Your Quick Guide to Renting an Office in Vancouver
Palagon Office Space
The outlook for small businesses in Vancouver is looking good. According to the most recent data from The Canadian Federation of Independent Business (CFIB), the CFIB Business Barometer measuring the 12-month confidence level of small business owners edged slightly higher in December. Despite external cost pressure, business owners are optimistic about the next 12 months with many reporting plans to expand operations, increase inventory, and hire new employees. For some, this projected business growth will include finding an office to rent in Vancouver.
Why Small Businesses Need Office Space in Vancouver
There are several reasons why an office rental is advantageous for small business owners. Aside from having a dedicated space for employees to confer and brainstorm ideas without distraction, an office for rent in Vancouver allows business owners to project a professional, polished image to clients, customers, and even the competition.
Guide to Finding an Office for Rent in Vancouver
The ideal office for rent in Vancouver will depend on the business. However, the following steps can help you choose the most appropriate space for your business.
1. Consider the Type of Office Rental
Modern businesses have changed, and with them have the types of office spaces available for rent in Vancouver. In addition to traditional offices for rent in Vancouver, you now also have the option of co-working spaces and serviced office rentals.
Co-working spaces and fully serviced offices are particularly well suited to small businesses that may not yet have the capital or stability required to enter into long-term leases. Co-working spaces allow firms to rent a room, or just a desk, every month. These types of offices might appeal to small companies or freelancers who don’t require a dedicated space or the privacy of an office. A fully serviced office for rent in Vancouver is the midpoint between a conventional office and a co-working space. Businesses can rent a single private office or a group of offices in a dedicated area. Rental terms in these business centres are generally flexible enough to allow companies to grow (or reduce) the space as needed.
2. Pick a Preferred Location
Vancouver offers a diverse range of business neighbourhoods each with unique appeal. Whether your focus is on an address in a particular district, commutability for employees, or scenic views, understanding your location needs will help you narrow your search while ensuring you get everything your business and employees need from an office space.
3. Calculate Your Space Requirements
Office buildings and business centres offer a range of office sizes. Your ideal officer size will depend on how you plan to utilize the space, for example, individual offices versus flexible desk space, the number of employees you anticipate will occupy the space over the next 12 months, and accommodation for any type of special equipment or furnishings your team requires.
4. Find the Right Building
Once you have chosen an office type and a location and have a general idea of your space requirements, you can narrow the search for a suitable building. In addition to the factors that you have already considered, the right building will be one that can offer the amenities you desire within a price range you’re comfortable with.
Offices for rent in Vancouver fall within three categories of buildings;
- Class A buildings offer the most amenities, prime locations, and modern, renovated spaces and typically come at the highest price.
- Class B buildings have many of the same features as Class A, however, they may be situated adjacent to prime locations or have yet to be recently updated.
- Class C buildings are generally older buildings that provide few amenities and are located in less desirable areas.
5. Negotiate the Lease Terms
After finding the perfect office space for rent in Vancouver, it’s time to negotiate the terms of your lease. Most buildings have standard rental agreements, but if you want additional clauses or features in your rental agreement, it can be beneficial to ask as long as your requests are well-researched and in line with similar rentals.