Is Now the Right Time to Lease an Office Space?

With the pandemic affecting economic activity and an increasing number of employees working from home, many companies are downsizing their offices. However, there are companies that cannot make remote working a permanent feature. 

A number of businesses are considering blended models where physical office space still plays a role in gathering and sharing ideas in person. 

Both startups and mature companies starting in new markets may want to take advantage of the current lack of demand to get a really good deal when leasing an office. When the pandemic is under control, commercial real estate is likely going to rebound sharply. 

Get a prime location 

When you lease an office space, you want to find a location that’s easily accessible to your clients and employees. It also needs to be in the right location. By leasing a space, you have the opportunity to rent in an area with a prime location and the right image for your business. 

If you’re looking for budget office space in NYC, has fully equipped office space and the rent includes a range of essential services that makes setting up a business in New York faster and easier than ever. 

Negotiate a lower lease amount

If offices for lease in your area are plentiful, you may be able to negotiate a lower lease amount. Lease payments are also tax-deductible. If you pay a lower amount, this frees up capital to allocate to other business areas that will help your business to grow, such as marketing and employee training.

Reduce expenditure

Leasing can reduce business expenses associated with the initial renovation and equipping of an office. It is particularly helpful for new businesses if they can find offices with internet, telephones, manned receptions, equipment and facilities. 

Removing all the difficulties associated with setting up an office allows them to focus on what they do best. Landlords may even pay for certain utilities, such as waste management or water, as well as for housekeeping. Many office spaces for lease also provide 24-hour security.

Enjoy flexibility

Leasing an office space also offers a good deal of flexibility as there are easy-in, easy-out solutions. If your business grows or a newer or better property becomes available, you can move out. You can also include an option to renew the lease in the lease agreement. You may even have the option of reducing or adding to the amount of space you rent at short notice. This helps if you need to downsize or you are growing fast. 

If you own a building, you will need to sell if you move. Many owners end up losing out when they sell. The same factors that may make them want to move may affect the resale value of the property. 

Don’t worry about building maintenance 

When you own a building, you have to constantly invest money for maintenance. With a leased space, the property owner has to make any upgrades, updates or repairs. As the tenant, you are insulated from unforeseen costs such as a roof leaking or cracks in the walls. You can concentrate on your business without all the distractions of trying to maintain the property. 

Think about shared offices

Another option to consider is a shared office space large enough to accommodate two or more small businesses. Each business has its own space but the cost is shared. It is possible to rent a shared office on temporary, flexible terms or on a conventional lease. It can be a great idea for businesses that collaborate or work closely with each other. 

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