Office space for rent in the Reno/Sparks area currently has a vacancy rate of 9.6%. The vacancy rate is one of the metrics considered when evaluating a local economy. A lower rate means the economy is doing better. The Northern Nevada area is experiencing tremendous growth but the vacancy rate is not yet showing it. Office space is often the last category to catch up with growth. But steadily increasing rents for office space is a promising sign. The average rental rate in the Reno/Sparks area is $17.65 per square foot.
The upside to a higher vacancy rate is that business owners looking for office space will more likely be able to find their ideal space at a reasonable rate. If you are renting office space for the first time the following tips will help you choose your perfect space.
Location
When considering location it is important that the office will be accessible to your team. Adequate parking is also something to pay attention to if you will have clients in the office. An ideal location is near the freeway and clearly marked so that it is easy to find.
Size and Layout
When renting office space you will need enough space for your current team and equipment, but you also want to keep some additional space so that you have room to grow. Usually, enough space for a couple extra desks is enough. Also consider the layout that will work for your particular business. Does your team need dedicated offices, or is an open floor plan ideal? Do you need a reception area and/or a conference room? How about a break room? It is important to choose what works for your team as well as a space that is appealing to clients.
Know the Terms of Your Lease
It is important to know exactly what you are responsible for and exactly what the landlord handles. It is equally, or maybe even more important to ensure that all these terms are clearly spelled out in the lease. If the landlord says that utilities are included in rent, make sure that is what the lease says. Never take someone’s word for it.
Make sure to consider the length of the lease. A longer lease may mean a more reasonable rate; but, you need to be sure that your business is stable enough to live out the lease. You also do not want to outgrow your space before the lease is up. Since it is not always easy to predict the future in business situations make sure that you understand early termination options. There may be set fees or options to sublease if you need to make an early exit.
As with any real estate transaction, having a knowledgeable agent by your side is priceless. Lisamarie Wand has experience in residential real estate, commercial real estate, and property management. Contact her here with any questions.