Does Renting a Serviced Office Space Comes with Additional Costs?
Are you looking to upgrade your workspace? Beware, there are few additional costs that you need to check before renting an office space.
You will find a number of office types in the market, ranging from a fully furnished, managed to stand-alone spaces. Be it a solo entrepreneur, a start-up, or a multi-national — serviced office spaces seem to be a convenient option. Serviced offices are fully furnished, flexible and provide you everything you need in your office.
However, have you ever thought that what your typical office space cost will be? What should you look out for before signing the service agreement with a business centre?
Renting a serviced office space comes with some additional costs. So, when you look to rent an office space, then you must check the following office costs:
Office Space Rental
Your service agreement with a business centre usually includes:
• Your office rentals
• Payment terms
• Time period of the agreement
But, before signing the agreement, make sure you go through all these in details. There are many business centres, having plenty of spare work spaces. So, it’s important to do a background check of the establishment and negotiate to a lower office rental. Try to negotiate directly with the business centre rather than through an intermediary or an agent.
Administrative Charges
If you’re looking to rent a stand-alone premise, then it includes a lot of paperwork, drawing up your rental costs. In this case, you need to seek some legal advice from your commercial solicitor. However, if you’re looking to rent a serviced office space, then this task becomes much easier. You need to sign only a service agreement, wherein you comply with the facilities and services offered within the business centre. Generally, it’s a three-page service agreement, which makes it easy to understand and comply with.
Business Rates
Most serviced office providers include this within your rental costs. However, it’s not the true always. You might be liable to pay some business rates, which will not be included in your rental cost. So, please check again with your serviced office providers, if this cost is refundable after contract termination or not.
Initial Deposit
When moving to a serviced office space, you need to pay a refundable deposit. This amount is calculated based on your rental period, and is usually one month’s rent.
Meeting Rooms
Renting a serviced office space helps you avail special meeting room discounts within the business centres. Most business centres feature meeting venue and conferencing facilities, which means you don’t have to go out searching for a place to meet your clients or hold a conference. The meeting rooms are charged on hourly basis, including latest conferencing facilities and any refreshments if you require.
Internet/Phones
When you move into a fully furnished serviced office space, you get to use the existing telecom facilities. This seems convenient, but you will be paying for this facility. If you’ve a choice for telecom providers, then compare the prices given different providers. Find out how many free land line calls can you make in a month or what is the broadband usage plan. A quick crosschecking or planning can really save a lot from your monthly rentals.
Office Furniture
Most serviced office providers have spaces that usually include chairs, tables, and cupboards. However, if you need to furnish it further, then it is at your own expense. So, find out what office furniture you need and are you willing to spend extra for it.
Cleaning Costs
When you rent a serviced office space, then the cleaning costs are included in your rentals.
Car Parking
The first and foremost thing you should look while renting an office space is whether the building has enough car parking space for your employees and clients. The parking costs are largely dependent upon the location you choose and its availability. So, always crosscheck that how much you need to pay for a car parking facility.
Author’s Bio: Maddy is an Online Marketing Manager with Avanta Business Centre, which is a leading serviced office provider in Delhi/NCR. If you’re looking to rent a serviced office space, contact Maddy on his LinkedIn Company Page.
