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Choosing office space
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June 19, 2000: 9:51 a.m. ET
The nature of your business dictates the kind of environment you'll need
By Jane Applegate
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NEW YORK (CNNfn) - Dear Jane: I work for a small technology consulting firm in Milwaukee. We want to open another branch in another city. Should we share space or rent our own office? What are some of the pros and cons?
The type of space to rent for your new branch office really depends on one issue: Do you need glitzy office space to impress clients or just a comfortable place for your people to work? If a luxurious office in a prestigious location is important to your image, I would suggest sharing space with a compatible firm, rather than renting your own space. Consulting firms, accounting and law firms often have extra office space available and are willing rent it out on a long- or short-term basis.
These space-sharing arrangements benefit everyone because in exchange for paying a portion of their overhead costs, you'll have access to their office equipment, conference rooms and professional help in the form of a receptionist or secretary. Make sure, though, that there is adequate parking for your employees and clients, so there are no surprises after you sign the lease. Be sure that you can install the phone, fax and Internet access lines you need to keep in touch with your home office and local clients.
Because you can't predict whether the new branch office will generate revenues quickly, it's prudent to keep your office expenses under control. To test the waters in a new market, you might want to set up shop in an office building designed to serve several small businesses under one roof.
There are many companies that rent shared office space or conference rooms around the globe. HQ Business Centers, for example, offers international video conferencing services, beginning at about $200 an hour. It sounds pricey, but a well-produced videoconference certainly costs less than a trip across the country or abroad. You also can use the video conferencing services to keep in touch with the home office.
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