Negosentro.com | 3 Hidden Costs of Leasing Your Own Office: Is Flexible Office Space the Way of the Future? | Many hidden costs come with leasing an office space that are very important to consider before jumping into a financial trap. There are also alternative options like flexible workspaces to consider instead that could be more beneficial in the long run. First, let’s take a look at three hidden costs that come with renting an office space.
Additional Costs to Consider
While it is obvious one will have to pay annual costs when leasing an office, there are additional costs to consider that can become expensive. For example, upfront costs typically include agent fees, landlord fees, and furniture and equipment fees. The core property fees include things like rent, service and business charges, and insurance. The annual costs include IT and telecoms, cleaning services, and maintenance and repairs. These fees can add up and become costly. It may be beneficial to search for an Available Office Space that is more flexible when it comes to fees, which we will get to later in this article.
Can Lead to Wasted Time
Leasing and creating a new workspace for a company is a complex task to take on. Many opt to use their current employees to help when it comes to creating a vision and plan for the new space to save money. This is a bad idea because it leads to wasted time with employees you are paying to do work for the company. It is vital to get an expert to help create a positive work environment, which can lead to costly fees due to their expertise.
Unused Office Space
It is impossible to see the future and know how many employees will need to be accommodated in the office. Even on normal business days, there will always be staff members who are out on vacation or taking a sick day off, and that is unused space in the office that adds up. A lot of these offices include a lot of dead space that is being paid for per square footage.
According to Business Insider, due to the current pandemic, the concept of an office space is changing and will likely be a place employees go to for meetings while their everyday work will take place at home or remotely. That being said, it is likely not worth paying all of that money on space that may only be used occasionally for meetings in the near future.
Consider Flexible Workspaces
While the points made above can seem upsetting, especially if you are currently in this situation and are leasing a costly workspace, there is a solution. Flexible offices are on the rise and help companies avoid the many fees discussed earlier. According to Forbes, it is not necessary for companies to be tied down with a fixed lease. By not doing this, it is easier to be more flexible when the market changes and only pay for workspaces that are being used at that time.
Facilities like this allow you to simply pay the monthly rent, which includes all of the shared spaces and services required to run a business. The benefit is that this allows a business owner to have their own private office without getting into debt. There are shared communal spaces that are great for events, meetings, break-out sessions, and most of these workspaces even offer gyms, kitchens, and libraries.
As one can see, there are several hidden costs that come with leasing an office space. The best route to take is opting for a flexible workspace that helps avoid that long-term lease and still get all of the great benefits that come from owning an office space.