A Step-by-Step Guide to Renting Out Your Office Space for Extra Income
Understanding the Potential of Office Space Rentals
Did you know that you could earn extra income by renting out surplus office space that you don’t make use of? Office space rentals are extremely popular right now and if you’ve got space to offer there could be income waiting for you.
Preparing Your Office Space for Rent
Preparation is key when it comes to renting your office space. Take the time to set things up correctly from the start and you’ll be ready for success at every step.
Assessing the Market Demand and Identifying Your Target Tenants
When you’re preparing your office space to rent it’s useful to assess the market demand. Understanding what’s required by potential tenants and the type of office space that is most in demand will allow you to determine how you can best serve their needs.
Consider who your target tenants may be. This will be specific to each business and each office space as different working environments will work best for different people.
You may want to rent your extra office space to an individual or freelancer who works alone and simply needs a quiet space.
Equally you may prefer renting to creative workers or those within a similar industry to you to help promote collaboration and networking opportunities.
Enhancing the Aesthetics and Functionality of Your Space
First impressions count. Make sure that your office space is well presented and polished wherever possible.
Enhancing the aesthetics will increase the chances of renting your extra office space to high quality tenants who will take care of your space and help to keep it clean and tidy.
Consider adding extra touches such as framed prints on the walls or small, manageable plants on desks to improve the overall appearance. A well-presented workspace can also help promote productivity and wellbeing.
As well as looking good it’s important that spaces are functional. Any extra office space that you rent out should be carefully thought-out design wise.
Make sure that potential tenants have easy access to plug points to charge devices as well as a direct route to their desk unobstructed by your other team members.
Providing Value-Added Services and Amenities
Idle assets such as your extra office space can earn you extra income - especially when you’re able to provide value added services and amenities.
Potential tenants will be far more likely to choose your office space to rent if they are able to enjoy extra services and good quality amenities.
Offering Flexible Lease Options and Tailored Solutions
Individuals and businesses looking to rent extra office space are usually looking for maximum flexibility. Whether it’s a freelancer who simply needs a space to work outside the home, or it’s a business that is expanding in size but can’t yet commit to bigger premises - flexibility will be key.
Being able to offer flexible lease options will increase your chances of renting out your extra office space.
You should also consider providing tailored solutions based on the needs of the potential tenants - find out what they need and consider whether you can accommodate it.
Providing Access to Shared Facilities and Networking Opportunities
Your office space is likely to already benefit from facilities and amenities which you can share. Renting out office space that you already have means you can provide a space that is already set up with facilities such as refreshments, high speed internet and printing.
Depending on the size of the team in your office and the nature of your business you may also be able to offer networking opportunities to those looking to rent a space.
Whether it’s casual conversations in your breakout areas or regular social events that you invite people to take part in, networking can be key to business growth.
Ensuring Smooth Operations and Tenant Satisfaction
Potential tenants are most likely to want an office that they can move into quickly and easily to work effectively as soon as possible.
To ensure tenant satisfaction, it’s important to make operations smooth and efficient.
From taking the time to consider the exact tenants you can accommodate, to providing clear, open communication throughout the rental process, it’s essential to work to achieve maximum satisfaction on both sides.
Rent Out Your Unused Office Space With Spacepool
At Spacepool we can help you transform your unused office space into a stream of income.
Renting out your unused office space with us is an exciting prospect - let us talk you through the process and help you through at each step.