Real estate costs are typically one of the highest business expenses. But luckily, there are affordable office spaces available that won’t break the bank.
On flexible terms, you can find shared space, coworking locations, meeting rooms, and private office space for rent.
Sublease
When your company is ready to expand, a sublease can be affordable. It also lets you keep your lease term and avoid breaking a contract.
A sublease is an agreement between a tenant and a third party that allows the original tenant to rent out part or all of their space. The new tenant pays the sublessor and, in some cases, may also pay the actual landlord.
Finding available office space near me to sublease can take time and effort. You can find office subleases on sites and by searching social media marketplaces for listings such as “going out of business” or “expanding.” Remember that some landlords prohibit tenants from charging enough CAM fees to make a profit. The sublessor can still charge a reasonable leasing price to help offset their costs and cover upkeep expenses.
Coworking
Coworking is one of the most popular options for remote and freelance workers. It offers a professional office environment outside your home or coffee shop that instantly boosts your team’s credibility and professionalism with clients.
A coworking space also provides a sense of community that can take time to achieve with remote work. You can even find spaces that offer networking events and other perks to keep members connected and engaged.
A typical coworking space will provide a primary lounge area outfitted with furniture and technology like printers. Some coworking providers go a step further and offer private areas for “focus work,” phone booths for calls, ready-to-go meeting rooms, and more. They also typically include a variety of other perks that you would expect to find in a leased office space, such as cleaning and catering services.
Shared Space
Many neighborhoods offer inexpensive office space according to per square foot asking rents, which can be compared on online databases.
Office space by the hour is an excellent option for remote workers who need external office space for back-to-back meetings, a change of scenery, or to host interviews and client visits. These offices usually come with all the amenities you’d find in a traditional workspace but at a much lower cost.
While you can find office space by the hour on sites, a commercial real estate broker can often access more and screen listings for you faster.
Outdoor Offices
If you need help finding affordable office space close to you, try setting up a garden shed or converted playhouse in your backyard. This option eliminates your commute time and allows you to separate your work from your home life while keeping your work within reach. A sit-stand desk is an excellent addition to your outdoor office, and studies show it helps increase productivity while improving posture and short-term memory.
Another cost-effective solution is to rent office space by the hour. These spaces are ideal for back-to-back virtual meetings or when you need a change of scenery away from home.
