Why You Should Consider a Small Office Space
In choosing an office for your business, there are some important things to consider before making a decision. While you may want to stretch out in a spacious office, you’ll want to factor several variables to determine if that’s the best choice for you. In many cases, depending on your business and needs, a small office space may be just what you need!
If you’re seeking an office space in Columbus, HER Realtors has a wide range of styles and sizes to choose from. Whether you decide on a larger space or intimate area, you can browse our small office spaces in Columbus, Ohio to find the best fit for you.
We’ve outlined 3 important factors to consider when finding the perfect office space for your business.
Location, Location, Location
It's An Age-Old Adage for a Reason
Location- Such an important variable, it’s become a mantra for any business owner. Even if you aren’t opening a retail or consumer facing business, location is still an important variable. When looking for an office space location can still impact your decision in many ways.
- Is it convenient to commute for yourself or any possible employees?
- If you have clients coming in, is it convenient and easy to find?
- Is their convenient and affordable parking available nearby? This impacts your bottom line as a long term cost.
- Some locations will have a higher cost per square foot than others, is that cost worth it?
- Is the neighborhood safe?
- Are there amenities like coffeeshops or eateries nearby? What about a gym or bar for after work happy hours?
You’ll want to consider all these answers when finding the right location for your office. Sometimes a smaller space in an ideal location will be the best fit to keep everyone happy with their work environment.
Is the space worth the price in the long run?
On average in Columbus the cost per square foot is around $20/ sq foot for commercial property. This will vary by location and amenities. Without question the price of an office space is going to be the top priority in picking your office space. Spending too much will have obvious consequences, but spending too little may leave you having to find a new space and cover the costs of moving sooner than you hoped.
When determining your budget here, you’ll have to factor in location. A smaller space that provides a more ideal location could be a promising solution. This will largely depend on the type of business and your priorities in what you need from your office. You may choose to spend more for a smaller space in a better location to meet all of your needs. Even in a less desirable location, saving money on the space will make a big impact in this long term line item you’ll be paying for for the duration of your business.
Ask yourself these questions when determining your budget:
- Are there any hidden costs you may be missing? (Maintenance, utilities, parking, renovations, permitting etc)
- Is the price for the space in line with similar spaces near by?
- Can you afford at least a three month rent deposit / mortgage for this space?
Be sure to compare the space with similar options to decide if you’re getting a fair deal. When budgeting be prepared for hidden costs and emergencies based on the space’s price. When it comes to price a smaller space will always save you money compared to similar options. This can be the biggest advantage to choosing a smaller office space.
Location and Budget Will Impact the Size Office You Choose
The rule of thumb is to aim for 70 square feet per person working in the space. This can vary based on your business of course. If more storage is needed you may need to allot for a larger allowance. Depending on your business you’ll also want to consider if you’ll need a waiting room or reception area, or dedicated meeting space. But anywhere you can save on size will help you in getting the best price and location for your needs.
If you’re a new business owner it may be smarter to plan for taking time to grow. If you can save costs early on as you go through the growing pains of growing your business, you can upgrade once you have a sustainable revenue stream established. There’s no reason to go big too early and waste dollars on space you don’t need yet.
As long as you can provide the minimum of 70 square feet per person, you should have enough space. Nowadays you can also consider a flexible work schedule for you or your staff. Many people are accustomed to work remotely. This can reduce the amount of space needed by reducing the total number of people in the space at once, and many employees and even yourself will appreciate the flexibility to work remotely as needed.
Whether you choose an open concept, cubicles, or private offices, the perfect office is out there for you!
There are many factors to weigh when finding the best office space for your business. If you’re a newer business your smartest bet would be to aim for the smallest space that can meet your needs. The long term savings can help you build a strong financial foundation to grow and expand as time goes on.