Where you decide to set up your business and your employees affect the overall productivity and performance of your company. That’s why choosing your first office space wisely is the best path to take.
Here are several considerations to bear in mind so you can find the best office space for your growing business.
Location is important, whether you’re investing in commercial or residential real estate. And for your business, location especially matters. The highest concentration of businesses are usually located in central business districts for their convenience and proximity to a variety of services. Popular choices across the Philippines include Makati, Ortigas Center, Bonifacio Global City, and Cebu City.
Central business districts are a great option for different businesses because of the amenities offered. Services such as banks, government satellite offices, alongside recreational areas like coffee shops and retail stores, are located in one convenient area.
In choosing your first office’s location, ask yourself whether the location will be conducive to your business’s overall growth.
Setting a realistic budget for your first office space matters. It enables you to determine the amenities you need for your business. Additionally, it allows better financial planning to shoulder expenses, such as maintenance and utility fees.
There is also that reality that office spaces come in a wide spectrum of prices. The most expensive office space for rent might not be necessarily what your business needs. Do not discount office spaces in the lower price range, for these spaces might fit your business’ needs and future plans.
Another factor to consider is the security features of the office space. Does it offer adequate security options, or only offer basic services? Is it in line with the nature of your business?
If your business requires a significant level of security, it’s best to narrow down your search to office spaces that offer the kind of security systems (during and after work hours) you’re looking for.
Office culture greatly impacts your team’s welfare and the overall growth of your business. While you’re looking for your first office space, determine the kind of work environment you want to have. Are you leaning towards open-floor spaces to encourage collaboration and openness, or are you favoring a more corporate, formal atmosphere?
Remember: your business’ work environment isn’t mere decoration. It can encourage prospective clients to work with you, as well as invite talented professionals to join your team.
Your business’ growth
While you focus on your business’ current needs as you look for your first office space, it’s also important to bear in mind where your business will be in the near future. Perhaps right now you don’t need a large office to accommodate your team, but it would be wise to pick an office space where your business has some room to grow. Likewise, consider at the back of your mind if this is the final spot your office would want to be in. Its always difficult to change business address with the city, not to mention change the business address with the BIR.
The office space’s lease
Above all else, carefully examine an office space’s lease, and if it is in line with your plans for your business. Read the fine print. Although the main goal is to find your first office space, don’t forget to take note of penalties should you decide to break a lease.
Credentials of Lessor
One of the bottlenecks in securing a business permit from the city hall is the credentials of the lessor/leased space. Ensure that there is (i) occupancy permit under the lessor’s name for the leased space you are looking at, (ii) the lessor has been paying real property taxes and (iii) fire, sanitary, zonal permits, if applicable, are in order.
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