Australia’s commercial real estate scene is as complicated as others in the world. Those looking for office space in premium locations can expect to find out-of-this-world rental costs, but at the same time, they can also expect to find some really great deals, especially when occupancy rates are low and landlords are looking for businesses to fill their buildings. Then, there are newer workspace styles that provide businesses with the flexibility of using them in versatile ways and a lower cost.
For start-ups and other businesses, now is the time to look for premium rental office space simply because there is so much from which to choose. Not like even a few years ago when businesses really had very choices, the landscape is filled with different types of offices and leases that do not tie you down to lengthy or impossible terms. Finding a rental for your business has gotten much easier, especially for start-ups, in Australia’s vast real estate market.
Keep reading to learn about some of the things you might not know about renting office space in the country’s major CBDs.
Conventional Office Space
Finding suitable office space has become much easier simply because there are so many different types of workspaces available to lease. Conventional office space provides businesses with a lease in buildings in and around the city. These spaces can come with or without furnishings and really the leasing terms depend on the landlord. These spaces are typically more expensive to lease because, in addition to the rental, businesses are expected to pay utilities and for the numerous amenities that come with running an office.
Alternatively, there are serviced offices that can run the gamut in terms of providing private office space to leasing out an internet connection with access to onsite conference rooms. The virtual office and coworking spaces have become popular workspace formats that allow businesses to inexpensively lease space with the latter being shared space. Ultimately, these newer formats are making it possible for smaller businesses to place themselves closer to premium locations.
Leasing contracts for conventional office space can last for as little as one year and can be as long as seven. Leasing a conventional office space can work to your benefit because landlords are likely to reduce the rent when renters commit to a longer time, for example, five or seven years. Alternatively, serviced office contracts tend to be a lot more flexible and shorter with some being month-to-month.
Common Space Versus Office Space
Regardless of the type of office you are leasing, renters should pay attention to the leasing terms, especially when it comes to determining what is considered common space that is used by everyone and office space that is used by the renter. Your lease and landlord will clearly spell out what is common space and what is not. This is important because sometimes common space is not covered where repairs and maintenance are concerned.
How To Determine Size
Occupancy rules state that businesses should plan to rent space that can hold 10sqm per person in the office. However, they should also include square metres for any furnishings and cabinets in the building. For renters looking to lease a conventional way, this is one way to figure out office space.
Factors To Keep In Mind
There are so many things to keep in mind when looking for office space in Australia’s vast landscape. However, for smaller businesses and start-ups, there are ways around searching for office space without the hassle. The serviced office industry can be a permanent place to work or haven until your business has established itself.