A Beginner's Guide to Renting Offices

What to consider before you rent an office space -

Before you rent an office space for your business, make sure that the rates charged are not extravagant, and that they are as per the industry norms. In case you manage to find a really cheap rental, double check to make sure that there is no major flaw in the space that is being offered to you.

And most of all make sure that the space you are renting out is right for your business, and matches your requirements. Also, ensure that you read your contract /agreement thoroughly before signing it, so that things do not end up getting rough for you later on.

Why rent an office, instead of buying one?

When it comes to offices, it is very common to have term rented out, instead of buying one outright. The reasons for this are many, and simple -

• Renting an office classifies the expenditure as a revenue expense, while buying an office outright would put in the category of an asset for the organization. The former is more beneficial to companies from the point of view of the tax laws.

Therefore, most businesses prefer to rent their office space.

• It is more economical for small and medium sized enterprises. Rents are monthly, or half-yearly, and more affordable when compared with the huge sums that are involved in an outright purchase.

• Renting an office allows for greater mobility and portability. For instance, if a business feels the necessity to relocate to a better area, then it would be easier to give up a rented space than to sell an office it owns. In short, rented offices are less binding on the organization.

The different kinds of rented office spaces -

We know that there are several kinds of residential spaces that are available on rent. Similarly, there are a variety of office spaces too. Some of the popular kinds are -

• There are the office spaces that are available for rent in a business centre. These are rarely available for outright sale.

• Then there are the independent offices, which may available for rent or for sale. These are usually large and spacious, and ideal for businesses that require the huge area.

• Another interesting trend these days involves apartments and residential spaces being rented out to businesses. This is ideal for smaller businesses, which cannot afford the high prices that are associated with the high profile areas.