When looking for a good office space for your startup business you will be met with different choices. It can be confusing which one to go for. Taking note of a number of considerations like the location, the size, the price, and a number of others can help make the choice easier. Before one assesses the choices, it is best to work out the options the business can take. This takes into account the growth of the startup years later along with the flexibility of the lease. Today we will take a look into the different options that can be taken when looking for a startup office.
So what are the options that you can go for? Well, there is a shared office space, a co-working space, sublease, direct lease, and others. You will usually find that the landlord will ask or even require a lease that has a period of between five to seven years. If you will go for a direct lease, you can go for a shorter lease term like three years. However, you will be able to find more options if you go for leases that have a longer term.
But before, you immediately go for a choice like a direct lease, make sure you have studied the other options like considering to go for a shared office space to save some money. Take a look at what the other options can offer. Each option has its own advantages and disadvantages. You may want to go for options that are flexible and are easier to pay so that you won’t encounter any problems with the budget.
In spaces like accelerator, executive suite, and incubator, it is the owner of the property himself that assumes the risks both in liability and financially that comes with different tenants sharing a single office space. With this, there is little need to collaborate with the other business tenants as the landlord will oversee both of the business to make sure everyone is accommodated properly.
Things like the space requirement, improvements and costs, the criteria of selection as well as the legal liability will be taken care of by the owner. This makes this type of shared office spaces turnkey compared to sharing the office space with a direct lease. However, you will pay a premium price if you rent per square foot of the office.
You also have the option of going for a sublease if ever they will fit better with the time you have and also seem to be the flexible option for you. Today you can even find sublease that go for rates cheaper than usual. The thing with these below the market rates is that there is little to no flexibility at all when it comes to improvements in the part of tenant, options to renew the release or even when it comes to the liability of finance. If you are in a sublease and the lessee is experiencing problems financially you may be forced to move or maybe even assume the lease yourself.