How to shop for a new office: It’s a lot easier than you think
Posted On July 25, 2021
There are some perks to shopping for a brand new office space, like the ability to save up for months and pay less for a property.
That’s the case for designer department stores like the Urban Outfitters in the U.K. and Bloomingdale’s in the United States, which offer to pay for the cost of space upfront, and then tack on up the rent if it’s a good fit for your business.
In the U, the concept is referred to as the “designer space” and has become increasingly popular.
“Designers can choose the location of their space, the number of bedrooms and bathrooms, and even the size of the space to suit the individual needs of their clients,” the Wall Street Journal writes.
“The designer can also choose the type of office, whether it be a small or large one, and how much space they want to reserve.”
The ideal studio space, though, is often far more expensive than a typical office, and can result in expensive office space rental fees for designers.
In a survey of 10,000 designers, one in 10 (9%) cited the cost as their main barrier to building a new space, while one in five (19%) cited that they’d already had a previous space.
“For designers who are currently renting office space for a limited time, this can be particularly challenging,” the study found.
“Many designers, particularly those who are in the creative-design industry, are faced with the prospect of having to either make some serious capital investments in a new building or be unable to make the necessary rent.”
That’s why, in order to save money, designers should consider the space’s value in terms of its location and whether it’s actually a good use of space, according to a post on the Urban Living Blog by one of the survey participants, Kate.
“This can make it difficult to decide which one of these two buildings to buy, as it is more likely to be a viable option,” Kate wrote.
“I’d recommend the former, and definitely the one with the better views and lower rent, over the one without.
It also makes sense that you should be saving for this because it’s so important that you get your money’s worth from your business, as a designer.”
The study also found that some designers were able to save $100,000 or more over their initial purchase, while others were forced to take a loss.
“You can make a lot of money in a year by selling an office, but not all of it,” Kate said.
“If you’re making money from this space, it’s the right time to invest.”