What do you do, when you need an office for your business? Do you rent or buy? This is a question that many business owners are often asking themselves.
Some people say that renting an office is a waste of money, but things are much more nuanced than this. Even though the purchase option may seem more appropriate, you will need to think about several questions to decide on the most convenient option, depending on the characteristics of your business and your financial possibilities.
On the one hand, you will have to consider your freedom of movement. In this sense, it will be necessary to think about the convenience or inconvenience of being permanently linked to the location and characteristics of a traditional office, or, on the contrary, about an option that would not limit your mobility.
You will also need to make an analysis of the overall costs that you will have to face in the event of buying or renting an office for your business, as well as the short- and medium-term profitability forecasts, as these will be the ones that determine your spending capacity.
Many business owners decide that it is preferable to initially opt for a convenient Denver office space rental that involves a lower commitment in terms of resources (e.g., a virtual office space in Denver), which will contribute to increasing their viability and liquidity in the short and medium term.
Getting office space in Denver can seem to be a straightforward task. Unfortunately, it might get pretty complicated especially if you schedule your events and conferences at a time when everything is really busy.
The first step is to determine what type of office space you need. Are you looking for something simple for just a few people, or do you want a large office equipped with a conference room, fancy furniture and the latest computers and equipment? Both are available, along with everything in between.
While thinking of the type of office space you require, consider your budget as well. Budget concerns are often of great consequence, though you will soon see that the best Denver office space rental providers almost always give you a great deal.
Finally, make sure you consider issues such as the location of the office, proximity to the downtown area, technological perks and anything else you might be interested in. The price will grow as you add more features, but the good news is you can also opt for a less expensive option like renting virtual office space.
A professional company such as Executive Business Centers can provide you with some of the best Denver offices fully equipped and available for short term lease. Whether you need an office at short notice, or you’re looking for conference rooms, executive suites or virtual office space in Denver, these experts will be able to provide you with everything you can ask for.
Renting office space may seem like a big step, but there are many reasons why this can be beneficial to your business. Everything related to building your own office is associated with considerable financial expense, and it is also time-consuming. In addition, your company becomes tied to a certain location, which is not always good.
So let’s take a look at some of the reasons why you should consider Denver office space rental options.
Many companies start by renting a single office. If your needs increase, you can rent new offices, at any time. You can manage your expenses more efficiently by paying precisely what you are currently using. Renting an office is also a great solution when the company expands, and it is necessary to open a branch in another location.
Rented office space is ready for use. Furniture, utilities, office equipment, are already installed and configured, so you won’t have to worry about that. You can have access to computers, audio, video conferencing solutions, and special technological features (many renting companies are ready for made-to-order arrangements to meet their clients` needs and preferences).
If you need a ready-to-go office space, you are going to want to rent some Denver office space. An office space will provide you with everything you need to get your operations going.
A temporary office space can denote many types of offices. While the classic definition is an office space that is rented for a period that is shorter than standard office lease, the term is also used for office space that is only available virtually- a space that provides the tenant business a registered address, landlines, and e-mail addresses, but comes with access to a physical space only occasionally. Regardless of your needs, a temporary Denver office space rental comes with many marketing benefits. Here are some examples:
- Prime locations – the best providers of temporary office space in Denver are located in neighborhoods that are prestigious from a business point of view. This includes business centers and buildings considered to be business incubators. Having an official address registered in such a location will inspire trust in anyone looking for contact with your company.
- Additional services –temporary offices usually come with a wide range of extra options that tenants can choose from such as assistant services, mail forwarding, call forwarding. All of these are important for efficient communication with the clients.
- Occasional access to physical spaces – the facilities that provide temporary office space also offer occasional access to attractive and well-equipped meeting rooms, conference rooms and other types of physical offices that will impress clients and will promote your business.
The universe of work is changing rapidly, radically transforming work environments including offices. These changes have also generated transformations in the composition of the Denver office space rental market, giving tenant companies a much wider range of options when it comes to using their office space rentals.
Here are some of the best uses for those office rentals:
- Larger individual areas – while in the past the tendency was to squeeze people into tight and impersonal cubicles, the tendency today is to give people more space by using larger offices;
- Hybrid work schedules – another important trend and a new form of using offices is to allow employees to work remotely for a certain amount of time each month, making them come to an office only on specific days or for particular tasks. These hybrid Denver office space rental solutions have decreased the need of companies to have permanent offices and have convinced them to turn their attention towards flexible temporary office space rentals;
- A performance-based approach – many companies have recognized the prevalence of performance and of getting the work done and they give their employees complete freedom in terms of scheduling their work time. These companies often choose to make service desks available to their employees around the clock, seven days a week, requiring them to submit their work by the stipulated deadline, but not telling them when to do the work.
