Having a budget is essential; here is what you can expect to budget for for your new office space.
You are on your way to purchasing or renting new office space; congratulations! Having an official, physical location for your business is a sure way to establish trust, a professional image, a place to meet with clients, and an opportunity to bond and collaborate more closely with coworkers. As a hefty investment, it will take considerable budgeting to make sure you are getting the best deal overall. Below are several ways you may need to budget for office space.
Upfront Costs
Upfront costs include everything that goes into claiming and setting up your office suite. It will take strategy to make the unit suitable for your business’s needs; therefore, you can expect to pay for both hard costs and soft costs concerning construction.
Hard costs cover the actual construction of the place, involving walls, flooring, HVAC systems, etc., and will make up at least 75% of the total upfront costs. You may also need to hire services for outfitting IT, security systems, and your company signage. Soft costs cover logistical items like designer services, legal fees, and permits. To help make the project go as smoothly as possible, it may be wise to hire a project manager, which may only take up around 3-5% of the upfront budget.
Ongoing Costs
Your budget for office space will account for both the short term and long term. First and foremost is your monthly budget for the lease or mortgage. If you are leasing, you’ll likely need to put down a deposit upfront. Next, you’ll need to account for utilities such as electricity, water, Internet, and phone usage, for maintenance, such as cleaning and landscaping services, and for property taxes.
Additional Costs
One factor that will alter your office space’s total price tag is its location. Maryland’s properties are generally higher than the national average, but depending on where you are, such as a more rural, more urban, or upscale neighborhood, your commercial property costs will certainly reflect that.
Furnishing the office will be another budget expense. You can save money by creating a group room layout rather than individual offices, in which employees share a long, large table. Even so, it pays to purchase quality chairs, monitors, and other equipment for better comfort and productivity.
Should you be looking for office space in Frederick, Maryland, Clagett Enterprises is now offering! Contact us for more information!
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