No matter where you set up your offices in the world, one of the main focuses that you should be considering is the cost.
The world is a lot smaller than it used to be and connecting with colleagues and clients halfway across the world has never been cheaper or easier than it is now. If your business can run and deliver products and results online, location might not seem like something you should spend too much time thinking about, but the truth is, location can be the difference between success and failure.
It may be tempting to simply choose a city that you’d quite fancy living in, like London for example. But extremely high living costs can be a killing blow to a growing company that is looking to expand.
Renting space can add up to a costly venture and the finances of your company should not be overlooked lightly.
To help you make your decision, we take a look at what you should be prioritising when looking to rent office spaces to make sure you get the best deal for your money.
It sounds obvious but the location doesn’t matter if you don’t have enough space to actually host your business. Larger cities will be very accommodating for you and you will find a wealth of options but you need to ensure that you also give yourself plenty of space to grow, without it costing you more than you can afford.
You need to carefully consider the amount of floor space you are likely to need in the immediate future as well as for possible expansion or growth.
This is something you should be thinking about, whether you are a sole trader or a large corporation.
Location within location
Once you have chosen a city to set up an office, the actual location within the city is your next biggest priority. You want to surround yourself with similar businesses, as well as finding a spot that is easily accessible for your staff. Cities like London and New York have excellent public transport options, although it is beneficial to consider an area that is simple and easy to get to, while still offering the best opportunities for collaboration and growth.
Many cities now encourage and incubate businesses to allow businesses to bounce ideas and help each other grow collaboratively. You need to be thinking about what businesses you want to be near and spot the opportunities that present themselves in order to get the most bang for your buck.
While many office spaces will have a fully furnished floor plan that you can simply move into, some will require you to bring in your own desks and chairs. For those of you who are excited by the prospect of designing and buying the furniture to match the vision you have for your office space, be mindful that costs are likely to rack up once the process begins.
We have written extensively on guides to help you design an office, which you can read here.
To understand more about the costs of renting office spaces across the world, Kit Out My Office have created this handy infographic to get you clued up.