Should You Rent Out Your Spare Office Space?

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Working patterns are changing across the country. Many people are working remotely or are looking for flexible workspaces and hotdesking facilities. If you are in an attractive location and have an abundance of space that won’t be needing any time soon, then renting it out could be a great option for you.

When considering sharing your office space, here are a few advantages of putting that space to good use.

Earn extra money

The setup costs are relatively small for renting out space. You already have utilities and the internet, it’s just a case of making sure that there are sufficient furniture and facilities available. If you’re letting out space for residential and business storage then you will need to check if you need any additional insurance to cover this.

You can choose to rent out desk space on a pay as you go basis or charge by the month. Either way, having extra income for the business can only be a good thing.

Expand Your Network

Small businesses and freelancers are a tight-knit community, often passing along referrals and collaborating. By building this type of community right there in your office, you’re exposing yourself to a whole host of professionals that you can build great relationships and potentially find your next graphic designer, financial advisor, or web developer.

You can choose who you rent out to, meaning that you can build a community of freelancers who have the same values as you do.

Contribute to sustainability

Renting out your office space can help in sustainability efforts. Freelancers who are able to find office space close to home will be spending less time commuting. Additionally, by using up empty space, it reduces the need for additional office space being built and only partially used.

What to consider before you start renting space

Don’t just jump into renting out space. There are a few things to consider first. Do you own your office building? If not, check your lease to see if you are legally allowed to sublet. If not you might open yourself up to legal action if you do.

When it comes to legal advice, have all contracts professionally drafted. You have to make sure that you are fully protected in the event of a dispute and that you have the right to take backspace when you need it in the future. Contracts should also layout any protections for the people renting the space too.

Check with local authorities if you are entitled to any grants or funding to help you with set up costs. There are many initiatives that fund small businesses and freelancers so you may be able to take advantage of these.

Conclusion

If you have space, why not use it for something good? Low-cost coworking spaces are more in demand than ever before. The number of people entering self-employment or working remotely for companies is increasing. It is expected that this trend will continue to rise rapidly due to the changes to working practices following COVID-19.

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