How Much Should Office Space Cost?

How much does office space cost? If you are looking for a quick and simple answer, you can count on us: It costs a lot. There’s no sugarcoating that fact, so where does it leave startups, independent businesspeople, and independent contractors who may not have the budget to cover the overhead? We’ll get to that. But let’s dive right in to the ins and outs of office space costs.


The Cost to Rent Office Space

Budgeting for office space is always challenging, and it is even more so for companies or professionals who are undergoing change – whether expansion or contraction. In other words, the space you need now may not meet your needs in six months. Meanwhile you are stuck in a multi year lease. 

Let’s break the costs down so you can get a full picture of what it means to rent office space in a traditional way.

  • Construction: Even if you are not building from the ground-up, you will likely need to build a space out to ensure it meets your needs. Whether it’s knocking down a wall to create a larger open space for brainstorming and a “bullpen” area, or it’s building a wall to create private office or meeting space, you will have to factor in construction costs into your equation. There are “hard” costs, such as HVAC, flooring, doors… you know, the works! There are also “soft” costs, including permits, design costs, and legal fees.

  • Outsourced Tech. You also need to consider IT and system installation, security, and other vendor services that are required to get you up and running like a well-oiled machine.

  • Lease or Mortgage. Each and every month, you will shell out money for your lease or mortgage. 

  • Utilities. You need lights, water, internet, and phone, and you need to pay for these privileges every month. The more intensive your needs and/or the larger the space, the higher your bills.

  • Maintenance. When you are running a cash-strapped company, you are often the CEO, CFO, receptionist, custodian, and anything else that needs doing. Office spaces require maintenance on a routine basis. There are daily, monthly, quarterly, and annual tasks that can take you away from the running of your business. 

  • Taxes. As they say, nothing is certain but death and taxes. When you rent office space, you’ll have to budget for annual property taxes, which vary based on the age, size, and location of your office.

  • Furniture and Equipment. It is expensive to ensure your office has the equipment and furnishings you need to optimize productivity, delight stakeholders, and convey a professional image. 

  • Location. You can probably find an affordable office space… but it may not be in an advantageous area. It may lack parking and amenities. It may be in a rundown area. If you want a terrific location, rest assured: you will pay a premium. 

In Tampa, office space can cost between $28 and $39 per square foot, or more, depending on the location. Is this an expense that your business can take on?


The Alternative: The Cost to Rent Office Space – On Your Terms

Pay for what you need. It’s a simple – yet revolutionary – idea. What if you didn’t have to pay for 1000 – 2000 square feet month after month when you really just require a dedicated office for yourself and a conference room once in a while? What if you just need a coworking spot with wifi and a cup of good coffee instead of a traditional office? What if you didn’t have to struggle to make the mortgage or lease payment month after month when you can secure the accommodations you need, when you need? 

This is the rationale behind flexible office and coworking spaces.

Remember that laundry list of expenses above? You can cut… well, everything. There is no need to build it out to meet your specifications, to purchase furnishings, to invest in technology and equipment, or to pay maintenance people, utilities, taxes, or upkeep. 

There is also exceptional flexibility and agility built into office space rental solutions. You can access the space you need when you need it, whether it is a dedicated desk, private office, or conference room. This allows you to scale up or down quickly and seamlessly as the needs of your business demand. 

When you are trying to establish, grow, or sustain your business, every dollar counts. When you can minimize your fixed costs, such as office space, you can realize a profit much more quickly. You can also reinvest funds that would have otherwise gone to construction, taxes, leases, and other expenses right back into your business. 


Contact Office Evolution

One of the best reasons to rent office space from Office Evolution is that it puts you in the heart of the thriving business district of Harbour Island. You, and your stakeholders, will have access to transportation, parking, hotels, shops, services, and other amenities in the heart of Tampa. Our flexible solutions are designed to meet your needs. Contact us today to nail down some details so you can get to work.


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