Whether you’re starting your search for a new office due to lease expiry, you need more or less space, or you just simply want to know what options are out there, there are 5 key points you should consider before and during your search for office space.

How much does it cost to rent an office in Australia?

It’s important to have a realistic and complete understanding of the cost of office space. As with most things the more premium an office is, the more premium the price. Moreover, there are many additional factors that influence the cost of an office. These include the location, the quality and standard of the fit-out, and the size of the office.

Flexible Office Price by State

According to Rubberdesk’s Australian Flexible Office Price Guide, at a State level, New South Wales (NSW) and Victoria (VIC) account for over 74% of the flexible office space in Australia between them, with Sydney and Melbourne CBDs respectively the largest centers. North Sydney follows, with Brisbane not far behind and growing fast.

When it comes to price, NSW is the most expensive per person per month for private office space, boosted by the amount and rates found in Sydney CBD. Victoria follows and WA is the third most expensive per seat.

Do I want a leased or serviced office?

Deciding whether you need more or less space, the length of the lease and whether that’s in a serviced or a leased office is always going to be challenging. That’s why it’s necessary to thoroughly compare both options so you can be confident in your decision.

Key points of difference between a Leased and Serviced Office include:

• Length of Term
• Pricing
• Discounts / Incentives
• Bond / Bank Guarantee
• Fit out
• Branding
• Space per person

Be sure to do your own research or reach out to a Flexible Workspace Operator / Broker for more information.

Are flexible work arrangements impacting our need for more or less space?

According to the recently released joint report by Essensys and Flexible Workspace Australia (FWA), Australian office workers remain reluctant to return to the office full-time. And driven by the acceleration of working-from-home policies due to covid-19 lockdowns, as we move into 2023, the workplace will remain employee-driven.

Research conducted by Deloitte Access Economics and the Australian National University found that 54% of employees think that flexible working is at least as important as a 5% pay increase. Despite these changing employee expectations, it is important to understand that whilst the role of the central office has changed, it remains vital for organizational culture and growth.

John Preece, Chief Property Officer at Hub Australia states that,

“The HQ Venue will be an important part of that ecosystem, but it will be significantly smaller and significantly better than the traditional office of the past.”

So, as part of establishing the why, when, and how of the ‘new’ office, managers must reassess their current workspace needs to better fit their current work model. If only half of your employees are in the office on any given day during the week, perhaps downsizing to an office with flexible terms where you can take more or less space as you need is the better option.

Does our current office have the tech capabilities needed for employee success?

As part of your workspace reassessment, it’s also important to recognise where your office can be improved from a technological standpoint and understand how investing in this can help attract employees back to the workplace. According to the Essensys and FWA joint report,

“57% of office workers say that their office building ISN’T EQUIPPED for a flexible, seamless, agile work experience.”

A practical and perhaps more affordable solution to improving your workspace technology is by renting an office in a premium coworking or serviced office space. Many coworking spaces such as The Work Project offer a range of benefits including top-of-the-line technology infrastructure to enhance productivity and facilitate collaboration.

How do I find the office that is right for my business?

If you’ve taken some time to think about each of the previous points in this guide, the next step to finding the space that works best for all aspects of your business is by touring a range of offices. Create a wish list of what you want, factors such as a specific location, the type of office, or what sort of atmosphere would your team work best in.

Then we suggest reaching out to a Flexible Office Space broker to help you compare the entire market.

This article appears thanks to Rubberdesk Australia