The decision to buy or to rent office space to run your business from depends on many factors. Here are some:
- Your budget – buying an actual physical office requires a huge financial sacrifice. If your business is a start-up or a small business, that kind of financial sacrifice might be just too much. In that case, a ready to use Denver office space rental may be exactly what you need;
- The services that you need – recent years have seen an incredible diversification of Denver office space. Today, businesses have the option not only to rent or to buy a physical office, but also to rent a place in a shared office or to rent a completely virtual space. Besides the budget, what you should consider when making the decision is the service range that you need – if your operations do not require the physical presence of your teams in a particular location, you can simply rent a virtual space and enjoy the benefits;
- Your plans for the future – office rentals, especially virtual and temporary offices, are available with flexible terms that allow you to terminate your rental agreement quite easily. The decision to buy an office, on the other hand, requires a commitment on the longer term.
Renting an office is a big decision in the life of most companies – if you are in the process of finding the best Denver office space rental, here are some important aspects to consider to figure out whether the space you are looking for is right for you:
- Office type – office space in Denver no longer means only permanently rented physical rooms in a brick-and-mortar building. Today, you can also choose to have a virtual office that will give you a business address in a prime location and access to office services, such as mail forwarding and call answering or you can rent a desk in a shared office space;
- Features you need with a shared office – if a shared office is what you need, pick your place based on the location (ideally, your desk is close to where you live) and the amenities available with the office, such as access to broadband internet, a cafeteria, receptionist services and 24/7 access to your desk;
- Features you need with a permanent office – beside the location and the amenities available in and around the office building, office size, configuration and the furniture in the offices are the most important factors to consider.
In the past, the only option for businesses in need of office space was to rent a permanent office, with a long-term lease contract. Fortunately, this no longer is the case – the office rental market today needs to be able to accommodate the changing space needs of their tenants, so the companies that have offices to rent now offer much more flexible services. Today, you can easily rent office space for a month or even for a week or a day – here are some things that you should know about these convenient office rental options:
- Office types available for short-term rental – the most common example of short-term space is the coworking space. The solution consists of a desk in an office shared with other people and it is the most popular option for start-ups and other small businesses. Meeting rooms, conference rooms and larger offices are also available for weekly or monthly rentals in most facilities;
- How to choose your space – a monthly Denver office space rental comes from many providers, so you can easily pick a location that is easy to access for your team as well as for your clients and visitors. You should also evaluate your options in terms of amenities – prepare a list with the office features you need and make sure you get them.
Office space leasing is a business transaction like any other, which means that there is usually room for negotiation. Some Denver office space rental contracts are not standard documents that are carved in stone, so here are some tips about how to negotiate the terms that work best for you:
- Determine your leverage – your negotiating position depends on the leverage you have. To determine that, try to find out as much as possible about the lease – for example, if the space has been vacant for a long time and there weren’t many companies interested in renting it, you are in a very good position to lower the rent;
- The duration of the lease – landlords are interested in having their spaces occupied all the time, therefore they are more willing to make concessions if you rent the space for longer periods;
- Tenant improvements – if the space you want to rent can do with some improvements, such as a fresh coat of paint on the walls or new flooring, you might be able to lower the rent if you agree to implement those improvements yourself. If this is an option, make sure that the exact details of the improvements are correctly included into the lease contract.
The coronavirus pandemic has forced many companies to figure out new ways to work and one of the most common solutions has been to implement work from home for office staffers. The new configuration has proved to work out great for many companies – many small enterprises and global conglomerates consider work from home so efficient that they are planning to use it even after the pandemic. These new scenarios also have an impact on the palette of available Denver office space rental options – here are some changes that are already noticeable:
- Lower rentals – the drop in the demand for office rentals goes hand in hand with already lowered and continuously lowering rental fees;
- More options available – while before the pandemic, the businesses that were looking for suitable office space had a hard time, nowadays, available office space rentals come in a much wider range, which makes it easier for any businesses to find the perfect match;
- More services included – to be able to find tenants for their office spaces, rental providers have had to diversify the range of the additional services that they offer. This is why most office space rentals today come with flexible lease terms as well as with lots of services available, such as reception desks and conference rooms.