Choosing office space to rent in Sydney might make you feel overwhelmed with never-ending choices.
There are indeed plenty of flexible office space options for corporates and professionals, from private offices to collaborative spaces such as shared offices and coworking hubs.
To help you gain a clearer sight before deciding the best new office space for your business, we've rounded up 5 important factors to evaluate during your search.
1. Office location
Without a doubt, the appeal of a location is one of the most important factors to consider when it comes to choosing an office space in Sydney.
Having local appeal is a big selling point for Sydneysiders, not only for staff, but also for regularly visiting clients or partners. Being situated in an upmarket area will help give off a desirable impression. Take the time to research different areas if you're not sure which is the most appealing for your business.
So, which location in Sydney is best for your office? Let's consider three of the most popular locations for office spaces in Sydney: North Sydney, CBD, and Barangaroo.
Each of these locations has their perks, but it may be that the unique characteristics of one area are better suited to your business.
3 of the most popular locations for office spaces in Sydney:
North Sydney holds plenty of appeals, for both business and leisure. It might be most well-known for Bondi Beach, but it's plenty equipped for business, too - there were more than 16,000 registered businesses in the North Sydney Council area in 2019. It's a great area for schools, public transport, internet access, and it's considered a safe place to live and work.
Primarily a working area, North Sydney is bordered on the north by Cammeray and Crows Nest, on the east by Neutral Bay, on the south by Lavender Bay, McMahons Point, Kirribilli, and Milsons Point, and on the west by Waverton.
Sydney Central Business District
Sydney Central Business District (known more commonly as the CBD) spans from Circular Quay south all the way to King Street, and is a buzzing hub that currently hosts more than 23,000 businesses.
It's estimated that economic activity generated in the CBD was around $132.7 billion in 2017 and 2018. There is a number of suburbs a short bus or train journey away from the city, and some are within a walking distance, including Annandale, Darlinghurst, Glebe, Ultimo, Newtown, Chippendale, Paddington, Redfern and Haymarket.
Barangaroo located between the CBD and Sydney Harbour, is a financial, cultural and retail hub, and has seen a recent development costing an excess of $6 million. It's home to some of the most luxurious real estate in the whole of Sydney, and as of 2017, some of the businesses that had already set up base there included Westpac, Gilbert & Tobin, Swiss Re, KPMG, Lendlease, HSBC, Servcorp, and PWC.
It's easy to see why Barangaroo holds much appeal to businesses in the finance sector, with it being dubbed as Australia's financial future. The costs of living in Barangaroo is higher than other area, but transport links are excellent, with many trains and buses offering transportation directly into Barangaroo.
2. Financial considerations
When choosing an office in your preferred location, it's wise to review your business' budget carefully. Some things that will help make it easier for you to manage your finances while getting an office space, including flexible terms and all-inclusive pricing. But ultimately, your budget will play a big part in your long term rental office solution.
Real estate tends to be on the higher side in Sydney as compared to other Australian cities and districts, but North Sydney is slightly more affordable than Barangaroo and the CBD.
3. Employee location
How do I select an office location? Well - the location of your business' employees is another factor to consider when choosing where to base your office space.
Consider if your office would do better in one region over another because it’s closer to your other branches, departments, or important business affiliates; because it’s near service facilities or vendors that your business requires, or because it will be easy for staff to commute to like this convenient location in the CBD. It helps to draw up a personal list of office location criteria, rank it by preference to help you better reach your decision.
What facilities and services do you need in an office? Here’s a checklist of office space amenities that could be important for your company:
Fully furnished (fitted out office) with ready-to-use utilities.
Advanced network infrastructure, like private IP network and secure access systems.
IT services and supports, such as setting up Wi-fi subscription with a fast connection.
Unbranded reception area
If you need all of the above amenities, private and shared office in flexible workspaces like serviced office and coworking space typically provide such facilities. Take a look at what your options look like here.
Besides facilities and services, office design also plays a factor in making a space comfortable to work in. Some office spaces for rent in Sydney offer large windows for natural lighting and proximity to nature like green spaces or a waterfront, such as in this office space Barangaroo.
5. Room to expand
The final factor to consider when choosing an office space to rent is your room to expand. You might have a relatively small team at the moment, but if your goal is to grow quickly in a relatively short space of time, you need to choose an office that will allow you to do so.
Look for a flexible workspace that provides plenty of room for new additions to your team. Many serviced office providers will allow you to amend your rental terms to rent additional office space within the same building or move from a smaller space to a larger one with minimal fuss, time, or effort.