Everything You Need to Know About Private Office Rentals

Private office rentals are an increasingly popular workspace solution for businesses looking for a new base. Typically part of larger coworking locations, these private offices offer all the permanence of a traditional office lease, with none of the hidden costs and increased flexibility.

More companies than ever are exploring flexible working models. In the United States, around 71% of businesses use hybrid business models and expect to maintain this model in the future. However, in order to facilitate this way of working, alternatives to the conventional office space are required. This is where private office rentals come into play.

Private office spaces aren’t just more flexible and affordable for the employer, they bring many other benefits. Access to shared facilities boosts productivity among employees, while open-plan spaces and communal areas enhance collaboration. Keen to tap into the perks of private offices? Below, we’ll take a closer look at private office rentals and why you should seriously be considering making one your next base of operations.

What Are Private Office Rentals?

While typical coworking spaces offer a host of benefits, they’re not for everyone. Open-plan arrangements aren’t ideal for companies looking for a distraction-free work environment, while hot desking doesn’t suit businesses that value continuity. What’s more, while coworking spaces offer a range of shared business facilities, access to these can be limited.

With a private office space, businesses don’t have to contend with any of these drawbacks. Privacy is paramount, with an enclosed office environment that’s separate from other companies and professionals. Additionally, essential business amenities are always readily available, from dedicated internet access to printing and courier services. Private office rentals also offer some scope for customization, making them perfect for companies looking to play around with configurations or expand their space as team sizes grow.

There are numerous types of private office spaces available. Some come fully furnished, with all utilities included in a single price. Others are more similar to coworking venues, offering a dedicated workspace alongside shared access to business facilities.

The Benefits of Renting a Private Office

There are many reasons to consider renting a private office. From unparalleled levels of privacy to maintaining a professional image, private office rentals make sense for any business looking for a space to call home.

Privacy and Concentration

Coworking spaces are all well and good, but those open-plan settings aren’t always the most conducive to concentration. For the hard at work, only quiet will do. Private office spaces afford you this, giving you a workspace that’s free of distraction and disruption. This can enhance focus and improve productivity, while privacy makes it easier to build a more cohesive company culture, away from the influence of other businesses.

Professional Image

Coworking spaces are a great idea for freelancers looking to create a more professional image. However, bona fide businesses tend to require a dedicated space to impress clients, attract talent, and make the right impression. A private office not only provides you with a space you can shape and call your own, it also provides you with designated waiting areas and meeting spaces to welcome and connect with visitors.

Flexible Terms

If traditional office leases are too rigid for your liking, private offices are an attractive alternative. Private office leases tend to be more flexible than standard agreements, giving you the option to secure premises monthly, rather than commit to annual terms. What’s more, there’s the option to upgrade your plan with providers, giving you the freedom to grow as your headcount does or add new amenities to your agreement.

Cost-Effectiveness

In the United States, the average listing rate for a fully serviced office stands at approximately $33.41 per square foot. Private office rentals are altogether more affordable. If you’re looking for a more economical alternative to traditional office leasing, private offices are an obvious choice. In fact, the savings can be considerable if you’re prepared to make compromises when it comes to location and business amenities.

Networking Opportunities

Looking to collaborate with other companies and professionals? When you rent a private office in a larger coworking space, you can. Although you’ll still be able to maintain your privacy, being able to rub shoulders with other businesses brings plenty of networking opportunities. Perfect if you’re looking to branch out, connect with talent, or secure new ventures.

Considerations When Choosing a Private Office Rental

Interested in the idea of a private rental? Before committing to a new location, you’ll want to bear a few key considerations in mind as you consider your options.

Location

Location is everything when it comes to choosing a new private office. In fact, it’s arguably the single most important factor. Having a city center location close to other businesses puts you on the map and makes you more competitive. It also makes you far more attractive to new clients and can help with talent acquisition. Meanwhile, excellent public transport links and road connections ensure you’re as accessible as possible.

