Tips for Finding Affordable Office Space for Rent 

In every new business, the inevitable happens: you must face the reality that you need more space. Whether it’s more room for new ideas, your growing team of employees, or equipment to meet the rising demand of your start-up, you need a cost-effective headquarters or a affordable office space for rent that fits your workflow requirements and your budget. 

Luckily, there are budget-friendly, inexpensive and affordable office space to traditional office leases, which are notorious for inflexible, long-term contracts. Consider the following tips to cut down on office rental costs as you venture into your next step as an entrepreneur. 

Benefits of an affordable office space  

There are many benefits to having an affordable office space. First and foremost, it is cost-saving in the long run relative to the fixed terms and costs of a traditional office space. As demand for flexible offices evolve overtime, workplace strategies for corporate and business professionals have shifted considerably in light of changing environmental factors, personal preferences and the increased prevalence of hybrid work arrangements.

As a result, businesses are increasingly looking for affordable and sustainable workspaces with flexible lease terms that can help establish a positive brand image and accommodate the latest technology or support fundamental to the well-being of their staff. It is worth noting that flexible workspace and coworking workspace often provide ample networking opportunities among business professionals. 

How is office space price calculated? 

In the process of searching for affordable office space for rent, let’s first look at the three starting factors that affect office rental prices:     

Location

A rule of thumb is that commercial office space is the most expensive in central business districts, no matter which city you’re in. Office rentals on the borders of these business areas are more affordable, and once you reach outskirt areas with less transport connectivity, the prices drop considerably. 

Building grade

Commercial real estate follows a widely accepted tier classification to rate overall quality and key features. Buildings can be ranked as Class or Grade A, B, or C: Grade A indicates high-end construction and renovation, grand architecture, an array of building amenities, and updated technology. Grade C properties indicate older, out-of-date construction and furnishings, a lack of amenities, and/or poor maintenance. 

Number of employees

Your headcount, i.e. the black and white of how much square footage you’ll need, is another essential factor that determines your office space rent. 

Consider if you need a physical office 

Before you commit to a space that stretches your margins thin, it’s worth asking if you really need an office space yet for your entrepreneurial venture. An affordable virtual office may suit your current needs better, especially if you want the flexibility of keeping the team remote or working while travelling. Also called a virtual address for business, with this service, you get: 

• Business address 
• Mail handling
• Company phone number 
• Call answering and call forwarding by a receptionist team
• IT solutions 
• Access to other value-added business services like meeting rooms, copying, printing 

Types of Affordable Office Space 

There are various types of affordable office space that can cater to businesses of all sizes and across many different industries. As market fluctuations may have an impact on team size, locations and lease terms, our holistic range of flexible workspace allows for better control over fixed and variable costs, upfront CAPEX and ultimately, the mitigation of business risks. 

Serviced offices 

One of the most cost-effective options for flexible office space is serviced offices. These business centres offer private offices with shared common space, and their biggest draws are the included amenities and fuss-free contract terms. Compass Offices offers serviced office rentals starting from as convenient as one month, which include: 
●    Meeting rooms 
●    Third-space networking lounges 
●    Pantry 
●    Cleaning and maintenance services 
●    Printing, copying, and other business services 

Day Desks in an Affordable Shared Office Space 

A day desk in a shared office is a great way to benefit from the professionalism of a formal, fitted out workspace without committing to a contract. Our U-Desk gives you a dedicated desk at one of our Compass Offices business centres for an entire day, with complimentary beverages and administrative services (supplementary fees apply to the latter). 

Choose an Affordable Co-working Space 

Companies in their beginning stages don’t usually need compartmentalised offices yet; co-working space is highly affordable and perfect for these start-ups or agencies who are also looking for networking opportunities with like-minded entrepreneurs. This affordable shared office space comes with access to common areas like meeting rooms and lounges in certain Compass Offices locations. 

Additional Cost Saving Tips  

The following section introduces a number of cost saving tips and strategies: 

Smart space planning 

Possibly one of the simplest ways to snag affordable office space is to find a smaller workspace and do some smart space planning. With an open-plan office, you can more effectively utilise the floor plan. 

Combine this with a flexible work culture where teams are encouraged to work remotely for certain days of the week, and this will have the additional benefit of upping employee satisfaction and well-being. 

Entrepreneurial accelerators 

Business accelerators or business incubators are programmes that provide mentorship and practical resources to start-ups in their early stages. These programmes typically last three to six months. On top of receiving venture capital funding and training in an entrepreneurial accelerator, start-ups can also receive office space. These types of affordable office space can be a good opportunity to cut costs and network with other new, exciting businesses at the same time. 

Conclusion 

If you’re ready for the next phase of growing your business but unsure what type of affordable office space is best, contact our team. As business leaders focus on future proofing their office space to better address any impending and unforeseen challenges.

Flexible workspaces offer a great solution for businesses to optimise their real estate commitment in alignment with their business and operational needs. A new agile, purpose-driven office can bring many benefits to both the employer and employee and ensure that real estate can keep up with the changing needs of businesses.

As a leading office rental provider in APAC, we’re your partner in securing flexible offices or custom workspace with a lease term that makes the most sense for your company.