Five Ways To Save On Leasing Office Space

May 8, 2008

Being in business for yourself has its perks…and its own set of issues to be aware of and to keep abreast of. One to be sure to take into strong consideration is office space — if you do not have the good fortune of owning your own space, you will more than likely be looking into leasing office space. Leasing is not a bad way to go for the burgeoning business, however, keep these five tips (maybe, more aptly think of these as your “leasing bible”) in mind and you will come out just fine…and business will go on as usual.

1. Profit from another’s misfortune. God forbid you might have to adopt this awareness…just do it…you and the space you utilize for your business matter to you after all… and your competitor is thinking this same way too…gotta do what’s best for you and your business survival. It’s the age of downsizing and rightsizing — and that means empty office space. If you are exponentially lucky, you can save as much as 25 to 35% on lease space. Even if the downsizing craze passes, subletting is always one of the best sources of discount space.

2. Let yourself be lured. Many communities offer incentives to relocating businesses, and some have economic-development zones, where the city provides tax abatements, low-interest loans, and other amenities to attract businesses. So many of today’s large suburban and evolving cities are aggressively developing their downtown and otherwise declining neighborhoods and are willing to make just about any reasonably presented deal to attract clients and tenants into these resurging development areas. This could prove to be extremely profitable to you and your business — space location-wise and potential client base in direct relation to business growth potential — check this option out.

3. Share. Roommates aren’t just for twenty-somethings and for the general public. “Rooming” with another business partner is a fabulous idea — financially the benefits are limitless, and reciprocal business referral-wise as well — talk about a super-duper win-win situation all around! You can get into a bigger space for perhaps less cash outlay monthly than you would have had going on your own with a smaller, more confining space, and you can share and trade clients back and forth the live long day while co-existing in a wonderfully oversized space that more than accommodates your business and that of your roomie.

4. Strike a deal. Don’t be shy. Speak right up. Don’t ask…won’t know. If you are looking for brand new space or renewing existing space, make a deal that works for everyone — you and the landlord. It’s great to find an ideal locale so your business can effectively and consistently market your product to your existing and growing customer base, and any landlord worth his or her salt would love nothing better than to have a long-term, reliable paying tenant. Deals can always be made…keep in mind the prevailing market rates for spaces your size, do a little number crunching and offer the landlord a workable deal that benefits the landlord’s monetary considerations and your least-amount-dollar-to-space-ratio monetary outlay…and get to that business of yours!

5. Do without. Of course, the thought of paying any rent could make you want to ditch the corporate office altogether. Homeward bound. This could be the way to go if you can deal with perhaps having your workforce telecommuting from their homes and you don’t mind converting your dining room or guest bedroom into your office headquarters. The cost savings is certainly at the top of the benefits list when thinking of chucking that office space lease. Additionally, if you have openly communicative relationships with your staff, chances are, given the opportunity to become telecommuters while retaining their jobs and be essentially their own bosses with appropriate input from you will be an idea instantly embraced.

Keep the above in mind. Sidebar: each business owner’s situation is unique and never like another’s. Think long and hard on your needs, your risk factors, and think about your workforce, the impact making a decision one way or another will have on you, your family, your employees, their families…then sleep on it, wake up and go with your gut…go with the decision you are most comfortable with while using these tips as your bible or friendly reminder voice. You’ll do fine…after all…you’ve gotten your business off the ground and up and running…you can do this too…really.

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