How Much Does Office Space Cost?
Whether you want to get an office for the first time, or maybe you want to transfer to a new office, there are many factors that you’re going to have to be aware of before you sign your next lease. Each and every city, country as well as the particular location can greatly vary the price tag overall.
How much is it?
- There are going to be many factors that need to be factored in. The location of the building, the amenities, the age of the building, the foot traffic and more will greatly influence the price. The average office space in the United States is around $39 per square foot according to CushWake.com.
- An office building in Indianapolis will run around $25 per square foot.
- An office building in downtown New York City will run around $65 per square foot.
- Office space in Washington D.C runs anywhere from $45 to $52 per square foot.
- In Boston, office rentals can run from $39 to $47 per square foot.
- A city such as Los Angeles will run $33 a square foot.
- According to a SFGate.com article that was written in October of 2011, the average office space in downtown San Francisco ranged in the $31.69 per square foot area.
What is going to be included?
- Office rentals are going to greatly vary. Many will include items such as utilities, mailbox, heat/air conditioning, bathrooms, and even a kitchen. Some may also include items such as a conference center, a break room, designated parking spaces and more. Generally, the office space listing will specific what you’re going to get with your rental. Consult with the landlord if you do have questions about the building.
What are the extra costs?
- Some are going to require that you pay Internet fees, phone line fees and more.
- Lighting, heating, cooling and more may also be your responsibilities.
- Other miscellaneous charges such as garbage, parking, snow removal and more may be your responsibility.
Tips to know:
- Before signing a lease, it’s ideal to have a lawyer look over your contract to ensure that there is no hidden lingo.
- Be sure to know what’s going to be included in your contract. Will it include anything such as utilities? If the utilities aren’t included, how will they work?
- Try your best to negotiate the shortest lease term. By doing this, it’s going to give you a good idea on how it’s going to work as well as if you’re going to like it. The last thing that you want is to get tied up in a lease and find out later down the road that you don’t like it.
- How often can you get access to the office? Do you have 24/7 access? This is extremely important for those that want to access the office during extended hours.
How can I save money?
- Consider getting a broker as they will be able to spot an office space that will fit your needs. They may also be able to haggle with the price tag as well.
- Make sure that you’re getting enough space. Don’t buy too much space as you may find that you don’t need all of it.
- Share your office with another company. By doing this, you should be able to cut your rent by almost 50%+
- Consider getting all the utilities tied into your rent.
- Consider renting a shared space. You’ll find that these spaces can give you everything that you need at a fraction of the cost.
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