While most people think about office space when they imagine a business, there are several different kinds of business space that you can rent. You’ll want to consider each one carefully before deciding which type of business space is right for you.
The first step in finding the right kind of business space for rent is to define precisely what your company does and how many employees you have. This will tell you which type of business space is the most appropriate for your company, especially about the space requirements, access to customers and all potential employees, and convenience.
Offices are generally divided into two types: leased office space or shared office space. Leased offices require that your company either has or will have employees in the room at all times. Because your company is renting the office, you’re responsible for all costs associated with it.
On the other hand, shared office space requires that you share a workspace or building with another business or businesses that have similar needs to yours.
For example, a law firm might rent out dedicated office space, while a graphic design company might share the area within an office building. Office space can be either furnished or unfurnished, depending on your preferences and how much flexibility you need with the layout of your workspace.
Office Space vs. Shared Office Space
An office is typically more expensive than shared office space because it’s designed for a specific company and employees, so it’s typically best for large companies with many workers. Alternatively, shared office space is usually a good choice for a small company without much flexibility.
On the other hand, shared office space might be the better choice if your business is large enough to afford dedicated office space, but there are no immediate plans for growth. It’s essential to carefully consider how your business will grow before deciding on either option for business space for rent.
However, factoring in the costs associated with shared office spaces can be difficult because you should also consider potential future growth when renting shared office space. For example, if your business is relatively small at the moment, but you believe it will grow within a year, you might consider leasing an office so that you can have more control over overgrowth in the future.
Office Space vs. Retail Storefront
Another kind of commercial real estate that businesses often rent is a retail storefront. This type of business space is ideal for companies that want to open a location in an area with a lot of foot traffic.
Unlike office space, the retail storefront is usually shorter term. Your business will likely operate in a retail location for just a few months or years before moving on to somewhere else. Because your company doesn’t need to be on the site all the time, you can hire staff to work at the store while you’re not there.
Retail storefronts tend to be larger than offices because they need a lot of space for inventory and displays. Unlike office or shared office space, a retail location usually has a clearly defined opening and closing time, so you’ll need to take that into account when choosing your business location.