As your business continues growing, you will soon find yourself in need of new office space to accommodate your team and make room for further development. However, finding a home for your organization can be quite challenging, as any business is different and has very different needs and goals. Using a virtual office or working out of a home office might be the cheapest option, but it can damage your credibility and legitimacy, as research showscustomers are more likely to consider a brand trustworthy if it has an actual physical address and office space.
Co-working spaces are becoming an increasingly popular alternative, as they are generally deemed a more flexible and cost-effective option, yet many companies still prefer to lease their own commercial space and personalize it so that it fully reflects their brand values. With so many factors to consider, including location, size and price, and with other alternatives available, is signing a traditional office lease still a viable option nowadays? Below, nine leading members of Forbes Real Estate Council explain why a traditional leasing agreement is important and how it can help your business.
1. Create Brand Recognition
“Lights, Camera, Action!” Signing a traditional office lease will put your company brand in the spotlight. Your business will have instant “free” advertising by hanging your sign/logo on the building, decaling windows with a website/phone number and your business name can be listed on Google Maps. If cost concerns you, simply rent out extra space and profit by offering co-working space to others. – Angela Yaun, Day Realty Group
2. Increase Productivity And Creativity
The value of providing a shared space to your team is undeniable. What’s important to remember is that signing a traditional lease doesn’t mean you’re confined to traditional thought. Having a common space brings diverse minds together to get creative ideas on the table. With a whole team under the same roof, brainstorms become far more productive and idea sharing can happen on-the-fly. – Frederick Townes, Placester
3. Improve Your Google Local Online Presence
If you want to have have a Google local, which is extremely important to your online presence take a traditional office lease into consideration. Google does not approve locals for businesses using any type of short term or co-mingled office space like Regus or Instant Offices. That being said, if you are a local service, this is definitely something you want to consider. – Hillary Hobson, Highest Cash Offer
4. Lower Expenses Over Time
Traditional offices are usually cheaper for a longer term leases. With most co-working spaces, you’ll have to pay for a la carte services (like renting a conference room, administrative costs, etc.) in addition to the rent. These costs can quickly add up over time. – Susie Algard, OfficeSpace.com