Your growing business needs an office suite. While researching the available options, the big question that everyone seems to ask is “How much does this office suite cost?” This seems like a simple enough question that should have a straightforward answer, but don’t be fooled! You will likely be paying for a variety of monthly fees, as well as some onetime costs associated with your office rental. Here’s what you need to know to determine the true cost of your executive office suite:
1. The Fixed Monthly Rental Fee
This is the fee that everyone looks at when considering an executive office suite. Be sure to ask exactly what is included with the fixed monthly rental fee. While some places include receptionist service, kitchen amenities and an allowance toward use of meeting rooms, other providers charge extra for these services. Before you sign a contract, make sure you understand which costs are NOT included in the monthly fixed fee, so that you are prepared to pay for the extras.
2. The Setup Fee
Most office suite providers charge a setup fee to get your internet and telephone service up and running. This fee may include setting up office furniture, or furniture setup may be an additional charge. Be sure to ask what the setup fee includes so that you know what you are getting and can determine any extra setup costs.
3. The Refurbishment Fee
The refurbishment fee comes at the end of your lease, and covers the cost to get your office space ready for the next person. You may not want to think about the end of your lease when you are just preparing to move into your new space. However, as your office needs change, you may not be in this particular executive office suite for the entire life of your career. The time to ask about this backend fee is before you sign the rental contract.
4. The Business Continuity Fee
Another common backend fee is the business continuity fee, which covers the cost of forwarding your mail and phone calls to your new location when you move. This fee covers an important service, because you will not want your business disrupted by your next move. Ask about the business continuity fee up front, so that you will know what you are signing up for.
5. Compare the True Monthly Expenses When Choosing an Executive Office Suite
As you determine the true cost of your executive office suite, you should have a two-part list for each option that you are considering. The first part lists recurring monthly fees, while the second lists onetime fees at the beginning and end of your contract. A sample list will look something like this:
Recurring fees:
- Monthly rent
- Monthly telephone and internet service
- Reception services
- Kitchen amenities
Onetime fees:
- Initial setup fees
- Refurbishment fee
- Business continuity fee
Armed with information about all costs associated with your rental, you will be able to determine the true cost of renting an executive office suite. This will allow you to compare apples to apples and determine the best option for you. Knowing the true cost of your office suite will also help make a choice that fits within your company’s budget.
If you are considering renting an office suite from YourOffice Ballantyne, then now is a great time to sign a lease with us. We are currently offering two months free rent! Click here to learn more about this offer or call us to schedule a tour and learn more about our executive office suites.
