Calculating the Cost of Your Flex Office Space Options
When you’re running a business, there are many operational issues to consider. One of the important components and potentially most expensive is your office space. Many businesses have a specific budget in mind and look for rent that fits in their budget. Unfortunately, businesses sometimes fail to consider the other costs involved in leasing an office space, which can put you over your budget without even realizing it.
What’s included with your office rental payments?
When you’re shopping around for office space, make sure to check what is – and crucially what isn’t – included in your rental payments. The chances are, the real cost to you will be higher than the listed rent, so it’s essential to check exactly what you’re paying for and what isn’t included that you’ll have to pay for separately.
Are there annual rent increases?
Are maintenance and repairs included?
Are taxes included?
Are utilities included?
Does the landlord charge ‘operating expenses,’ and what do the charges include?
Having the answers to all these questions can help you avoid being hit with unplanned fees and charges that take you over your budget.
How much office space do you need?
It’s common knowledge that the larger the office you need, the more the rent will cost. However, you should make sure that you not only know exactly how much square footage you need but also how much of the square footage is usable.
Your usable office space is the area you have reserved for your exclusive use. Any private offices, storage space, and private reception areas are included in this. Your rentable square footage includes any shared areas that you can access, like stairwells and entryways.
You’ll need to consider how many employees you have now, and how much space you’ll need if you plan to grow your business. Tying yourself into a lease for an office that’s too big or too small can be a costly mistake to make.
Once you’ve chosen your office space, there are additional costs involved. There’s the cost of supplying the space with professional furniture, and you may also need to consider the following costs, depending on what’s included with your lease:
Cleaning costs; you may be required to pay for a cleaner to keep your office space clean.
Computer and AV equipment; depending on your business, you may need photocopiers, fax machines, printers, projectors, TV monitors, and other items.
Utilities; if your utilities aren’t included in your rent payment, you’ll need to set up regular utility payments.
Reception staff; if you have a reception area, you may need dedicated reception staff to greet your visitors
Consider a co-working space instead
It’s easy to dismiss coworking spaces as only suitable for freelancers and one-person businesses. Yet coworking spaces have many advantages over traditional office space for businesses with employees to consider.
The most obvious advantage of flex office space in a coworking area is that all your needs are covered with one cost-effective monthly membership. At Office Evolution Hackensack, we have options to suit most businesses:
You can choose a flex private office space or dedicated desks in the coworking area. There are options to suit every budget.
Flexible membership options. You can scale your office space up or down in line with your business needs. No lease means no restraints on your business growth, and seamless upgrades within our membership options.
Professional office furniture. You won’t have to pay extra to furnish your office space.
Meeting room rental on-demand with AV equipment provided.
Utilities, wireless internet, cleaning, communal photocopier and printer, fully staffed reception, and even a complimentary beverage bar with fresh tea and coffee are all included.
We are located in a prime New Jersey business area with easy access to major roads, like Route 4.
You can arrange a tour of our coworking space by calling 201-645-1200. Schedule a tour today to see if Office Evolution is the right fit for you!
At Office Evolution Hackensack, we provide virtual office, coworking, and private office solutions at our shared office center. We offer meeting rooms, offices, hot desking in a shared workspace coworking lounge, a shared reception, a business address, and virtual receptionist services. We have many options and price points, and all terms are flexible. Plus, you become part of a community of like-minded professionals.
Whether you live in Teaneck, Bergenfield, Maywood, Teterboro, Hasbrouck Heights, Moonachie, Little Ferry, Rochelle Park, Dumont, Bogota, River Edge, New Milford, Hackensack, Englewood, Paramus, Tenafly, Fort Lee, and other communities nearby in Bergen and Essex counties, choosing Office Evolution Hackensack in New Jersey will help you be more professional, productive, and profitable.
Written by: Corinne Jenkins
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Office Evolution has more than 70 locations open, 140 units sold in markets across the country and is poised for further growth as the demand for affordable and safe, workspace close-to-home continues to rise.