There has been a sharp increase in the number of office space for rent in recent years. The reason for this trend is very simple. The benefits of renting an office space outweigh the benefits of leasing or owning permanent office spaces. This is great news for entrepreneurs and small business owners because now they have more options to choose from in the market.
Here are the reasons that make renting offices spaces more beneficial for businesses:
- Business location
The physical location of businesses in certain sectors can determine if the business will be successful in the future or not. Most small businesses and startups cannot buy or lease office spaces in areas of high demand because they are very expensive. However, renting office spaces in those prime business districts does not require that huge upfront capital investment. It is important for businesses in certain sectors to have a suitable geographical location where clients, customers, and other business associates can find you.
The location is also important to get the right first impression on important clients and investors. For example, potential investors will have a good first impression when they see that your business address is in the heart of a popular business district. In contrast, it will leave a bad impression if you invite them to your home’s basement or garage.
Buying or leasing a physical space also brings in a lot of new responsibilities that do not exist when you rent an office space. For starters, the huge responsibility of maintenance of the space does not exist when you rent a space. That responsibility goes to the business center that you are renting the place from. On the contrary, you would need to hire more hands and pay for all these extra responsibilities if you owned a physical place. You will also have fewer legal responsibilities when renting compared to buying or leasing a space. For example, the paper works for taxes of the space will be the responsibility of the business center you are renting from.
- Financial feasibility
Buying or leasing a physical place comes with a huge upfront capital requirement. When a business is just getting started, that capital can be used to develop the product or improve the service of the business. Renting a space gets rid of this headache of having to spend so much cash just when getting the business up and running. There are other financial benefits as well. For example, you do not need to worry about furnishing or painting the rented office space. You do not need extra staff for administrative purposes.
- Short term security
The COVID-19 pandemic has proven that long-term plans for physical places can be very risky. You may need to upscale or downsize your business at any moment. If you own permanent space, then any economic turmoil will cause major expenses for your business. For example, you will be left with a lot of empty unused space if you are forced to downsize your workforce. However, when you are renting a space, you can easily decrease the size of your office by letting off some rooms or floors. Similarly, you can easily increase the size to accommodate more helping hands.
Renting office spaces gives businesses the flexibility to easily change office locations if needed. Your office space needs to be easily accessible for your employees as well. So, if needed you can move the base of your operations to make the commute easier for everyone. You can rent from a business center that is located close to a public transport service like the metro.
Since rented office spaces come fully furnished, you do not need to worry about hiring movers when changing locations. They come with a landline, internet connection, and various amenities like coffee machines and even dedicated kitchens depending on the business center. All these give you greater flexibility to make decisions that will be best for your specific business.
- Networking opportunities
As renting is cheaper, you can rent a space in the heart of buzzing business districts that will give your business more exposure. Renting an office space in suitable marketplaces will increase your client base and your revenue. Business centers also host events and seminars that also provide great networking opportunities.
If you are renting a coworking space, then you might find yourself sharing an office with your client as well. You might even find your next business partner when renting a coworking office space. These spaces are often used by talented freelancers whom you can outsource some of your extra works if you need more helping hands.
If you have clusters of employees in several distant places, then you can rent multiple places to accommodate them. This ability to decentralize allows you to hire talents from multiple places in your country or even around the rest of the world. After all, it may turn out that the city your base of operations is located in does not have the specialized workforce needed for certain tasks. The ability to decentralize is a big selling point for rented office spaces in many business sectors.
- Administrative staff
Finally, rented office spaces come with administrative staff. This is because the business center you will be renting from will hold many responsibilities to keep the place up to the mark. More often than not, business centers do not rent out all the floors of a building. Some they lease and sell; some they even use for themselves. That is why they will have administrative staff who are under the business center’s payroll. So, you can leave the administration of the space to them and focus on managing your business.
Office spaces for rent in Dubai
Spider Business Center provides state-of-the-art office spaces for rent that are located in the buzzing International Financial District of Dubai. These offices will allow your business to network and grow in a popular business district of Dubai. They also have company setup professionals who can help your new business get started smoothly.