How Much Does It Cost to Rent a Small Office Space?
Having a small, dedicated office space outside of your home can make all the difference when it comes to the overall productivity and growth of your business. Here’s a guide to the reasons to rent a small office space, how to make your way through the rental process, and the key question: “How much does it cost to rent a small office space?” Just read on for all the details on this smart business decision.
Why should you rent a small office space?
First and foremost, having an office space away from home is a huge benefit when it comes to avoiding distraction. If you’re like most people, your home isn’t necessarily a quiet, serene sanctuary. Instead, you may have roommates, pets, children, and more all vying for your attention or creating distracting noise. Plus, general messes can be a huge distraction in and of itself, and that’s not always the easiest to avoid if you’re as busy as the average person. Being able to get away to an office space that exists purely for work can make all the difference (although we hate to say it, but it won’t address that supreme distraction that is the internet — that’s all about willpower).
Another benefit of having an office space is that it helps maintain work-life balance, which is essential to overall quality of life. Having your home be your workspace means you have a clear divide between the time when you’re supposed to be working, and the time when you’re supposed to be taking care of personal concerns or simply relaxing and unwinding.
This is another area that’s majorly affected by the internet, too — it’s made working from home a possibility in so many cases, which is considerably more convenient and accessible for lots of people. However, this also means more chances to be drawn back into work when you’re not supposed to be working. With an office space, you can make a clear division: to dedicate your home time to home concerns, and your work time to work. Your family will probably be much happier with this arrangement, and it’s better for your mental health.
That’s not to mention that an office space is ideal for meetings. In general, it’s much more professional to meet co-workers, collaborators, and clients in a real office than it is to meet at your home or in public locations like restaurants. Doing so will represent your business in the right light, helping you and your brand to project an image of competence and trustworthiness.
How do you rent a small office space?
First of all, figure out what your budget is for an office space, and whether it’s the right choice for your needs. Consider that in the process of paying for an office space, you’re likely to encounter other costs as well — these might include costs like cleaning, utilities, and other important services. Then figure out where the best general location would be for such a space — what’s convenient for you as well as anyone else you’ll be working with on a regular basis?
Once you’ve decided on a potential space to rent, be sure you understand everything in the lease before signing, and decide if the lease is the right length for your needs (for instance, you don’t want to sign a multi-year lease if you’re not sure you’ll still need the space after all that time). Once you’re sure that all of these details and any other relevant logistical concerns are in order, go ahead and rent your chosen office space!
Another alternative, if you’re looking for a more short-term option for renting office space, is to try Peerspace. As the internet’s top destination for locating event spaces, it’ll make the entire rental process a snap — from finding your chosen office space to contacting the host and renting it out. There are thousands of listings throughout hundreds of cities across the United States, so you’re quite likely to find a space that suits your budget and the needs of your business.
To search on Peerspace, simply enter your chosen parameters, including the kind of event you’re planning (in this case it’ll likely be a meeting, work session, or perhaps a team-building exercise), the location of the event, and perhaps the date if you’ve already decided on it. Once a set of listings has popped up, you can narrow things down even more by a number of useful criteria, such as number of attendees, price per hour, type of space (we suggest checking the “Office” box), additional features (from pianos to pools), and other useful keywords that might come to mind.
Once you’ve set detailed parameters for your search, Peerspace makes it a breeze to choose the right office space. Hosts offer numerous high-quality photos of each space, detailed descriptions of all its key features, and even reviews from past renters describing their experience with it. Rather than wasting time visiting offices that aren’t a good fit for your needs, you can figure out whether it’s likely to be the right choice without leaving your home. And after looking over the detailed listings, Peerspace makes it easy to reach out to hosts and discuss your plans for renting your chosen office space.
Here just a few examples of the many awesome small office spaces on Peerspace:
- An industrial conference room and and off-site space in downtown Atlanta (~$79 per hour)
- A comfortable Georgetown day office in Washington, D.C. (~$40 per hour)
- A luxurious office, conference room, and waiting room set in a professional suite in Chicago (~$100 per hour)
- A trendy startup office with a green patio in downtown Austin (~$250 per hour)
How much does it cost to rent a small office space?
We can’t give you an absolute answer to the main point of this article, which asks: how much does it cost to rent a small office space? But for longer-term rentals, as you’re browsing your options online, you’ll typically find that prices are listed per square foot of office space (per month or per year, generally). And most employees will need at least 100 square feet each for basic comfort and productivity, so you can multiply the most common per-square-foot cost for your area by 100 times the number of employees you have to understand how much space you need. As we mentioned above, don’t forget to account for additional costs for utilities and important services like trash removal and so forth.
The typical price of an office space varies from less than $2 to more than $6 per square foot, per month. The monthly cost of an office space in New York City is greater than $6 per square foot, while the cost is as little as $1.74 per square foot in Atlanta. Chicago is around $3 per square foot, and Dallas is roughly $1.92.
As you can tell, the prices vary so much by city that you’ll really have to do some digging to figure out what’s available in your city and make an estimate of how much it’ll cost you to rent an office space. Using a resource like Peerspace helps cut down on the time of research and back-and-forth correspondences with management.