Retail or office space rentals can often be tricky investments if you don’t know what to look for or what your particular needs are, especially if you’re unfamiliar with the nuances of the commercial real estate market. Before you decide on renting a commercial property in a specific location, it’s extremely important that you learn the difference between the types of office space rental services that are offered in your desired area and how they can accommodate your needs.
There are a lot of factors you need to take into consideration when it comes to deciding between the types of rental properties for your business. Keep reading to learn more.
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What Are Office Space Rentals?
Leasing an office space can be an expensive business venture for modern small- and medium-sized businesses or freelance workers who only need to use them occasionally. In that sense, professionally curated office space rentals can be a major saving grace. They typically offer a wide range of flexible rental packages that are individually designed to meet the needs of specific business models. Whether you only need to rent a meeting room for an hour, a day, a week, a month or even a year, you can rent an office space that gives you everything you need to successfully run your business.
Everyone from business professionals to freelance workers to entrepreneurs can benefit from renting office spaces rather than entering into a legally binding, long-term lease. The whole point is to eradicate the obligation to spend more time in these office spaces than you actually need and this can help save you money in the long run.
Types of Office Spaces
These days, there’s a wide range of office space structures that are designed to accommodate all of types of working conditions and styles. Some people might prefer a more closed off or private working environment, while others thrive with a creative and open-concept floorplan. It all depends on the type of business you do and which designs suit your needs.
Traditional: These office spaces work best for people who prefer a more private workspace. They typically come with individual cubicles for employees and private offices for upper management.
Creative: Creative office spaces are all about the big open spaces that allow for more collaborative thinking and working conditions. Employees can easily communicate with one another regarding mutual projects that they’re working on and they’ll also feel a lot closer to their superiors.
Co-Working Spaces: These are rented workspaces that allow for employees from different companies to work amongst one another without disturbances or interruptions. These are also conducive for more collaboration on professional projects.
Executive Suites: Executive suites present a highly sophisticated and private work environment, while still maintaining a generally open-concept floorplan and working conditions.
Flexible: Flex spaces are a combination of viable industrial and professional office space, allowing tenants to operate various aspects of their business accordingly.
What Are Retail Rental Spaces?
In this sense, retail space rentals refer to commercial business location rentals that are less isolated from the general public and tend to generate a great deal of organic foot traffic. This is ideal for small businesses that rely on customers or clients coming into their stores or office locations on a whim. They’re generally located in high-traffic areas such as major intersections or close to grocery stores where their target clientele can easily see them.
Small business owners, entrepreneurs, freelance workers, and small or large retailers can all benefit from renting retail or commercial facilities. For instance, storefront insurance brokers and travel agencies often setup shop in these types of high-traffic locations during their respective peak seasons to attract more impromptu customers.
Types of Retail Rental Spaces
Retail rental spaces or commercial properties can include office spaces, purchased or leased land, retail or restaurant locations, industrial spaces or warehouses, and so much more. Some businesses may need to rent multiple types of properties for storage purposes or to manage their overhead costs. Miscellaneous commercial spaces include hotels and other lodging accommodations that are used to generate income.
Differences Between Office and Retail Rental Spaces
As you can see, there are a lot of major distinctions to be made between office and retail rental spaces.
Offices are meant to accommodate working professionals who only occasionally need to hold business meetings with clients or customers, but who still require a shared or collaborative space in which they can easily interact with their co-workers, superiors, or employees.
They allow people to work within close quarters and collaborate on projects without necessarily infringing on other people’s personal space. Office space rentals also typically come with a variety of amenities and services such as a comprehensive administrative staff to greet your clients, answer phone calls, take messages, and answer e-mails. You can also have full access to a dedicated and highly trained IT staff, office-wide Wi-Fi, use of equipment, and comprehensive security services.
Retail rental spaces, on the other hand, are equipped to help your business gain accessibility and visibility through organic foot traffic.
Both types of rental spaces typically offer some sort of parking services.
How to Determine Whether You Need Retail or Office Space
Consider the type of industry you work in and then evaluate your specific needs from there. Before you can decide on the type of rental space that’ll work best for your business, you need to come up with an all-encompassing list of necessities and desires that you believe will push your business forward. Ask yourself and your employees relevant questions that are related to your business model and how it can be improved. From there, you should be able to come to a feasible conclusion.
If you’re still stuck on the type of professional rental space you need even after all of that assessment, Innovative Professional Offices can help you make the right decision for your business. We offer stunningly stylish professional office suites in Mississauga, Toronto, and Ottawa that are guaranteed to meet your standards and give you everything you need. Contact us today to book an exclusive tour of our premises or learn more about our flexible rental packages.