However, these central locations come at a cost. An alternative to private offices in urban centers is a private office in a hyperlocal coworking space. These destinations are typically located in more suburban environments, appealing more to the everyday user and employee than clients. That’s not to say they’re more isolated. Instead, these office venues are often well served by public transport links. Additionally, they tend to be far more affordable than their central counterparts.

Facilities and Amenities

A good private office should fulfill a long list of requirements. You’ll need the bare essentials like high-speed internet access as standard, but this is really just the tip of the ice berg. If you want to hammer out new ideas with teams and have somewhere to host clients, you’ll want a venue with access to meeting rooms. You’ll also need to consider shared amenities that contribute to the comfort of your employees. Kitchen facilities tend to be a must, while communal lounges are another enticing prospect to employees.

Costs and Budgeting

Private offices come at a cost. Firstly, you have to consider the rent itself. This is typically calculated per square foot. However, some office rent is calculated per desk. Once you’ve established how much you’ll be paying in rent, you may also need to consider service charges. These are a staple of shared buildings with multiple tenants and cover things like security, maintenance, and the upkeep of shared facilities and communal areas.

Other potential hidden costs include property tax and insurane, along ith security deposits. These can be considerable and put a sizable dent in a moving budget. Finally, there are admin fees to consider. Simply creating a contract or establishing new lease terms can come at a cost.

While all these costs can seem eye-wateringly high, you can often make a saving by choosing to lease a serviced private office in a coworking space. With more affordable rates, flexible terms, and fewer hidden costs, they’re a far more economical choice than the standard office setup.

Flexibility and Growth Opportunities

No matter how much time you’ve invested in finding the perfect office space, you may quickly find you’ve outgrown your current surroundings and need a bigger location. Private office rentals offer a versatile solution for growing companies with changing demands, providing adaptable workspaces that can change as your requirements do.

In a private office, you can easily add more desks to your agreement as your headcount grows. What’s more, you can readily reconfigure existing spaces to better fit the needs of your business. Do you now need regular access to meeting rooms to host clients? Instead of scrambling for use of a shared one, pick a private office provider that allows you a dedicated space. Worried about client confidentiality? Go with an office with its own private entrance to provide you with the privacy you require.

The flexible nature of private office rentals means you can readily add these extras to your agreement, without having to take out entirely new lease terms. What’s more, you’re able to grow incrementally as your business does, meaning you’re not paying 9over the odds for square footage and services you don’t really need.

How to Choose the Right Private Office Rental

If you’ve decided on a private office rental for your next business location, you’re in good company. Private offices offer a host of lucrative benefits for employers and employees alike, but they’re not all created equal. To ensure you’re picking the best one for your needs, make sure you’re asking the right questions of potential providers.

First, take stock of the kind of services and amenities you’ll actually need. Does a provider offer the business services you’ll need on a daily basis? Furthermore, establish whether these amenities will be private or shared between users. If you have a large in-house team, shrewd facilities might be spread too thinly for your liking. Next, weigh up pricing. While private office spaces are often far more affordable than conventional office leases, this isn’t always the case. Compare any hidden costs to firmly establish you’re getting a great deal.

Next, consider the reputation of private office providers. Go with an established provider with a track record of delivering the goods to clients and take note of customer testimonials. Always take the time to actually visit a potential space before signing an agreement, even if online brochures and virtual tours impress. Finally, think about the future. Even if a private office ticks all the right boxes for now, you’re going to ultimately outgrow a space if all goes well and your business succeeds. Ensure you have a space that can be adapted and reconfigured as time goes by and your company grows.

If you’re in the market for private office rentals, why not consider Mindspace’s premier workspaces? We offer a range of private office rentals in some of the most popular cities on the planet. From central locations in the heart of town to more exclusive locations in picturesque surroundings, you’re guaranteed to find the perfect place to set up shop with Mindspace. Keen to learn more about how Mindspace can help you? Explore our tailored office solutions and get in touch with the team today.