Affordable Office Spaces: how to be cost effective in your search
Finding an office space for rent that is within your budget range can often be difficult with rising property prices and strata fees – quite often businesses find themselves stretching financially just to afford a corporate space, which can be quite damaging and isn’t advisable. This is why it’s imperative that before moving or expanding your operation, you carefully consider the following factors in order to help you reduce costs and save you a significant amount of money for your company.
Not surprisingly, office for lease in major city locations will cost more than places a few kilometres out from the city’s CBD. Ask yourself if it’s absolutely necessary to be next to an airport, busy street or shopping district? If your business does not rely on frequent walk-in customers or frequent meetings with out-of-town clients then it’s best if you start looking at quieter and more affordable office spaces away from expensive high traffic areas.
If you don’t need a very large office space, sharing with different companies is a popular option. Not only does this heavily reduce costs, but it also increases your networking opportunities by getting to know your fellow office co-workers and their own clients. If privacy is required for your business, there are other subletting options – there are several commercial properties for lease that offers private office environments with shared common areas and resources such as kitchens, copiers and fax machines is a popular option.
Take over someone’s lease
If you have the fortune of catching a business mid-lease, make an offer to take it over. This will most likely make them open to any offers, giving you the upper hand – more often than not they’ll be wanting to move as soon as possible and will be glad to accept any loss or part payment as long as they majority of the cost is covered by someone else.
Look for offices that have been left empty
Another great source for affordable office spaces is looking at places that have been on the market for months. Inhabited offices are typically below the market rate due to unpopular demand, which means you are free to negotiate a lease that suits your financials – and realtors will most likely be eager to accept any reasonable offers in order to get the property off their hands.
Check out your local place of worship
Although brimming with people on the weekends, during the week it’s relatively empty and quiet. They’ll be happy to lease out any extra space they have since they need donations to stay open and often have values that resonate with your own.
It’s best to wait for the perfect opportunity rather than settling for less. If you’re eager for a commercial property lease, consider setting up shop in your own home or sharing a space with another business team or two. This allows you to still be on the lookout for a space of your own without any leasing contracts that will buckle you in.
Floorspace is a leading Philippines real estate company recognised for its enterprising culture and highly professional Commercial Real Estate Agents.With our unparalleled experience in the real estate industry, we offer affordable office spaces in prime locations to companies and business owners that wish to venture and start their operations in the Philippines.