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08.03.2016 Back to Blog articles

Renting Out Your Spare Office Space

Renting Out Spare Office Space. Is this the Biggest 'No-Brainer' of All Time?

Office space, like property, is a sought-after commodity right now. And if yours sits in a prime location, it could have the same earning potential as a London bedroom. So whether your office has full-time spare space or some of your employees only work in the office part-time, why aren’t your desks collecting money instead of dust?

Compare prices locally

Firstly, it’s important to know the price of your spare desk or space. If it sits in a good neighbourhood, near public transport, with parking or even just a desk with a view, you could be charging more than you think. List the correct value by looking at the price of other offices in your area and make sure you state everything that comes with it, such as private meeting rooms, community spaces, and equipment.

Adding value

Also, think about the different services you could offer with your space. One of the main reasons people choose to rent an office is to have a professional postal address and phone line. If you can offer both as well as receptionist services, your desk becomes even more valuable.

Trust is so important

Finding a trustworthy person to share your office space with is vital as it could lead to a regular, secure income. But it’s not just the money that could benefit you. If you choose a complementary business or freelancer to work alongside you – rather than a competitor – you could use each other’s services at a discounted rate. What’s more, it’s typically entrepreneurs and start-ups who are the ones looking to rent a desk or office space and having these types of people around could give you fresh insights and ideas. At the very least, it’s a networking opportunity and you’ll make a contact.

Attracting the right people

Start-ups usually don’t want to get tied down to long leases because of the financial risk. If you can offer a rolling monthly agreement, you could attract the right people and it means you’re not contracted to anything long-term. Also, if it works better for your business, you could only rent during peak times.

Letters of agreement

Before you rent out office space, check the terms and conditions with your landlord and consider creating a letter of agreement between you and those renting from you. It’s also important to assess how private your files and network needs to be. Renting means giving non-personnel access to both and so you will need to reassess your security measures. However, here at Share My Office, we can help you find the right person to share with.

And even if you can’t see a spare desk in your office right now, think about how much you are really utilising your space. Can you fit in one extra desk? Are some of your employees working from home part-time? The market right now is extremely valuable, and we can help you turn that spare space into extra cash, creativity and contacts!

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