When trying to reduce their office space rent costs many companies focus too much on only getting the lowest rental rates possible. What they seem to overlook is the fact that they don’t actually need as much office space as they think.
If more companies would shift their focus to the actual square footage that they need and how efficiently the space could be built out and used they would be able to generate significant costs savings.
Depending on the market you are in you may not have as much leverage in rent negotiations, however what you do have complete control over is the amount of space that you rent.
Efficiency is Key When Renting Office Space
Even in a down market where rental rates are low it’s still important to avoid leasing too much space. Before you begin looking for space consider doing a thorough space evaluation and determine your ideal layout, as well as how you will use the space. After being interviewing about your current and future needs and use a good space planner or architect can create a program for you to help you determine the exact size space you need.
Think about the job functions and needs of each employee. If you spend some time in the planning phase you will uncover some ways to reduce your office space size and still maintain productivity in a smaller space. Also if you reduce your size you might find that you can now afford a nicer class A office space.
When you are ready to find and rent office space you absolutely want to find the best location and negotiate the lowest rental rate possible. However don’t forget that you have more control over how much space you rent. Don’t get caught in the moment and lease more space than you really need.