rent a workspace that fits your needs. It’s better to have a conservative estimate rather than the other way around.
4. Consider security and access
When you operate from a workspace, security is a factor that shouldn’t be overlooked. Sit down with your business partners and decide if you need high to medium levels of security. Do you need 24/7 access? Do you require gated entry? Or do you require operation beyond regular office hours? These are some questions that you should answer before picking a workspace since not all workspace providers provide the same level of security and access.
5. Determine the length of period you want to rent
Before signing lease contracts for workspaces, the length of the lease period should be agreed upon by the lessor and the lessee. Most workspace providers allow a minimum of 6 months up to a year of rental. If you’re unsure and don’t have an exact estimate of the time you’re going to rent a workspace, look for a workspace provider that allows flexible rental options. A flexible contract will enable you to switch workspaces within short notice. Remember, you don’t want to become tied up to an enormously large or ridiculously small workspace for a period longer than what you need.
Working Space FAQ
The option to customise workspaces will depend on the work space provider. Some places allow customisation by bringing in furniture and decors or painting the interiors of the work space, while others may have stricter policies that you have to abide by.
It’s always best to ask your work space provider if they have certain guidelines on the type of businesses that can operate in their work spaces for rent. Some facilities may have the right amenities for certain businesses, while others may not have them.
The amenities and additional in-house services like wi-fi, cleaning service, water, and electricity may or may not be included in the total cost of work space rental. Before signing your contract, discuss with your work space provider whether these services fees are already inclusive of such service fees.
