Philadelphia is the biggest city in Pennsylvania, with a population of more than 5.7 million. It has a booming local economy with strong job growth. Over the last year, the city has seen the job market increase by 1.2% with future job growth anticipated to be over 28% for the next ten years.
There is also an increase in remote work and coworking in Philadelphia. In 2019 alone, flexible workspace in the city has reached over 1 million square feet and now encompasses more than 1% of all the city’s office inventory. The available office space for rent in Philadelphia is likewise steadily increasing over the years. To ensure you pick the right rental area for your business, follow these five simple tips.
Tip #1: Decide Whether to Lease a Dedicated or Coworking Space
If the business only has a small team or operated by a single person, then coworking space might be the ideal option. These spaces are turnkey ready with chairs and tables, decoration, Wi-Fi, and other common amenities, such as coffee and snack area. Also, it is more convenient and affordable. From an open coworking climate to private offices that fit plenty of workers, coworking space scales to provide.
On the other hand, a company with hundreds of employees may need to consider leasing a dedicated office.
Tip #2: Pick a Strategic Location
The location of the rental office in Philadelphia is essential, especially for those planning to rent a dedicate space. Consider the following factors when selecting the location of office space for rent in Philadelphia:
- Employee demographics: Make sure that the site is near the employees’ home or close enough for the employees to commute. This advantage will help them conserve their energy and prevent tardiness.
- Accessibility: Consider choosing a convenient location that can easily be accessed through public transport, so that clients and employees can reach the office without much hassle.
- Surrounding areas: Pay attention to the buildings and neighborhoods around the office. Is the location safe? Is there any shopping mall, restaurant, and gyms for socializing after office hours? Also, consider the traffic and available parking space.
Tip #3: Consider the Size and Layout of the Office
Business owners need sufficient office space in Philadelphia to accommodate their employees. They also need to think about the sizes and numbers of important areas, including the meeting rooms, break rooms, phone booths, and other dedicated areas.
If the business owners have a tight budget and can only rent a smaller space, they can consider flexible schedules and remote employees.
Tip #4: Additional Account Expenses
When renting an office space in Philadelphia and in any other city for that matter, there are plenty of expenses going into it aside from the actual rental cost. These extra costs can add up if business owners do not account for them in their budget allocation. Business owners may need to put up deposits for utilities and services and buy office supplies and equipment, furniture, and decor.
Nevertheless, some leases in Philadelphia may include utilities, common areas, parking, and security, which help business owners cut down the overall costs.
Tip #5: Make Sure the Lease Is Clear
Knowing what is included in a lease is critical. Business owners also need to ensure that every provision is written clearly in the contract, instead of trusting on a verbal agreement. This vigilance will help business owners save money on additional charges which are not officially stated in their lease contract.
Renting your first office space in Philadelphia can be both exciting and horrifying. The additional expenses can be daunting. Before renting an office space, you need to define your needs and budgets and consider several factors, such as the location of the office and the office’s size and layout. You also need to ensure that the lease is clear and unambiguous.
