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Keeping the costs of your office space down 

On Behalf of | Aug 24, 2022 | Real estate transactions

Your company has been up and running for a few years now, and it’s growing all the time. You’re thinking about taking the next step and moving into a new office space. 

However, it’s still important that you cut costs where you can. An office space that doesn’t reflect your needs could end up costing you money rather than amounting to savings. Outlined below are a few ways that you can make your new office space cost-effective.

Does your contract offer flexibility?

Before signing a commercial lease, you want to make sure that it offers you the flexibility that your company needs. For instance, can you really commit to a 5 or 10-year term? Is it possible that you may need to upgrade more quickly than that? Maybe you’re thinking of ways to streamline the company, so might even be looking to work towards a smaller and more modern space. 

It is vital that your rights are backed up by a watertight contract, but you also want to make sure that legal arrangements don’t keep you tied down in a place where you don’t want to be. 

Can you share a space? 

Small businesses can gain a lot from working with one another. One thing you may want to consider is sharing an office space with another firm. This can help to reduce costs, as bills will be shared. 

Nonetheless, you want to make sure that all parties know exactly where they stand. Who is responsible for building maintenance and upkeep for example? How will you divide the shared costs of running the building? Who has access to which areas? 

A new office space could be just what your company needs. Before making any firm commitments, it may benefit you to seek some legal guidance so that you know your best interests are being protected.