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How to Find the Right Office Space for Your Small Business

Finding the right small business office space is a critical milestone for any small business. It sets the stage for productivity, collaboration, and long-term growth. While it makes a lasting impression on clients, choosing the perfect office space is no small feat. Business owners will have to navigate lease agreements and ensure that the location meets the needs of employees and customers.

This is why it's important to assess your business requirements and budget to make the best decision. Whether you're a startup company or an established business, this guide will help you know what to look for in a small business office space.

Evaluate Your Small Business Needs

Determining if an office space for your small business is necessary, you have to consider several factors. The first is to find what work environment best suits your small business. If your team collaborates frequently, a physical small business office space can boost productivity. Another factor to consider is how your business operates. Client-facing businesses may need to be accessible and provide a professional setting for meetings. Creative agencies might prioritize open layouts and brainstorming areas.

A question to ask yourself is if you have a growing team. You may need to consider a space that offers room for expansion. Equipment is an important factor to consider because you may need dedicated server rooms and reliable high-speed internet. Or, you may need space for other large equipment.

Select the Right Location

Selecting the right location for your small business office space can be difficult with varying employee locations. Proper assessment for office space location includes evaluating client proximity, cost implications, surrounding amenities, and employee accessibility. Making sure the office is in within reasonable commuting distance can attract top talent. If budget allows, business owners can relocate in a well-known area, which can enhance reputation.

Set a Realistic Budget for your Small Business Office

Budget will significantly impact your small business office space options. A business owner must understand all costs including utilities, maintenance, furnishings, and internet service. Evaluating ROI, and how the office contributes to business goals, is also important. If your business is seasonal, avoid committing to long-term expense by choosing a space with manageable costs.

Decide on Office Space Type

Choosing the right office type for your small business may seem easier but can prove to be challenging when you need to balance cost, functionality, and flexibility. Startups and small teams may lean towards co-working spaces but this type of office space may lack privacy. Serviced offices often come with furniture, internet, and utilities, but the cost may be higher than leasing. Lastly, commercial leases offer full control over your office design and branding, but may require longer commitments.

Review Contracts Carefully

Before signing an office lease, it is highly recommended to fully understand the terms to avoid surprises later. Things to consider include lease duration, exit terms, maintenance responsibilities, insurance requirements, and customization rules. For example, some leases require tenants to carry liability or property insurance, which increase expenses.

Evaluate Facilities 

The facilities in your small business office space play a significant role in creating a productive and comfortable environment. Checking infrastructure to ensure high-speed internet is a big factor for most businesses today. Be sure to check the electrical system, climate control mechanisms, restrooms, and security systems. Depending on your small business, some of these may be prioritized over others, but it’s always worth spending extra time knowing every detail of your potential office space.

Conclusion

Finding the right office space for your small business is an important step that requires a lot of evaluation. Choosing an accessible location, setting a realistic budget, and selecting the right type of office can significantly contribute to maintaining an effective and efficient team.

When it comes to finding the perfect office space, L.B. Andersen is your trusted partner. Our real estate firm specializes in leasing and managing properties throughout Cook, DuPage, and Lake counties in Illinois. Contact us today to get more information on available office properties.