You are interested in leasing office space. You go online and you see an ad for office space for lease at $2.50 per square foot, or for that particular property $1500 per month. But that is just the beginning of any discussion about the real cost of leasing office space, and in this article we will take you through a list of secondary costs you must consider.
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Now, a realistic cost estimate when leasing office space.
Utilities and WiFi
What will it cost for your utilities and WiFi? It is entirely possible these will run you three-or-four hundred dollars per month, definitely an amount you must consider. Ask neighboring business owners what they pay for the utilities for their offices.
Insurance and legal
The landlord will have insurance on the office you are leasing, but for sure you are going to want your own insurance to cover your own business items and equipment. At the same time, consider any legal fees you will pay in having a lawyer go over the rental agreement, which we highly recommend.
Furnishings
Office space to rent comes empty. You will have to furnish it. Whether you purchase office furniture, which is expensive, or you rent office furniture, you will have to budget for that upfront or monthly cost.
Telephone system
How many lines will you need when you rent office space? What will they cost? And, while we are at it, what will a receptionist cost, someone to answer those phones?
Security
How much security do you need? Perhaps the property owner already provides security, but chances are you will have to upgrade. Do you want security cameras? Do you need better locks on the doors? How much are you willing to pay for peace of mind?
Signage
A new location means having signs made to announce your business arrival. Interior signage, exterior signage, and all other marketing signage needed for the new location. And while we are on this topic, what will the marketing campaign cost when you open a new office? Surely you will want to announce it to the public. Budget for that announcement!
Any property improvements needed?
Check the leasing contract. Who pays for property improvements you might need for your office? If the landlord pays for them, fantastic, but don’t bet on it happening? And know this upfront: property improvements are costly.
Those are the main costs you need to consider before you rent office space in your area. A word to the wise: budget for the worst, be happy for anything less than the worst. It always costs more than the business owner thought it would cost when leasing commercial property for rent. Be warned and be prepared!
Call RDS Real Estate
RDS Real Estate is a trusted name in the Fort Worth business community. We are locally owned and operated, just a Texas company hoping to help other Texans realize their dreams. Call us today and ask about the creative solutions we have in mind for your commercial property needs.