Moving into a commercial office space is a goal for many companies, although often it is just out of reach. If you are looking to rent or buy a commercial office space, or you want to cut costs if you are already in one, then this is the article for you.
We will discuss the benefits of eco-friendly options, renegotiating your lease at renewal, the option of buying at auction and also the possibility of flexible office spaces. Look into these options and you might realise that you are closer to being in a commercial space than you thought!
Look For Eco-Friendly Options
Whether you are looking to rent or buy a space, you should look for an eco-friendly property. The upfront investment or monthly rent might be slightly more, yet you should save significant amounts of money each month on bills. Plus, having an eco-friendly office space will also help to reduce your company’s carbon footprint. Sustainability is a massive talking point in all industries, so this would be a great step to take in order to show your commitment to being an environmentally considerate company.
You should look for buildings that are well insulated, use energy-efficient heating and water systems and those that utilise solar or renewable energy. Once you move in, you should also fit energy-saving light bulbs, implement a paperless system and do price comparisons to see if you can find a cheaper energy-efficient supplier.
All of these things will add up to make a significant difference to your monthly costs. Try contacting a company in an office building that you’ve had your eye on and see if they’d offer some information about what it is like to rent or buy there. Having an idea beforehand will be really useful in terms of how much you could actually save.
Renegotiate Lease At Renewal
If you are already renting somewhere, you should renegotiate your lease when it is time for renewal. In the current climate, landlords should be doing everything they can in order to retain good tenants, so you should suggest you have found cheaper offices elsewhere that you are interested in to see if they wiggle on the price.
They might offer a free month's rent, reduced monthly costs or a renovation. It will be much cheaper for them in the long run rather than having to advertise the space and potentially have an empty building for months on end until a tenant is found.
Buy At Auction
For those of you who are in a position to buy a property, you should consider a commercial property auction for the purchase. Auctions offer the opportunity to purchase properties below market value, so you might actually be able to afford it. You don’t need to be a full cash buyer to be able to buy at auction, as you can take out a commercial mortgage that is paid back similar to a residential mortgage.
A big concern that many people have about mortgages is that you don’t have time to see the property. Yet, this isn’t true. The auction company will reveal the properties in advance to give you time to see properties and have them surveyed, although this window is limited. If you are organized though, it is very possible, making auctions a viable option for the purchase of commercial property.
Flexible Office Spaces
If you only have a small team, or some of your teamwork remotely part-time, then flexible office spaces are a fantastic option. Flexible workspaces enable you to rent out space for a particular amount of time, which you share with other companies. All basic equipment is provided along with other benefits usually, such as lovely shared spaces or complimentary food and drinks.
Whilst the cost might be slightly more than other places, you may need less space when your remote workers are taken into account. Also, your bills should be less as they will usually be included in the price and you are not solely responsible for the cost of the heating, water etc. This is a great stepping stone to get you closer to being in a private office, although you might never want to leave as it is great fun and very social!
There are many different ways to save money on your commercial office space, so hopefully you find something to suit you and your company. Having your own space can help to completely transform the productivity of your team, so it is definitely a goal worth working towards!
Daisy Moss is a writer specializing in investment and entrepreneurship, with a current research interest in schedules of condition. When she isn’t writing you’ll probably find her at a commercial property auction looking for her next investment or relaxing at a yoga class.