Just like hiring contract employees on a project-by-project basis offers you unparalleled flexibility and cost-effectiveness, renting office spaces on the same principle can have a similar effect. Many small businesses and startups can benefit from project-by-project office space rentals, especially if they operate in multiple locations. On the other hand, more established businesses can also benefit from renting office spaces on a project-by-project basis from time to time if they need to hire contract employees to fulfill certain temporary jobs in different locations. Keep reading to learn everything you need to know about why renting an office space on a project-by-project basis is a good idea for your business.
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What Does It Mean to Rent an Office Space on a Project-by-Project Basis?
Renting an office space on a project-by-project basis entails entering into a temporary rental agreement with the rental company and your business. Essentially, depending on the terms of the rental agreement, you and your employees will have access to the office space for the duration of your contract.
That means you and your employees can come and go as you please during that time and make use of the amenities and equipment provided as per the terms of your contract. The rental duration can last as long as you need it to, from an hour to a few days, weeks, months or even years. It all depends on how long you anticipate that you’ll need to use that space. Some office renting companies may even allow you to extend the terms of your rental contract if you realize that the initial rental period isn’t long enough, as long as there’s availability.
How Does Renting on a Project-by-Project Basis Differ from Regular Rentals?
The main difference is the nature of the rental agreement. Flexible terms and conditions are offered to companies that are only planning on using the rental office space for a short period of time.
As per the terms of your contract, you could stipulate that you’ll be renting the office space for a certain period of time or until the completion of the project in general. If you choose to do the latter, then you’ll most likely opt to pay the office rental company on a weekly, monthly, or annual basis for their services with no definite end date in sight. This means that you won’t be expected to pay for first and last upfront and can cancel the services at any time as long as this is stated within your contractual agreement.
Regular office rental agreements, on the other hand, generally entail having a set terms of agreement and duration of rental in place from the very beginning. While you may choose to extend the duration of your rental, there are no guarantees that the rental company will comply with this and they’re not legally bound to do so.
How Do Project-by-Project Office Space Rentals Work?
As mentioned, when renting an office space on a project-by-project basis, you should have a general idea of how long you’ll need to be renting the office space for so that you can inform the rental company. Considering the fact that renting on a project-by-project basis presents a great deal of risk for the rental company because you have the option of canceling at the last minute, they need to know that they won’t be left out in a lurch.
A lot of companies these days hire contract employees to cut down on their costs and ascertain that they’re hiring the most qualified candidates to complete these very important projects for them. Most projects are delegated to be completed on a very tight schedule and more often than not, those deadlines are met. If you do need to extend the timeline of your rental agreement for any reason, you have the ability to do so provided that your rental company is still available.
Project-Based Employment Benefits for Businesses
There are two main benefits of conducting your business on a project-by-project basis. The first is that it can help you save a great deal of money on permanent office leases or rental agreements and you’ll also save money by not having to hire permanent employees to complete timely projects. Second, you won’t have to commit to relocating your business to a specific location just because you’re renting an office space for your temporary employees to work from there.
You can hire employees in different cities that are thousands of miles away from you on a contract or freelance basis and they’ll still have access to all of the necessary office equipment to help them complete their work-related tasks in a timely manner.
How an Office Space Rental Can Help Manage Your Business’s Projects
Employers have total flexibility to rent offices spaces from any location around the globe as per the needs of their temporary employees, which can help them cut a great deal of their costs. By eliminating the need to rent an office space on a more permanent basis, you can then allocate more funds to other more important and prominent aspects of your business and hire temporary employees who have a proven track record in their field.
In some cases, companies have liked the work of their temporary hires so much that they’ve even offered them full-time positions with excellent pay and benefits. It’s a win-win situation for both the employee and the employer because they know for a fact that their new hire is worthwhile and capable of completing their assigned tasks.
Temporary or contract employees will also have access to a quiet, professional, open concept or completely private office space from where they can conduct their business without any disturbances. On top of that, they have constant access to a full staff of receptionists, IT support, reliable Wi-Fi, ample desk space, conference calling tools, and so much more.
Innovative Professional Offices offers state-of-the-art, fully furnished, and stylish office rental spaces in Ottawa and Mississauga, Ontario. Innovation isn’t just in our name, it’s a core part of our company identity and we specialize in creating excellent professional working spaces that are conducive to concentration, collaboration, and creativity. To learn more about the office space rental services we offer or to take a tour of one of our locations, please contact us today!