Should You Rent a Private Office? The Small Business Owner’s Guide to Private Office Space In a post COVID-19 world, businesses are realizing the value of in-person office work vs. work-from-home or remote setups. In a private office, teams are significantly more productive, engaged, and collaborative. If you’ve decided to get back to the office, […]

The post Should You Rent a Private Office? The Small Business Owner’s Guide to Private Office Space appeared first on CRE Knowledge Base.

Read More at: https://crekb.com/private-office/
Questions? Contact: creknowledgebase@gmail.com

Should You Rent a Private Office? The Small Business Owner’s Guide to Private Office Space

In a post COVID-19 world, businesses are realizing the value of in-person office work vs. work-from-home or remote setups. In a private office, teams are significantly more productive, engaged, and collaborative.

If you’ve decided to get back to the office, or are ready to lease an office space for the first time, you may find the array of office options overwhelming. There are a range of unique office arrangements that small businesses can benefit from — traditional, co-working, flex spaces, and executive suites that are also referred to as private offices all cater well to small businesses needs.

A private office for rent allows you to work more efficiently and effectively as you’ll have a dedicated work space to operate your business. This option offers individual or small teams affordable and flexible lease terms, greater control over space use, and a chance to take their professional life back into a more formal context.

In this guide, you’ll learn what a private office is, how much it costs, and whether it is the right choice for your business.

Covered in this article:

• Private Office Space for Rent – A Guide for Small Businesses
• What is a Private Office?
• Private vs. Traditional Office Space
• Pros & Cons of a Private Office for Rent
• Use Case for Private Office Space
• How Much Do Private Office Spaces Cost?
• How to Rent a Private Office
• Find the Right Office Space for Rent

What is a Private Office?

A private office is your own executive suite that is separate from all other offices in a commercial building. This type of office space has its own door which you can lock, as opposed to an open, shared coworking space.

Private offices are often located within larger shared office spaces, such as executive suites or business centers. Thus, allowing you to rent the exact amount of office space you need, versus paying for unnecessary square footage. This can save you a great deal of money, especially if you’re just starting out or your business is seasonal.

Private offices are often serviced offices that give businesses preferable benefits, including lease term flexibility. Amenities may include move-in ready suites that are fully furnished, a common area receptionist, reservable conference rooms, tenant lounges, kitchen and break rooms with free coffee & snacks, a business mailing address, printing equipment, and more.

With a private office, your business benefits from the features and legitimacy of a professional office space.

Private Office vs. Traditional Office Space: What’s the Difference?

In contrast to a co-working space, or traditional office, a private office differs in layout, size, and price.

Layout – Private offices come in a few layout options. You will get your own door, which gives you the all-important option for privacy and seclusion. Many will have a window for natural light and enough floor space to offer various furniture configurations and setups.

Size – Generally, private offices start at around 100 square feet and can go up to 350 square feet or more. If you’re working by yourself, 100 square feet should be more than enough. But if you’re with a team, you’ll want something closer to 200 square feet and up.

Keep in mind that these are just guidelines – you may find that you need more or less space depending on the type of work you do.

Price – Private offices are often used by entrepreneurs, start-up owners, small business owners, and more due to the flexibility. While getting privacy and control in an official office setting, you may pay slightly more for the square foot you use, but still less than renting a more substantial portion of the office or an entire office floor or building.

The coworking dynamic is still easy to achieve when renting a private office. Often, there will be more than one executive suite in the same building, as well as traditional office spaces leased by bigger companies. This makes it a good bridge strategy for a growing team.

With other professionals in close proximity, it’s easy to collaborate on projects or bounce ideas off each other. Private offices offer growth and networking opportunities that will be hard to replicate when working remotely or from home.

Pros & Cons of a Private Office for Rent

Is renting a private office right for you? Here are five pros and cons to consider.

Pros

Opportunities to network – Some of the most valuable networking opportunities can come from renting a private office. By having a permanent space to work, you may run into other business professionals who are in the same situation as you. This gives you the chance to build relationships and exchange ideas on a regular basis.

Increased productivity – Renting a private office allows you to have your own space where you can concentrate and be productive. A study by the University of Sydney found that employees who had their own offices were more productive than those who did not, and they also took fewer sick days. Having your own office also allows you to personalize your space to suit your needs, which can further increase your productivity.

Enhanced image and branding – A clean, well-kept office is essential for impressing clients and giving off the right professional image. When you rent an office, you have control over the space and can ensure that it meets your standards for branding. For example, you can choose to have your company logo printed on the wall or on the door, or you can select furniture and decorations that match your brand colors. You can also use your office space to host events or workshops related to your business.

Improved communication between team members – One of the benefits of renting an office is that it can improve communication between team members. When everyone is in the same space, it’s easier to have impromptu meetings and informal conversations. This can help to keep projects on track and ensure that everyone is on the same page.

Privacy – One of the most significant problems with working from home is a lack of privacy. Family members and housemates can interrupt at any time, and there is often no dedicated space for work. This can make it difficult to concentrate and be productive. Having an office can help to solve these problems by providing a dedicated space for work, taking calls, and having meetings.

Cons

Cost per square footage – Renting a private office can have a higher cost per square footage than a shared coworking space or “hot desk” arrangement where you don’t have a dedicated desk or office space.

Limited space – Some private offices for rent can be relatively small, and may not fit your entire team.

Some options are unfurnished – While many private offices come fully furnished with everything your company needs, others are unfurnished. In these cases, you’ll need to provide your own equipment and furniture.

Availability – Private offices are quickly becoming highly sought-after, so availability may become a challenge as more and more people return to work.

Use Case for Private Office Space

What kind of businesses benefit from renting a private office? We’ve seen a range of success stories across many industries. Here are some examples:

• Private physician practice
• Insurance agent
• Law firm
• Physical therapy
• Financial firm or accountant
• Real estate agency
• Graphic design firm
• Recruitment agency
• Counselor/therapist
• Personal trainer
• Ad agency
• Consulting firm
• And more

How Much Do Private Office Spaces Cost?

Rent for a private office space often depends on square footage, location, and amenities. Executive office suites range from 100-900 square feet, with furnished and unfurnished options available.

In general, a commercial real estate lease for a private office space can range from around $8 to $25. But a private office space through a flexible office space provider can cost much less.

How to Rent a Private Office

Renting office space can be easy with providers.

Step 1: Start by identifying the right type of space for you, determining how much office space you need and your ideal office location.

Step 2: Find an office space that’s available and meets all your criteria.

Step 3: Work with professional commercial leasing agents. They can help eliminate the stress of finding an office space, letting you focus on growing your small business.

Find the Right Office Space for Rent

If you’re looking for a convenient, low-stress, and low-risk option for office space that provides shorter-term leases and lower overheads than a traditional office space, leasing a private office may be the best solution for you.

The post Should You Rent a Private Office? The Small Business Owner’s Guide to Private Office Space appeared first on CRE Knowledge Base.