Are you starting a new business venture? Maybe your current business is growing? Perhaps you’re even downsizing? If any of these questions apply to you, you’re probably looking for Brisbane office space that’s perfect for your needs.
There’s a lot to think about when it comes to commercial office space. There’s the obvious things like location, price, size, but these aren’t the only considerations. One of the most important aspects of finding commercial office space is ensuring it is really the right fit for you and your business.
Northshore Group specialises in leasing quality Brisbane office space to all businesses large and small. Read on to find out everything you need to about getting the best commercial office space Brisbane has to offer.
What Size Commercial Office Space Do You Need?
The size of office space you need will usually be determined by the size of your business. That is, specifically, how many staff you have. While it’s never an exact science, the general rule is you want approximately 10m2 per staff member. This accounts for desk space, as well as reception, meeting rooms and utilities.
Obviously, this will vary for every business, particularly if you want larger meeting rooms, individual offices and break areas. But it’s a good way to start narrowing down your early search.
Understand Your Needs – Now and in the Future
If we could predict the future, we’d probably all be living on tropical islands sipping martinis. But since we can’t, we need to carefully consider our business plans for what works now, and what we’ll need in the future.
The typical office lease runs for 3-5 years, so it’s important to understand where your business is going. If you’re aiming to outgrow your current office needs within a year, signing a 5-year lease on a smaller office space isn’t going to be wise. But you also need to weigh up what you can afford now.
What Does Your Future Hold?
When considering if a commercial office space is right for you, here’s a few things you need to think about for the future:
- Office size needed
- Location
- Your daily operations – is your business going to change?
- Staff requirements – parking/amenities etc.
As we said, it’s impossible to predict the future, but all businesses should be able to plan and forecast. Once you have a clear picture of a best and worst case scenario in the next 3-5 years, you’ll be able to make sound commercial leasing decision.
How Important is Commercial Office Space Location?
The importance of location is important for a number of reasons, and it will vary for every business. The needs of a business relying heavily on client interactions will differ greatly from a business that does, for example, data entry or processing work.
If you regularly need to meet with clients, you need to be available. This usually means you’re looking at CBD areas or surrounding suburbs. This is especially important if you also rely on foot-traffic from the street. The more people around, the better for your business.
On the other hand, if your business doesn’t meet with customers or rely on foot-traffic, an outer location will be more beneficial. Not only will the lease cost less, but it can often be appealing for staff who don’t want to battle a city commute to get to work every day.
What Can You Realistically Afford?
This is where your current and future needs will clash the most. Unfortunately, there’s no set formula to use when it comes to lease costs. It’s incredibly risky to sign a lease for more than you can realistically afford, however sometimes you need a better or bigger location in order to grow your business.
This is where we recommend doing some solid business modelling before seeking out new office space. You need to understand what your budget currently allows, but also your expansion needs. If your business planning shows a good chance of increasing profits by moving offices, go for it. If you’re just hoping to grow, and don’t have any data to back that up, we’d advise looking at other options.
What Setup Costs Will You Have?
When it comes to commercial office space Brisbane, you’re generally going to choose one that doesn’t require too much fit-out. This refers to changing the existing premises to suit your needs. It’s an expense you don’t need, and many landlords won’t be willing to cover. However, this is certainly one aspect to consider.
Other costs associated with moving or setting up new offices are unavoidable. You will have public liability insurance, as well as business and general insurance. Most landlords also require some form of security, similar to the bond you pay on a rental property. This is an upfront cost you need to be ready for.
On top of this, you may need things like signage, interior decoration, and printing of stationery with your new address.
Are There Any Incentives on Offer?
Many landlords will offer incentives for businesses to take over a lease, but this will largely depend on the market. It may also depend on the size of the commercial office space, and your particular business.
Lease incentives are offered very much on a case-by-case basis, and will usually be more appealing when there’s more properties on the market than there are businesses wanting to lease them. Some common incentives may be landlords covering fit-out costs, or even a percentage reduction on the monthly lease amount.
Understand Your Commercial Lease
As with most important business negotiations, we recommend enlisting some help from a legal professional who is experienced in commercial leases. This will help you understand your rights and obligations so there’s no confusion during the commercial lease term.
Financial advice may also be pertinent, particular when determining what you can afford and what your business needs to move forward.
Contact Us for Your Commercial Office Space Brisbane Needs
If you’re ready to take the leap into a new commercial office space, get in touch with Northshore Group Brisbane today. We’ll get you the right advice, and match you to an office that can satisfy you needs now and into the future. With a steadily revolving list of commercial office space available, Northshore Group is your number one choice. Contact us today and get the professional advice and service you need.
