How Much Does It Cost to Rent Office Space?

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Whether you have an established small business or you’re a solopreneur just getting started, you can benefit from renting your own office space. Having a dedicated office space for your company can help you be more productive and provides a professional space to hold meetings in. The cost of your office space can be one of the largest expenses you’ll take on as a business, so it’s important to budget for it ahead of time. Here’s what to expect when renting an office space. 

Benefits of Renting an Office

The internet has enabled workers in many industries to start working from home, but there are still so many benefits to working in an office. Many people find that having a dedicated office space helps them be more productive. Being away from the distractions of home, like family and hobbies, can make it easier to work efficiently. 

Having a dedicated office space can also be incredibly important for work-life balance. When you work from home, it can be difficult to separate work and leisure time. For many people, this means it’s harder to rest and recharge. With a designated office space, you can set a defined work schedule that leads to a more comfortable work-life balance, with more time for family, friends, and hobbies. 

If your business has multiple employees, working in an office is also one of the best ways to foster a strong community culture. It’s much easier to collaborate, be creative, and solve problems when you are all working together in the same space. Working together every day also helps your team develop a strong bond and keeps morale high. Working in a group also helps your team learn from each other, so you can all expand your skill set and get more done. 

How much does office space cost? 

The cost of an office space can vary depending on where you live. Office space rental prices are typically calculated by square foot. This means that larger offices will cost more per month. Commercial offices may have longer leases than residential properties. Some leases are paid monthly, while others are paid on a yearly basis. 

Office space rentals in the US average anywhere from $1 per square foot up to over $6 per square foot per month. The cost of an office space is dependent on several different factors, including the location and the quality of the office space. For example, newer office spaces with more amenities are typically more expensive than older properties. 

The average cost of office space in Clifton Park, NY is between $1 and $2 per square foot per month. This is fairly standard for office spaces in suburban and rural areas. However, the cost of an office space can go much higher in urban areas. For example, office spaces in New York City average over $6 per square foot per month, while San Francisco averages over $5 per square foot. However, other cities are more affordable, with Chicago averaging approximately $3 per square foot, and Atlanta and Dallas both averaging between $1.50 and $2 per square foot. 

The cost of a rental will also vary depending on where you are in the city. Offices in central business districts with access to retail, restaurants, public transportation, and parking will be more expensive than offices that are hard to get to or don’t have any shops or restaurants nearby. The crime rate in the area can also affect the cost of an office space – offices in high crime areas are often (but not always) more affordable. 

What to Consider When Renting an Office

There are so many factors to consider when renting an office. An office space is a major investment for your company, so it’s important to make sure that the one you choose is a good fit for your company. 

The first thing to consider is the amount of space itself. Generally, you’ll need between 75 and 200 square feet per employee. The exact amount of space you need will depend on your budget as well as the type of work you’re doing. If you need extra equipment beyond just a computer and a desk, you’ll need to make sure you have enough space for it. 

Of course, you’ll also need to make sure the office fits into your budget. This is a particularly important consideration for businesses that are just starting out. While office space can be expensive, you’ll need to make sure it isn’t a hindrance to your business. This may mean a smaller office space or sacrificing some amenities. 

You’ll also need to weigh the costs of a monthly lease or a yearly lease. If your company is growing quickly and you anticipate needing to move offices in a few months, a monthly lease will provide you the flexibility you need. However, a yearly lease can be a more stable option if you’re looking to stay in the same place for a long time. 

Finally, you’ll need to consider the amenities offered. Every company has different priorities when it comes to their amenities. For example, some prefer an office that allows 24 hour access with security. Other popular amenities to look for include a break room, designated meeting spaces, and secure parking. 

As your business grows, renting an office is the best way to ensure that your company has a safe, comfortable, and productive space to work.
  

Featured Image credit: mohamed_hassan  / Pixabay

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