Scanning the online listings for office space rentals, potential renters see the monthly rental cost as the only figure listed. But is that the total cost of office space when leasing?
Not by a long shot, and we are going to dive into the total cost of office space rentals in this insider article by Paddock Place Office Suites, serving the Greater Fort Worth area with alternative office space for a fraction of the cost of traditional office rentals. Call us at 817-439-3224 for more information.
The monthly cost of office space rentals.
Traditional office space rentals are listed as so much per square foot per month. The price per square foot is determined by the particular market where that office is located. Los Angeles office space is considerably more expensive than Lawrenceville, Kansas, office space.
For example, office space listed at $2.00 per square foot, per month, would cost $2,000 per month for a 1,000 square foot office. This is a fairly straightforward computation, and it is the only cost potential customers see when they search listings.
But there is more to consider!
Secondary costs of office space rentals.
What do the utilities cost? What will signage cost so that customers know which business is located in a particular office? What will insurance cost? What will Wi-Fi cost? And then let’s talk about furnishing and decorating that office.
The secondary costs we just mentioned can easily cost $1,000 or more per month, and the signage and furnishings and decorations can take another $5,000-$10,000 out of your budget before you ever open your doors for business.
Definitely something to consider, and yet it is amazing how any potential renters never give these things a second thought before renting. Suddenly, that $2,000 per month office space mentioned earlier will be costing at least $3,000 per month with an initial cash outlay of $5,000-$10,000 . . . and . . . signing the rental contract will cost first and last month’s rental fee plus a damage deposit in more cases.
Again, definitely something to consider as you prepare to look at office rentals.
There is an alternative to traditional office space.
There is, however, a much-less expensive alternative, and that alternative is called shared office space, or coworking space, and it is quickly becoming a viable alternative for those with tight operating budgets.
Shared office space is an alternative where you only rent an office space by the month and share that office space with other entrepreneurs. If you only want to rent for one month, or two, that is perfectly fine and does not affect the monthly rental fee. In addition, since this is not your office space, per se, you do not have to decorate it or pay for signage or pay for insurance or furniture.
And that utilities are included in the low rental fee.
How low? At Paddock Place Office Suites, our coworking space rents for $550 per month, and that is your total rental cost. As you can readily see, this is an extremely attractive alternative for a business owner who does a great amount of work remotely, and only needs an office for a few months per year.
$550 per month, and minimal secondary costs, vs $2,000 per month plus utilities plus signage plus decorating and furnishing . . . definitely something to consider, wouldn’t you say?
A final word about Paddock Place Office Suites.
Paddock Place Office Suites is located in the Fort Worth Design District, North Fort Worth, and we are open for business. Call us and arrange for a tour of our coworking space. We are locally owned and operated, and we would love to solve your office space needs.
