Business of all sizes have to carefully consider the size of a space before moving in, since the growth of your business could be seriously affected by the size of your space. It is important to look at both the pros and cons of leasing a smaller or larger office space. If you are expecting your business to grow in the near future, a larger space might be the best choice because you can simply expand into more of your own office space, rather than restart the exhausting process of finding a new space. Here are some factors to consider if you are looking into a bigger office space for your business, as suggested in the article “How to Think About Your Square Footage Needs”:
- Equipment – A larger office space also means adding more equipment without crowding the people in your office. You can also add and adjust other amenities that might not be possible in a smaller space, such as waiting rooms or meeting rooms.
- Lease Length – You can also think big by singing a long term lease. The benefit of a longer lease is stability—you know that you will not have to spend time in the near future finding a new space.
- Rent – Another benefit of a long term lease is that you might get a better rental rate, since landlords do not want to spend time dealing with frequent tenant turnover.
- Pitfalls – The obvious negative side of a larger space is the higher cost for more square footage. You will also sacrifice the flexibility associated with short term leases.
Consider each of these factors if you are thinking about moving your business into a space that leaves room to grow!