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Business Centre / Office Space / office space for lease

How to find and rent downtown Toronto office space within your budget

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Finding and renting a downtown Toronto office space that is within your budget is not as difficult as you think. Just follow some simple steps.

Step 1: Estimate your budget
This step may sound like a no-brainer, but some people skip this step and end up with office space that they eventually find out that it is beyond their budget. By establishing your budget, you will save yourself a great deal of time during your search. Part of establishing your budget is deciding if you are looking for raw office space that will require you to purchase office furniture and equipment, or if you want to rent a serviced office space that comes with office furniture.

Step 2: Figure out how much space you need
Do you need a small 500-square-foot office or do you need 5,000 square feet of space? Calculating how much office space your business needs is not an exact science. The general rule of thumb is to allow anywhere between 125 and 225 usable square feet of office space per person. This, of course, depends upon the type and style of the business and the workspace layout. In addition to square footage, the number of permanent offices and rooms required will also aid in an efficient office search.

Step 3: Find 4 or 5 quality office-space options
You can go through a broker in your area to find office space, or you can do your own search on sites like SpaceList or even Craigslist. Once you have a number of spaces to consider, you should then narrow down your search to 4 or 5 quality office-space options. Once you have narrowed your choices, make a point to visit you office space options. Be sure to visit all of them, not just one or two.

Step 4: Select The Office Space That is Best For Your Business.
After weighing your options and reviewing your notes against your initial criteria of needs and wants, make your choice and select the office space that is best for your business. This sounds like a simple task, but without all your legwork and notes it can be difficult. Have a list of questions before you start your search and use it as a checklist.

Step 5: Negotiate your lease
The office space listed price you have chosen may be within your budget, but that does not mean you should just blindly sign the lease or rental agreement. If you are signing a lease, what are the terms in length of stay? Could you sign up for a shorter term? (a shorter lease is better for you in case rents in your area fluctuate, or it turns out to be an unfavorable location). If you cannot easily break a long lease, what are your options for sub-letting? Most importantly, you want to know of any hidden costs that are mentioned in the lease and often overlooked.

Conclusion
Whatever office space you choose for your small business, be sure to remember that the space you require also needs to have a reception area and staff/break room. These are features which are included when you rent office space with an office business centre – and that you do not pay extra for on a per-square-foot basis.

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