Space is an important asset of any business. It not only occupies a physical place on the premises or outside, but it also has various values associated with it. For example, Space might be valued as rentable office space that provides room for employees to work and interact with other colleagues. Space might also be valued as a plaza or a greeting area that absorbs the daily flow of customers and create a better customer experience.
The following are factors to consider when hiring or leasing a business space for rent:
1. Future space for expansion
Business is not limited to a small room but can be expanded to many rooms or lots of rooms. It is important to consider the future expansion of the company. If the company grows, it might need more space. A Company might want business space for rent and shift to another place where there is a bigger space or it may not need any more space for its business activities.
2. Turnover rate of the business
This is a factor that determines the extent of space needed. If the turnover rate is very high for the business then it needs a spacious place to operate smoothly, which is why renting business space for rent is more expensive than leasing a small office space. Further, you need extra floors for rent as well as the additional senior staff who can manage a big room. Business space for rent, then, is the best choice for a business where a high turnover rate, bringing many clients and trading stocks, etc.
3. Location
If the business carries out a lot of activity on the property, that might set off an impact on the inhabitants nearby. For example, if there is an institution that only has a small space to accommodate its employees, then it is likely that the atmosphere in that area would be noisy in general.
4. Parking space
Parking is another important value associated with any business. If the business rents a commercial property, it would need a lot of parking space for its employees and customers. A Company might have more than twenty vehicles and if it has more, then it requires a larger parking lot. To prevent traffic congestion from other buildings, the Company should hire more parking spaces for its staff and customers. One thing that may be included in the consideration is whether other businesses or people nearby are allowed to park on the premises.
5. Security
Security is another important consideration for every business. The rental commercial property provides a sense of security for the business as it controls its territory. If there are many people around, then it may affect the business’s daily activities and the quality of service provided to customers. The Company has to decide if the properties it hires are allowed to have more than one entryway (for example, there could be security guards at the building entrances) or is it allowed to provide car parks for its staff and customers?
6. Accessibility to transportation and the surrounding infrastructure
A Company might be a start-up business but if it wants to have a good image, then it should consider accessibility. Has the property been situated in an area that is close to shopping malls, hospitals, banks, and other facilities? Location is important but access to transportation is also important to any business’s success. Further, if the company is located in an industrial area and deals with bulky goods or services, then accessibility is a priority.
The company’s rent should be proportional to the value contributed. Value is created through ideas, produced through a product or service, or made by the image of a business. If the space is big and people can park vehicles there easily then there is a good business environment. It provides a space where people can interact with each other; it may be a socialization place and create good customer relationships.
