When a business grows, it is a necessary and important step to look for new office space. When starting a business, every entrepreneur dreams of working in a bright space in a centrally located office building. However, the reality of finding a place to work can be a bit more complicated. “Cheap office” or “cheap office rental” is one of the first requirements of a startup, VSE or small business when looking for office space. While the best office rental deals are out there, finding them can be difficult and time consuming.
In your search for cheap office space, Color Business Center is here to help.
However, it is essential to keep in mind that “cheap” is a relative term that depends on a wide range of variables. An office in Luxembourg, for example, will cost more than an office in Bertrange.
A “cheap office rental”, but how cheap is really cheap?
Make a detailed list of your wishes, expectations and priorities before looking for the cheapest option.
Color Business Center presents the most important factors to consider when looking for cheap office space:
What type of workspace do you prefer?
We are all aware that renting an office is expensive and requires a long-term commitment. Therefore, the first factor to consider is the type of work environment. Depending on the type of workspace you choose, a start-up, freelancer, self-employed, etc. will have varying expenses.
What type of neighborhood are you looking for?
The price per square meter of a rental space is directly related to the size of the space. Instead of favoring urban workspaces, it can be very beneficial to choose those located on the outskirts of the city. Some cities have taken initiatives to encourage businesses to move to the outskirts by creating designated areas, making it less expensive to locate there.
If you want to get the best deal on a rental, choose areas near transit centers such as subway, bus or streetcar stations. These locations are often less expensive and better served.
However, be aware of your surroundings! One thing to keep in mind: if you’re paying more for a property downtown or in a busy commercial district, it’s because these areas can open doors for your business. To save money on office space in these locations, we recommend business colocation. Shared common amenities and reasonable rents are some of the benefits of these types of housing.
Coworking, colocation and office buildings are just a few of the options available when it comes to workplaces.
The final price is influenced by the location of the company’s headquarters. Regardless of where you work or where you rent an office, the packages will be different. This is true whether you are in a coworking space, a business center, or a luxury building!
You have to pay for the space, the service, and the related equipment when you use this type of facility.
When it comes to the shared amenities of a coworking space, this is indeed the case. Meeting rooms, reception areas, breakout spaces, fiber optics, and coffee are just a few examples.
The location of a business center, the quality of the facilities, shared spaces and additional services are all factors to consider.
The duration of the office rental
Depending on other factors, such as the length of the rental period, renting an office can cost more or less. Coworking spaces and other third-party workspaces, for example, may offer hourly, daily, weekly, monthly or even yearly packages, with prices fluctuating depending on how long the user stays.
You have to get the necessary tools and services
So you can make do with two trestles and a piece of plywood to house your PC because you’re not particularly artistic? A lot of empty office space is available for rent at low prices.
For high-tech equipment, computer workstations or specific infrastructure (such as a recording studio or conference room), the rent will be higher!
Don’t fall for scams!
False deals can occur when low rents are accompanied by unspecified fees and hidden expenses!
Instead of renting an empty space, it may be more cost effective to rent a fully furnished facility that includes all utilities, services and equipment. With turnkey solutions, you’ll know exactly how much you’re spending on real estate and all other related expenses.
Leases, not rents, are at the heart of office leasing
This is the main difference between commercial real estate and residential rental properties. Rents are just one factor to consider when comparing commercial leases for office space.
In a 3/6/9 lease, the rent per square foot is always lower than in a more flexible lease (e.g., precarious lease, provision of services). The 3/6/9 lease, on the other hand, binds the tenant for a period of three years. This type of lease generally concerns empty premises. With 3/6/9 leases, the capital and financial guarantees can be significantly higher. A long-term lease, on the other hand, involves a much higher level of commitment and stability.
There are several aspects to consider when choosing an office lease, not just the cost of rent. The likelihood that your business will grow in the short to medium term, your cash flow, and your desire to tailor your workspace to your specific needs all play a role in the amount of rent.
Color Business Center offers a wide range of affordable office space options.
There are no hidden fees with Color Business Center! Everything is open and we will do our best to help you find a coworking space that is right for you.