Looking for office space is a very complex task because there will be many factors that you will have to take into consideration. First of all, you should find a good location that will be accessible to most of your clients. Secondly, you will have to think about the monthly cost of the rent and create a budget. The cost of your office space will depend on your current financial situation and the annual income of your company. But be prepared to spend between 2% and 13% of your income on the rent. So how can you minimize that cost when renting commercial space in Las Vegas? Although there are certain things on which you shouldn’t try to save money, it is still possible to reduce the cost when renting office space.
The cost of renting commercial space in Las Vegas
In recent years Las Vegas has seen an increase in population as well as job opportunities. Therefore, it has been a high demand on the need of rental offices leading to a decrease in the availability of commercial spaces. With a limited number of offices for rent many landlords have increased the rent prices. In 2022, the vacant rate of rental offices was 15.4% with an average cost of $33.08 per square foot. But the cost varies and depends on factors such as location and the type of lease you choose. For example, if you choose full services lease, the rent will be higher. Maybe at first, it seems that you should avoid this type of lease but in the long run, it may be beneficial. This is because you would have included services from professional companies such as Peak Services to maintain the building and your commercial space.
What are the ways to reduce the cost?
Still, if your business is in a place that doesn’t allow you to get a more expensive type of lease at the moment there are ways to reduce the cost when renting commercial space in Las Vegas. The best way to do that is to sign up for a contract that doesn’t include the maintenance of the building. But be aware that would mean that you would have to search for experts to take care of the building as well as the area around it such as turf cleaning North Las Vegas services on your own. This might be a good way to save on the rent if you are just starting a business and your company is not profitable yet.
Consider downsizing your office
Every business owner would like to have a spacious office. Especially if you are in a business where the clients would have to visit your workplace frequently. Still, one of the ways to reduce the cost of your rent is to downsize and rent to a smaller office. Take into account that it is important to create a good and efficient working environment for your team. So make a floor plan and think about the size of the office that you will actually need for your business. Also, if you are currently renting and your lease is about to expire do research on the rental offices offers. Even though it is easier to just renew the contract with a little effort you might be able to find more affordable office space.
Negotiate your lease when renting commercial space in Las Vegas
There is no doubt that negotiation is one of the most effective techniques to lower the rent price. Especially if you are owning the company for a long time and you had rented multiple office spaces before. This will show the landlord that you are a serious and responsible candidate therefore you might get lower fees. But if you are in the start-up business it is recommended to hire a broker. Brokers know the local market and have experience in the negotiation process.
Whether you decide to rent on your own or hire a broker make sure to start your search on time because time plays a crucial role in the negotiation process as well. And lastly, ask to get a lower rental price if you pay a couple of months upfront. This might be one big investment at first but it will help you save money when renting office space in Las Vegas.
Find commercial space that uses green energy
Another great way to reduce your rental cost is to search for office space in a LEED-certified building. This will help you save on your utility costs and your electricity bills would be lower which will lead to lower rental prices. With the advancement of the solar industry, there are many buildings in Las Vegas that can offer this kind of solution. Just make sure to read your contract carefully and find out whether commercial solar panel cleaning services are included in the maintenance fee or not. If your company goes solar and becomes eco-friendly there is no doubt that you will be able to save money. And you would be able to utilize it on a marketing campaign or other activities that could help you promote your business.
Renting vs owning office space in Las Vegas
When you are thinking about lowering the rental price you should consider owning your commercial space as well. For start-up businesses, this would be definitely a big investment so renting commercial space in Las Vegas would be a better option. Especially because you would not have to worry about building maintenance, turf cleaning Las Vegas services, or property taxes. But if you have a stable business consider investing your capital in buying a commercial property rather than spending it every month on rent. That way you would be able to one day maybe even rent that space and increase your funds.