Find The Office Space That Works For You
There are a variety of office spaces for rent, including physical and virtual locations. Learn how to rent physical and virtual office spaces.
To run a business, you need a physical office space. Even if you are a digital store, you need a space to store your goods. Owning property, especially something as large as an office space is expensive, but there are many options for smaller businesses to rent office space. Renting not only cuts down on costs, but it provides access to other resources included in the building. Many landlords even provide additional resources for businesses. When deciding on an office space, you want to consider the type of building, customer accessibility and where the office space is located.
Whether you purchase or rent an office space, there are several costs to consider. This includes liability insurance and security deposits. Selecting the right office space has a significant impact on your business, so it is worth taking the time to research all the different types of spaces. Listed below is everything you need to know about finding an office space for your business.
Physical Office Space
One decision you must make is whether you want a physical or a virtual office space. A physical office space is a more traditional office setting, where you and your employees go to the office each day. There are a few variants on physical office spaces. A way to cut down on costs is a coworking space. With coworking, you rent an office alongside other businesses that use the same location. All resources in the office are shared among the groups. It is essentially the equivalent of having a workplace roommate.
If you do not want to own your office space, you can rent a serviced office. A service office is a fully furnished location the owner rents out to businesses. Some owners rent the entire building, while others rent specific parts, such as a wing or floor. Unlike a coworking space, you are not required to share resources with other renters. They stick to their rented section, while your business stays in your own.
Virtual Office Space
Many small businesses, especially if they operate online, are choosing virtual office spaces over physical office spaces. Despite the name, virtual office space still involves a physical location. With a virtual office space, you rent a physical location, so your business has an address, but your employees work from home or other locations. Virtual office spaces are less expensive than traditional offices, since you only need a small space and have fewer overhead fees, like utilities, furnishing and cleaning. Selecting a virtual office space is also easier because you have fewer concerns and can focus primarily on how much it costs.
Office Type Classifications
If you are looking for a physical office space, there are several considerations. An important choice is the size of your office. Office spaces are divided into three categories, Class A, B and C. Class A buildings are primarily used by larger businesses. These are the largest types of buildings with extra features, such as high quality security systems and on site facilities. These buildings are well maintained and typically located in high profile areas.
Most small and medium sized businesses have a Class B office. Class B offices are located in good, easy to access neighborhoods and include basic perks and facilities. Class C offices are the smallest and least expensive choice. If you interact with customers, Class C offers are a poor choice. They are largely used by businesses that focus entirely on office work, such as call centers. Some businesses also purchase Class C offices for storage space.
Another important consideration when you are looking for business space is landlord responsibilities. Most small and medium sized businesses do not purchase office space outright, instead choosing to rent it. While renting is a great way to save on costs, you must be aware of what tasks you are responsible for and what is handled by your landlord. For example, some landlords will handle repairs and cleaning services for the property, while others expect the business owner to handle these tasks. You also want to consider how many properties the landlord owns. The more properties, the longer it typically takes for the landlord to address your issues.
Regus is one of the largest providers of temporary office space in the United States. They are available in all states, with over 3,000 locations to choose from. Regus has two pricing options. The first is to get a custom quote to lease a building, but you can also sign up for a Regus membership. Regus members have priority access to buildings and receive additional discounts and perks. A membership starts at $93 each month. In addition to traditional office rentals, Regus also focuses on coworking offices, meeting spaces, business lounged and virtual office spaces. Their buildings include extensive insurance options, including relocation options if your space becomes unusable due to an emergency.
Expansive, formerly known as Novel, is not as large as some of the other office rentals, with limited locations across the United States. However, Expansive has some of the best prices, especially for smaller businesses. Most other rental services do not fully own the buildings they rent, instead acting on behalf of a landowner. Expansive owns all the properties available for rent. This allows Expansive to offer significantly lower prices. There are also more customization options as well. Expansive has many coworking office spaces available, with most costing between $130 to $170 each month, which is nearly half of what other rental services offer. There are also options to rent larger spaces for bigger businesses.
Davinci Virtual Office Solutions
Davinci offers virtual office spaces, each with a six-month leasing contract. They have some of the lowest prices for virtual spaces, with prices varying based on location. In most states, renting a virtual office is between $50 to $100 a month. They have particularly low prices for some of the busier areas, with costs in New York and California costing only $60 to $70 each month. There is a one-time startup fee which ranges between $150 to $200. In addition to renting a space, Davinci also provides options for receptionists, live chat, event spaces and incorporation assistance.