Are you on the hunt for a commercial working space in Melbourne? You should know that if you’re a startup, the rent could burn a hole in your pocket. So, your best bet would be to opt for co-working spaces on a contractual basis. However, there are certain factors to weigh in before finalizing a space. In this guide, we bring you the top 10 things you must consider before putting in an offer.
1. Reasonable costs
As mentioned above, as a startup, buying a property or moving into a big, private rental space is not a wise decision. You save huge expenditures on legal fees, maintenance, repairs, and insurance premiums whenever you rent office space. Ensure you have at least 8 to 10 months of rent saved in advance for the workspace you’re finalizing.
2. Tenancy periods
Your next target is to be as clear as day regarding the tenancy period with the property owner. When both parties are finalizing the commercial lease clauses, it’s legally mandatory to set a period of time. Most of the time, it could extend from 6 months to 1 year. Find a property owner who’s willing to be flexible regarding this aspect. It’ll allow you to shift anytime and anywhere within short notice.
3. Size of the area
The bigger the area of office space for rent in Melbourne, the higher will be the rent charges. This is a key detail that most organizations fail to consider. A gigantic office space with remarkable aesthetics isn’t needed for a small team size. Analyze your requirement and then look for office spaces accordingly. Visit the location in person to have a clearer view of the space.
4. Proximity to important areas
The most important factor that significantly impacts your business is the location of your working space. Is it located on a sprawling street in Melbourne? Is the area well-connected with other parts of the city? Does it have cafes or restaurants for employees to swing by? Well, all of this matters more than you can imagine. So, keep a keen eye on a property that’s nestled in a nice neighborhood, has transportation facilities, and has options for eating out.
5. Administration vs. storage
The business type is a major factor in determining the ideal floor or office space for you. Think about the product, its marketing, storage, and distribution. Does it establish connectivity between administration, marketing, and warehousing? Are you looking for all the departments under one roof? Find the answer to these questions, and your requirement will become accurate.
If you’re facing challenges in finding an accurate office space for your employees, consider adjusting to a larger one and then subletting it until it’s unnecessary. Yes, you can do that. Negotiate with the property owner and get it into the lease agreement. Sublease the areas you don’t need right now. In this way, you save hugely on rental costs. The lease agreement will decide whether or not you can sublease certain parts of the office space.
7. Parking spaces
Clients and employees will frequently visit your office space. So, ensure the property has a spacious parking space on the premises. If not, at least street parking facilities should be present to compensate for the absence of in-house parking.
Businesses need connectivity more than anything. Managed or serviced working spaces usually include internet access in the package. Well, the mere availability of an internet connection isn’t enough. You should take a step beyond and conduct a speed test.
On the contrary, if the space is leased privately, figure out the expenses for an internet connection. Apart from that, a good infrastructure also includes telephone connectivity and frequent postal services.
9. Hidden costs
Exploring the underlying costs is very crucial as it will contribute to the final monthly expenditure of the operation of the working space. It involves the space you can access, operating costs, such as maintenance, modifications, repairs, electricity, and potential rent hike.
It would be best for you to involve a lawyer to thoroughly read the lease agreement and identify any hidden charges or contentious terms before you sign.
10. Professional environment
Go for a space that exhibits the vibe of a completely professional environment decked with premium amenities. It plays a crucial role in accelerating the productivity of the employees and portraying the image of your professionalism to the client. Know that the appeal of your working space will contribute a lot in bagging a great deal from the client. Your office speaks volumes about your work ethic and professionalism.
We hope this guide can help you make an informed decision. Time and again, we say that thoroughly reading the lease agreement is essential for a hassle-free experience. This could save you from financial traps and legal difficulties in the future. So, stay woke!