Demand for the right office space continues to remain high, despite changes in work habits and attitudes, and the growing flexibility of work models. While there is no alternative for some business models, collaboration is shown to be higher when workers attend an office space, even if less regularly, and even for distributed IT workers. Aside from having a designated workspace for added productivity, work-life balance and coworking opportunities – renting an office space also has a number of other benefits.
A 2021 report has shown that 41% of businesses expected to increase the use of an office space post-pandemic. From increased professionalism to establishing brand identity, renting an office has a wide range of exciting advantages for organisations from various different sectors. Furthermore, by 2023, now we’ve got to see through forced isolation the effects of working remotely means to both companies and individuals, both are now assessing how to go forward. And many companies as well as individuals are realising that working relotely may not be the nirvana that some thought it to be, with a majority of individuals opting for work external to their home, and companies seeing a need for tighter integration, often not achievable through digital options but not wanting to keep as many resources locked up in permanently leased office space or building ownership.
However, finding the right private office rental or coworking solution for your particular business needs can be overwhelming. Whether this is your first time looking at workspace rental, or you just want to learn more about the potential perks of renting in the future, this article covers some key issues and benefits of renting office space.
8 benefits of renting an office space
So, why is renting an office space a great solution for your business?
- First impressions count, especially in business, to clients and potential employees.
- Less upfront and maintenance costs: Security, cleaning, utilities and maintenance are all included in your package.
- Freedom and flexibility: All Spot office workspace is available on terms that suit you, with a long list of standard inclusions, and scalability as you grow.
- Professional on-site support: Daily help is available so you can get the most out of your office space.
- Custom office spaces: Flexibility combined with style means comfortable and ergonomic chairs, your branding and colours on the walls, or design your own and customise every detail.
- Access to business-grade technology and office support services: You get everything you require to run your business successfully in one place.
- Boost Teamwork: Nothing can completely replace interpersonal communication. Video chat has its limitations, and whether it’s a brainstorming session or a company conference, collaboration via virtual communication can be challenging. In a genuine office atmosphere, team members can connect and get to know one another, improving their engagement in collaborative activities.
- Networking Opportunites: Entrepreneurs and smaller companies can benefit greatly from being part of an environment that provides networking opportunities, social gatherings and open plan collaborative spaces.
Why do people rent office spaces?
Flexible working spaces are here to stay. Hybrid employment empowers employees to work remotely, and this in turn has revolutionised how companies use office space. A 2022 survey stated that three-quarters of home and hybrid workers reported improved work life balance.
Many industries have embraced the flexibility of hybrid offices, essentially letting team members to choose their own working pattern. Some companies have adopted a models such as three days working from the office and two days at the office, or only coming together for important meetings or training sessions. Renting an office gives companies the flexibility to scale as needed to support employee work-life balance via hybrid working while minimising company expenses.
Small offices with included services could be the right choice for SMEs to ensure that employees have somewhere to work comfortably when not at home. Or larger companies can higher private office space to quickly scale up or down as market demands change.
Is it better to buy or rent an office space?
A key benefit of renting private office space is that a rental agreement is typically a more flexible and lower risk arrangement than direct leasing or purchase of a workspace outright. Options are incredibly important and renting gives your company the freedom to avoid fixed long term leases, while having the flexibility to change locations and scale up your space and services.
With economic uncertainty likely to continue, office rental ensures you are less tied to a potentially expensive investment that you might no longer need in the future.
Plus, owning property can often come with a whole host of maintenance responsibilities. Plumbing and electrical mishaps can be costly, but in a typical rental agreement, you can sidestep these responsibilities.
How much office space will your company need?
Finding the perfect sized office for your company can be challenging. Not only will you need to commit to a longer term landlord agreement, committing financially – but you’ll also have to anticipate your needs, often years into the future.
If your business is growing, choosing a rental office with enough space to accommodate your business needs can be fundamental to your success. This also means that if the unexpected happens, you have the flexibility with shorter term, more agile agreements. Nevertheless, with flexible working showing no signs of slowing down, it is important to understand how many people will actually need access to your office rental and how often they will be working both from the office and at home.
What type of office space will your company need?
Spot offers different types of office space to suit different types of companies including private offices, custom offices, day offices, coworking spaces and specially tailored office packages.
A traditional office space will provide private areas for employees to work and converse. This type of office space might have a reception area, a large boardroom, and smaller rooms and is an ideal fit for companies in the financial and legal sectors.
Alternatively, if your company values collaboration and teamwork, a more transparent layout could be better suited. Accordingly, a mix of table sizes and breakout areas might be more appropriate than single cubicles especially for creative industries like media and marketing.
Once you have a few potential rental offices on a shortlist, compare the costs and the features of buildings in your preferred location. Spot provides office spaces that are affordable with terms that are ideal for start-ups, growing companies, and larger businesses looking for flexible rental solutions. Spot has a large range of options to suit both individuals and businesses.
What do the employees want?
It is common knowledge that your office space needs to work for both your business and your employees. Therefore when shopping for office space, always keep your employees front of mind.
Attracting and retaining the best employees is a real challenge for most businesses, so securing office space that ticks all the boxes can have a massive impact on satisfaction levels and productivity. The perfect work environment for your team should provide privacy, be welcoming, with suitable seating arrangements, and conveniently located close to popular amenities.
Tip: Ask your employees what is important to them in a work environment. Do they want their office to be close to transport links or do they need a car park? Are there parks, and local restaurants or cafes nearby? When employees are provided with options that suit them they feel welcome and enjoyment levels rise. A happy employee is a productivie employee.
Find your perfect office space
Renting a workspace can boost your business in many exciting ways. There are many unique benefits of renting an office space from Spot.
When you book with Spot Co-Working, your company has access to everything it needs to thrive. Book a Tour network with Spot to find and rent an office space that your business can call home today.