Sydney is undergoing an amazing transformation. In the midst of this transformation, tenants looking for office space might find themselves in a bit of squeeze as the city plans to remove almost 400,000 square meters office space in exchange for residential living and the city’s Metro line. And all of this is happening while the city continues to experience economic growth. Those looking for office space in a place where rents are already high might find the search a challenge.
Sydney’s culture offers entrepreneurs a range of positive experiences while working in either the CBD or closer to the suburbs. In Sydney, as with most business districts, the location of the office translates into the image your business projects to others, especially potential clients. Renters looking for office space in prestigious locations around the city might find themselves stuck in inflexible, expensive leasing contracts, if they’re not clued into all that’s on offer.
Luckily, not is all lost and there are solutions for those seeking office space for rent in prestigious CBD locations. Keep reading to find out more.
Budget
First and foremost, those looking to lease space must know that the rents in Sydney are high. Because of the current space issue, those looking to rent will find themselves competing with other business owners for much sought after office space. As a general rule of thumb, the closer to the CBD where there is access to transportation, the higher the office rents. If you’re planning to lease a space in the Sydney CBD, then expect to pay high rents.
In preparation for your move, renters should budget for all expenses, even leaving a little extra money set aside for unexpected expenses. When reviewing your lease, make sure to jot down all of the services that are included, and not included, in the rental to avoid any surprises at the end of the month. Points to make note of include: fit out fees, garbage disposal fees, fees to have your mail forwarded after vacating the office and penalties related to breaking your lease.
Alternative Office Leasing
The great thing about Sydney is that it has some of the most flexible solutions in office leasing. For one, those looking to work in an office at a prestigious location in the city can do so for a fraction of the cost without sacrificing service or image. Whether you want to enjoy majestic views of Hyde Park or those off Market Street, you don’t have to go broke projecting a professional, polished image.
There is the serviced office option that allows you to occupy an attractive space in one of the most sought-after addresses in Sydney, all without having to incur expensive overheads. However, other alternative leasing options include virtual offices or co-working spaces, which allow you the flexibility of using space on an as-needed basis. These leasing options give renters a professional address, phone number and in some cases, administrative staff without any additional costs. Furthermore, as your business grows, these types of leasing plans allow you to expand your office needs effortlessly.
Industry
Prospective renters should pay attention to which industries occupy space in locations in and around Sydney as it can make a big difference in terms of networking potential. If your business is in banking or finance, you might find working in the financial district beneficial to making contacts, as well as conducting everyday business activities. Those businesses in trendy parts of the city might attract techies and other start-up companies as well. Not that you can’t move to other parts of the city, but it might make the logistics of doing business easier.
Be Patient and Find Your Perfect Space
Sydney’s diverse landscape offers professionals looking for office space many options. For those on the hunt for affordable leasing options in the prestigious office environment that makes up Sydney’s business scene, they can find suitable office space even in this tight market. With flexible leasing options serviced and virtual offices spaces are growing in popularity and are a great way to find a base in the city at a fraction of the cost of more traditional office spaces.
As one of the major financial hubs in Australia, Sydney will always be a draw for business. With a thriving business community and plenty of opportunities, you can be sure your business will prosper in whichever set up you find yourself.