Office space and buildings are categorised under commercial properties. This category of property type are found in most cities in Nigeria like Port Harcourt,
Lagos, Abuja,Uyo, Ibadan, Owerri, Enugu,Onitsha,Warri,Asaba and the rest of them. The environment of each of this cities are developed to an extent with commercial properties that enhances business functions with intense economic and business activities taking place on daily basis. As such there is high demand to rent office spaces by individual, private organization and pubic corporations.
One of the priorities of any new and expanding business is to rent an office space to function it's business activities privately, effectively and at ease on daily basis without hitch. Also, to ensure the business is accessible by clients in need of its service, to build clients trust in investing in the business, to contribute to the growth of the business and creating an organized and integrated system of workplace suitable for the comfort of employees and to generate revenue for the business.
A better understanding of what to check before renting an office space is important for individual business, private organization and public corporations so as to know the effect it has on the effectiveness and growth of the business.
Therefore it is adviceable that before renting an office space, check for this:
- Check and choose a suitable location:
Location is considered to be the first priority that should be checked before renting an office space. For real estate investors, it is one of the factors that is taking into consideration because it affect property values and for business owners /entrepreneurs it is one of the factors that is taking into consideration that affect the value and growth of the business.
Renting an office space is usually for business purposes and the aim of every business is to generate revenue.
So if you rent an office space to do business in a location that is not visible to capture clients and command sales, it will only result to the downfall of the business.
For instance, renting an office space located at a bending corner of a street to do business can be a wrong choice and decision because it may not be visible and will not capture clients as expected. Another issue on this is the inability and inconvenience of parking space for your client if there is no sufficient parking space within the premises of the office building. it can be stressful.
Also, there would be poor visibility of your business advert board when it is placed on the wall of the commercial property especially for private car owners driving along that street and possibly looking for a service your business renders.
So the best decision is to rent an office space on a major street or central business centres where it is visible to everyone passing by depending on the kind of business that you want to embark on that would require an office space.
- Check the rent of the office space:
You would agree with me that paying for an office space with high rent for a startup business is not an ideal business strategy. Also, ask yourself this questions does the office space worth such rent?. Can the business generate an income that will cover the next rent for the office space?. Sometimes business do have some shortfall due to economic situations that are unpredictable which may have an effect on the business.
Therefore ensure to rent an office space for your business that you can afford to pay the rent at ease irrespective of any circumstances.
- Check for internal and external space.
Irrespectively of the kind of business are you are embarking on, there is need to check for space. Is the internal rooms and offices spacious enough to accommodate the free movement of my employees?. Are there sufficient parking space within the premises of the office building for my employees and clients?. Is the office spacious enough to allow ventilation flow?.
In a situation where the business grows and clients increases, can the space within the premises accommodate them?. Can the space be utilized to suit my office settings?.
Therefore space need to be considered in commercial properties because of the business purpose the building serves that would cause the inflow of people into the building.
- Check for size of the office.
Sizes and space are not synonymous. Sizes includes the internal area of the office rooms while space includes the internal and external area of the office building.
In most cities within and outside Nigeria, the rent for commercial properties is determined by the size of the property which is measured in square metres. For instance, a 150m2 of an office space may go for a rent of #850,000 per annum or a 200m2 of an open hall may go for a rent of #1,500,000.
So the bigger the size, the higher the rent of the office space.
Therefore go for a sizeable office space that adequate and suitable for your business, employees and the style of your off if settings.
- Check for facilities
Facilities installation in an office building is very important and ought to be checked when renting and office space for your business.
Facilities such as good water and electricity installation and distribution, fire extinguishers, water springlers, fire alarm system, an exit door in an emergence situation of fire outbreak, an elevator or lift in the commercial office building. A standard commercial building should have all this facilities to ensure the safety and movement of the occupants.
But it is quite unethical that owners of some commercial buildings of 5 floors and below do not see the need for installation of the facilities maybe it is because they are expensive to install. Although commercial buildings with this facilities installed usually have a rent that differs from those that don't.
So the decision to either pay or not to pay for a office space with this facilities installed will depend on the nature of your business and the numbers of employees.
Thank you for reading and for your
time. We hope to have been able to satisfy your curiosity on what to check when rentin3g an office space in Nigeria.
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