Are you wondering whether to buy or rent office space in Austin?
The decision over whether to buy or lease office space can be perplexing for most small business owners and entrepreneurs. If you inquire from a professional real estate broker, they will most likely tell you that it depends on certain circumstances.
The reality is that there is no “one size fits all” solution when it comes to this critical business decision.
Of course, if you don’t have enough money to buy a commercial building, the decision becomes simple.
However, leasing may be the best option in any case. According to statistics, the majority of new entrepreneurs begin by leasing office space. So many business consultants recommend leasing your workspace until you get on your feet and your company begins to profit.
Read on to learn about the 5 benefits of leasing office space in Austin.
1. High-Quality Office Spaces
When searching for an office building, you must understand the office building type you are searching for. Typically, office space for rent in Austin, Texas, is classified as A, B, or C. These classifications are different and are classified depending on the building’s ability to attract tenants.
Class A Office Space
Do you want a prestigious office building in Austin? Then go for class A office space.
These offices will give you the status and amenities you are looking for, but rent will be significantly higher than other office spaces. These buildings will offer you a state-of-the-art building systems, modern technology, and other amenities like covered parking, gyms and on-site food service.
Class B Office Space
The office types are suited for the average user. Typically, rent will be average.
The office buildings are also well maintained, though some finishes may be outdated. You may not find the amenitiies of class A space, this is more utilitarian..
Class C Office Space
If you seek value and functional space, Class C are office spaces to rent. Rent is typically below Class A and B; the buildings may be significantly dated or outside the preferred areas of town. They are the least desirable office spaces in Austin, TX and typically attract non-profits and small businesses with no customer facing activities.
2. Superior Office Locations
When choosing an office space, location is the key. But do you know where to rent office space in Austin? Well, Austin has several major office space submarkets. They include:
The Central Business District and the East Side
This is where you will find most of the high-rise, Class A office buildings.
Despite being expensive, offices in downtown Austin will offer you the convenience of being in the hub of the city, with restaurants, coffee shops, public transportation, happy hour locales and an energized working environment. The trails around Lady Bird Lake provide a good place for recreation for your talent. We often recommend this part of town if your employee base is comprised of young professionals or those seeking an urban experience without personal transportation. However, downtown is susceptible to heavy traffic and low or costly parking supply.
This area is quickly emerging as a second downtown. Buildings in the Domain are new, surrounded by retail and restaurants, and give you the downtown vibe without the traffic and less seedy parts of a downtown location. This area is also developmentally more central as Austin and its suburbs are developing north of downtown and is often the area we recommend if your employee base is professionals with families and their own transportation.
The price is still significantly lower than downtown, is comprised of a substantial number of Class B buildings but is very convenient to the whole of the city. In fact, this area could be considered the center of the demographic area when considering Round Rock and Cedar Park as one marketplace.
This area of town is generally more inexpensive and offers a choice of Class A, Class B, and Class C buildings.
In this area of town Class B, Class C buildings and industrial warehouse buildings predominate.
There is a mixed relationship between amenities and rental rates.
However, amenities are an essential factor to consider when researching rental. Offering your employees some kind of amenity is always an advantage in Austin. You can expect to find office spaces with amenities like gyms, outdoor areas, and food courts, among others.
Your business may lose more money and productivity if employees spend a lot of time away from the office. Furthermore, people have a complicated life; though it can be tough, you can make some things work to make your space more attractive to your employees.
For instance, having close amenities such as physician offices may allow them to take care of their daily lives without the need to take a day off. You may be tempted to think that adding amenities will result in a higher rental rate, but that is always not the case.
4. Renting Is a Hassle-Free Option
When you rent an office, your landlord will be responsible for maintenance, remodeling, security, and other management issues.
You will need to acquire technology, desks and chairs for your employees. When determining the budget to set for your office furniture, you should consider:
- Whether you can repurpose what is in your existing office
- Quality of furniture acceptable
- The flexibility you need for your new employees
5. Proximity to Prospects, Clients & Vendors
Austin office spaces allow employees to be close to a safe residential area and live free of logistic hassles. It is important to consider how close the office is to your other employees, clients and vendors. A heat map can help decide the ideal location for your current employees.
Rent Office Space in Austin Today and Reap the Benefits
Renting office space in Austin can come with a lot of benefits. You can find quality office spaces in proximity to employees, clients and vendors. There are indeed many reasons you should rent office space in Austin.
Before diving in, your first step should be finding the best tenant representation broker in Austin who can help you find a space that matches your needs and budget. Tenant representatives are generally paid by the landlord’s representative so will work on your behalf without cost to you.
At Austin Office Space, we are corporate real estate advisors and are dedicated to helping you find the best office space in Austin, TX. If you want a successful lease negotiation, we are also the right real estate advisors.
Contact us today to help you rent office space.