Committing to a new office – either rented or owned – is a big deal. After all, the right one will make your business run much smoother and even make employees happier. However, an office that doesn’t suit your needs can reduce productivity and harm your business overall.
Before considering the exact type of office you need, whether a city-centre space or a small office just for one person, you must decide whether to rent or buy. For many freelancers and businesses, renting an office has many advantages and is the choice that reaps the most benefits. Read on to learn the key advantages of renting an office instead of buying.
Increased Flexibility
Buying an office means you are tied to a single location for the foreseeable future. In some cases, you may be tethered to the office for many years due to being unable to sell it. However, with a rental agreement, you have greater flexibility when it comes to moving offices. That means if you need to downsize or move to a different location, you can do so without much struggle.
That is particularly helpful if you’re a new business and you may later want to relocate to a more desirable location. Cities like London provide excellent opportunities for blossoming businesses. It’s a good idea to watch the office rental market at theworkplacecompany.co.uk to see what you can afford. City centre offices can come with a hefty cost, but you may be surprised to learn how quickly you can afford to rent one. Plus, if finances suddenly change, you’ll benefit from the flexibility of renting.
You Don’t Have to Manage the Property
When purchasing an office, you have a lot of financial obligations – far more than the outright payment. Managing a property comes with a hefty price. If the office experiences a leak or problems with the electrics, it’ll be up to you to fix and pay for that. On the other hand, renting an office means it is all out of your hands.
Ingrained Building Services
Many rented office spaces come with ingrained building services for your convenience. For example, a rented office might provide cleaning services, high-level security systems, and visitor management – all beneficial additions you won’t have to pay extra for.
Initial Savings
Yes, you might build equity when buying an office, but the initial payment is still substantial. Renting an office comes with a much lower up-front cost, which is particularly helpful for small businesses and start-ups. Even larger companies prefer to save their money for other areas.
It’s Less Risky
Buying an office comes with inherent risks. The last thing you want is to discover the building has structural issues or that the location is not as desirable as you thought, not to mention the risk of negative equity. While these risks are worth it for some, for many businesses, it’s far easier – and less stressful – to simply rent a good office to suit their needs.