What are the Advantages of Renting an Office Space?
If you’re curious about renting an office space for you or your employees, then you’ve absolutely come to the right place. Here are all the advantages to know.
Even before the onset of the pandemic, remote work was on a meteoric rise – and rentable offices such as coworking spaces were following suit.
Work from home concepts evolved into work from anywhere concepts as advances in connectivity and communications have enabled companies to organize teams that could continue to productively cooperate while letting each individual team member pick and choose the location that best suited their workstyle.
Furthermore, small companies in need of flexible workspaces at a lower budget could turn to rented office spaces and coworking opportunities as a viable and attractive alternative to the prospect of laying down precious capital for expensive commercial real estate.
Now that we have seen firsthand what an abrupt move into remote work can do to workers unprepared for the distractions and challenges of working from home, companies are looking for safe alternatives to help their employees boost productivity, combat social isolation, and reintegrate them into the team without endangering their safety.
Rentable office spaces will be an important part of a comprehensive workplace strategy for small and large businesses alike, whether they’re looking to expand, rely on affordable workspace solutions after a hard-hitting pandemic, or need an alternative to team members who cannot come back to the office, nor stay at home. Let’s go over some of the other advantages of utilizing rentable office space in 2021.
Flexibility and Affordability
Flexibility is critically important in this climate. Many companies aren’t sure whether they will have the means and opportunity to grow, invest, or survive the month, let alone a year.
Rentable and flexible workspaces give companies the ability to expand when it is necessary, scale back down when it isn’t, and rely on a lean philosophy to build revenue and invest.
For businesses who have experienced a boom in the last few months, rentable office spaces provide them with the opportunity to rapidly rent the space needed to put their growing number of hires to work without lengthy lease contracts and risky investments in commercial properties they may not be able to make much use of.
The ability to expand and shrink as a business based on how the wind blows will be important, especially for smaller companies and startups weighing their options during the pandemic.
Access to Prime Locations
Affordable rentable spaces mean smaller companies will have the means to rent a space in a prime location, along with the opportunities that location presents. This allows startups and SMEs to reach for the stars without investing every last dime on premium real estate, while still having the option to scale back down to something else on short-term notice.
The professional image afforded by hosting meetings and conferences in a prime location can also open doors to partnerships and business opportunities that might be harder to earn when hosting a call from a busy coffee shop or your own apartment.
Fewer Liabilities, Fewer Headaches
Rentable spaces are a simple deal – monthly or biweekly payments for the right to use the space as a preconfigured and established workspace, with useful amenities, meeting rooms, roving cleaning crews, a reliable and speedy internet connection, and a central location that cuts down on commute time for your coworkers.
This can be in stark contrast to what you might expect from more long-term leases, where you can customize a space that you can call your own, but at an immense financial cost, alongside countless insurance and tax considerations that pile up and eat into your revenue.
A rentable space can help you minimize and even eliminate most liabilities tied to commercial real estate and give you additional freedom and flexibility.
Reorganize and Invest Working Capital
A space of your own is tremendously expensive, restricting your ability to invest capital into better tools for the company, more talent, and better opportunities. A good idea can only work so long as you continue to scale up and invest in it, and office space becomes a major hurdle to overcome for many startups that need the space to host new talent to meet the growing demand they’re facing.
Rentable workspaces and coworking space give your business the ability to scale better and faster and expand at a lower cost.
No Real Estate Liabilities Means Fewer Tax Headaches
Owning an office space of your own means taking care of both legal and tax liabilities, and potentially taking out loans to finance your new real estate investment in the company. On the surface, owning commercial real estate comes with several attractive tax deductions. But managing your costs and responsibilities and keeping track of it all while managing a growing business can be needlessly complex.
This in turn can lead to complicated local, state, and federal taxes come tax season – and paperwork that mounts until it becomes an unavoidable and expensive challenge for a tax professional and accountant to solve, at a premium price.
Cooperation and Networking Opportunities
Even during the pandemic, coworking and shared rental spaces provide an opportunity for companies, freelancers, and contractors to network and exchange information and opportunities, discover and hire new talent, or build long-lasting and meaningful business partnerships that could help you both grow.
Being surrounded by like-minded professionals in a space that caters specifically to people trying their hardest to get things done and make sacrifices for their dreams can drastically improve your productivity, especially if you have spent the last few months working in isolation or surrounded by distractions when you were trying to prioritize your work.
There is nothing wrong with spending time with the people we love, but we must make clear distinctions between the time we spend working and the time we spend at home, and that can be difficult for people who have to work from home.
Rentable office spaces don’t ask you to sacrifice your productivity for the opportunity to work away from company headquarters.
It can be tremendously difficult to onboard new hires in a virtual environment and make them feel like they’re part of a human crew through Zoom meetings and online ice breakers.
Rentable workspaces and coworking locations can be leveraged as short-term onboarding spaces to help mentor and integrate new hires into the company and give them some time to feel welcomed into the team and develop a sense of self within the organization before continuing to work remotely or from a different location.
The flexibility afforded by rentable spaces means companies can afford to rent out space in multiple locations at once to cater to different talents across a region, country, or continent, while still spending less money than a commercial space of their own might cost.
Don’t Skimp on Safety
Rentable office space does not have to be a hazard during the pandemic, and it should, quite the opposite, be a way to reduce the risk for employees by eliminating the need to travel to a location that might require a lengthy and dangerous commute through public space (by finding spaces within a bike ride of your team’s homes, for example), and without undoing the work you’ve done to de-densify the main office and make it a safe space for those who can still opt to work at headquarters.