Renting office space on a project by project basis provides you with maximum flexibility and affordability. Startups and small businesses can enjoy numerous benefits by renting out office space according to this plan. This is especially helpful if the business has multiple branches.
Even established businesses can benefit from renting office space on a project by project basis. This is in cases where they need to temporarily hire employees on contract. In this article we will go over exactly how to rent an office on a project by project basis.
What Does It Mean to Rent an Office Space on a Project-by-Project Basis?
This is where you establish a temporary rental agreement between your business and a rental company. This agreement contains some terms and conditions regarding the rental space. Depending on these conditions, you and your staff will have access to the rental space over a specific length of time. You can also use the equipment and enjoy the amenities contained in the rental space as stipulated in the agreement.
The rental duration is comprehensively described in the agreement. It can last for any length of time ranging from hours to days. In some cases, it can even be years. Some office rental companies can allow you to extend the terms of the rental contract. This becomes necessary if you should find that the original rental period is not long enough.
Something to think about: Need more flexibility, have you considered renting a virtual office?
How Does Renting on a Project-by-Project Basis Differ from Regular Rentals?
Once you find an office space, you will find that renting office space on a project-by-project basis is different from regular renting due to the rental agreement. According to this rental method, flexible terms and conditions are provided to the company which is renting some office space. These details are described in a contract.
While drafting the contract, you can stipulate that the office space will be rented for a defined period of time. In this case, there will be specific terms for the rental agreement from the very beginning. These terms will provide information about the nature of your rental agreement. The most important detail is the specific duration over which you expect to rent the office space.
You may decide to extend the rental period. In such a case, there is no guarantee that the rental company will comply. This is because they are not legally bound to do so. You can also indicate that the office space will be rented until the project is completed.
If you choose this plan, the payments for the office rental space will be provided on a weekly, monthly or annual basis with no specific end date. In this case, you will not be required to pay for the first and last month upfront. Also, you can cancel the rental agreement at any time you want.
How Do Project-by-Project Office Space Rentals Work?
Today, many companies hire employees on contract basis. This helps the firms to keep their costs low and make sure that they are hiring the most qualified candidates. These companies normally delegate projects on a tight schedule with strict deadlines. In most cases, the deadlines are met. Hence, it is possible for these companies to calculate a fairly accurate estimation of the length of a project.
These companies also rent office space on a project-by-project basis. They draft an agreement with the rental company. Here, the company provides a general idea of the period of time over which they will be renting the office space. This maintains transparency and assists with the billing process.
Renting office space on a project-by-project basis is risky for a rental company. This is because you have the freedom to cancel the contract on a moment’s notice. Therefore, a general idea of the length of time over which you expect to rent the property should be indicated in the initial agreement.
Project-Based Employment Benefits for Businesses
There are many benefits of performing business on a project-by-project basis. Firstly, it saves your company from spending a lot of money on permanent rental agreements or office leases.
You also get to save money because you don’t have to hire employees on a permanent basis for the purpose of completing timely projects.
Operating your business on a project-by-project basis also saves you the effort of having to relocate your business because you are hiring some temporary employees from a different location.
This form of business operation enables you to hire employees from different cities on a contract basis. These employees will still have direct access to all the office equipment which is necessary for the purpose of completing work related tasks according to a set schedule.
How an Office Space Rental Can Help Manage Your Business’s Projects
You can rent some temporary office space in any city around the world for your contract employees. Click here for office rental in Hallandale. Seeing as the office rental is not permanent, you will save a substantial amount of money. The saved funds can be directed to other aspects of your business.
There are many cases where temporary employees prove to be very skilful. This usually leads to permanent positions with great pay and excellent benefits. It also creates a win-win situation for the company and the employee.
When a company rents some temporary office space, the contract employees receive a professional, open plan space where they can proceed with their business with no disruption.
This office space can contain all the necessary infrastructure and services. The employees can benefit from strong Internet connectivity through Ethernet and Wi-Fi. They can also have access to IT support, receptionists, desk space and much more.
Benefits of Short Term Office Rental
Added flexibility with short term lease agreements
When you perform office rental on a short term basis, you make the payments on a rolling basis. This means that you make payments at the end of the month only for the resources that you have used during that time. This enables a flexible payment plan.
It also provides you with an opportunity to meter the resources which you use every month. This way, you can save money. While short term lease agreements are expensive, they provide numerous facilities and services.
Access to pay-as-you-use facilities
Short term office space is serviced. It provides you with the physical desk space which you need. It also provides services and equipment such as staff, meeting rooms and photocopiers. Therefore, you do not have to buy any office infrastructure. These facilities and resources are paid for as you use them.
Due to this arrangement, you can strategically direct company funds where they are needed most in the office. Moreover, you can arrange modifications or updates of these resources by requesting the rental company.
The chance to test new markets
You can find out which marketing method is the most ideal for your enterprise through a process which is known as split testing. By renting a short term, serviced office, you can analyse many markets in varied locations without making a long term investment.
If your company is at an expansion phase, you can use this office space rental plan to test multiple locations with minimized risk. After that, you can make a professional decision by relying on concrete data.
No downtime when moving in
As you move into a new business premises, the furnishings and infrastructure can cause substantial downtime. They can cost your company a lot of time and money. This can cause the flow of business to grind to a halt.
Thankfully, serviced offices are already set up and ready for you to use. Elements such as the office equipment and communications devices will be ready to operate as soon as you step into the office. This allows your company to hit the ground running.
Access to high-quality equipment and trained staff
Your company can attract substantial overhead by purchasing equipment and hiring staff. Serviced office space comes with trained staff. They can perform official administrative duties for your company. You also receive all the technological devices which you could need.
This includes computers, printers, Wi-Fi routers, High Definition (HD) TVs, networking equipment and beverage appliances among others. A serviced office saves you this time and money by providing these resources ready to use.
You are also free from any legal contracts. As such, your business operations are protected from any legal inconveniences. Best of all, you are guaranteed of quality.
Maintenance comes as standard
One of the unnecessary expenses which your business can suffer today is maintenance. It can require activities such as repairing office furniture, updating technological devices, network maintenance and fine tuning the air conditioning system.
Renting a serviced office helps you to save money on maintenance. This is because it is already included in the rental cost. The rental company provides you with janitors and technicians upon request. This allows you to concentrate fully on your work.
Your business can save huge amounts of money by hiring employees on contract. This can also be accomplished by operating on a project-by-project basis. Furthermore, you can enjoy convenience, high quality services and smooth operations by renting executive office suites and meeting rooms from The 221 Building.