Subleasing unused office space has become increasingly popular as businesses are cutting down on square feet per employee. If you even have one unused desk in your office, it makes financial sense to rent it out on a flexible basis.
The environment of your business will naturally influence the type of workspace you can offer. If your business involves a collection of sensitive client information or patented trade secrets, like lawyers or doctors, you will likely have to consider whether it would be suitable to rent out your unused space.
Likewise, the business nature of your prospective tenant could also be something to consider. Some companies require a more open-layout workspace for frequent brainstorming meetings, while others might have a lot of client calls and can be noisier than average requiring a more private space.
Do research on your prospective subtenant and make sure you are comfortable with the company you may share your office with.
If you decide subleasing is the right move, which most often is with any amount of unused space, ensure that appropriate measures are in place to protect your own privacy.
The location of your space is an important factor in determining the rental price. Different districts will command different rents, with prime areas in CBD areas such as Central, Causeway Bay and Admiralty being the most expensive.
Accessibility to convenient transportation options and proximity to restaurants, banks, parking etc. also affect your asking rent.
You should look at similar spaces in the market as reference for pricing. For sublets, the rent will usually be discounted from what you are paying as the first tenant, which is what makes subletting attractive to subtenants.
The available size that you have to rent out will affect the market rental rate at which you should sublease your office. You can either measure size by the number of desks or amount of square feet available to sublease.
Our standard licensing agreement and convenient listing platform mean that you can easily rent out your excess space with a few clicks, but do make sure you anticipate your own business needs and avoid renting out more space than your office can accommodate.
Making your office space guest-ready
You can make the transition as easy as possible for your subtenants even with a minimal budget. Sometimes a bit of extra customization could go a long way in making your space much more attractive to prospective tenants, such as having a water cooler, a printer and comfortable chairs.
Do research on your subtenant's business and add features that suit their company. You could consider offering amenities such as coffee and snacks, or providing shared secretarial support and facilities.
The simple things go a really long way for welcoming a new tenant into your office. Gestures such as a warm greeting on the first day with the renter’s access key to get into the office will start off the relationship on a positive note.
Business nature, office size, location, and making the office plug-and-play are the 4 main things to keep in mind before subleasing your extra office space. Use these 4 suggestions to help guide you along the sublease process.
At Quikspaces we are here to help you list your unused office space on our platform to create extra revenue for your business. Click here to get started!
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