At a glance:
- Convenient setup, higher rent potential, targeted for start-ups & remote teams.
- Customisation freedom, cost-effective, appeals to long-term renters.
- Business size, location, financial capacity, and growth objectives are crucial for decision-making.
Furnished or unfurnished office space? Which option is correct? Your choice can significantly influence your company’s future.
This decision affects your primary operational needs, financial status, and brand image as you grow. Additionally, vibrant areas such as South Melbourne, Caulfield North, South Yara, etc., are more competitive on a commercial scale. So, securing a suitable office space can get tricky.
Read more to understand the distinction between these two choices to make an informed decision.
Advantages of renting/leasing furnished office space.
Time-Saving
Moving into an office ready to go—equipped with furniture and other essentials, even decor—can be incredibly appealing. This convenience is invaluable for a seamless transition. It also helps to aim for minimal downtime during relocation.
Immediate Set-Up
Choosing a commercial property for lease/rent means you can hit the ground running. Simple selecting and ordering the right furnishing can take days, while the delivery can take weeks or months. Fully furnished commercial real estate in Melbourne ensures the move is suitable for your operations. More importantly, when your business is on the verge of taking off.
Key Takeaways for Furnished Rentals
All-inclusive offerings
Serviced office space can also include soft furnishings such as rugs, artwork, and plants. This creates an inviting and vibrant work environment—basically, a safe place for your creative ideas or busy work schedule while boosting productivity.
Higher Rent Potential
Renting a furnished commercial property can command a premium in rent. This could be appealing for businesses seeking an urgent setup. Usually, in high-demand areas where businesses are willing to pay extra for convenience.
Targeted Demographics
Specific demographics, including start-ups, remote teams, or companies in transition looking for short-term leases. Expanding companies searching for serviced commercial real estate rather than long-term traditional leases.
Reliable Internet set-up
Serviced offices come equipped with speedy, already set-up internet so you can jump straight into work. Say goodbye to the hassle of dealing with internet service providers. However, if you already have a provider, you can also easily fit into a serviced space set-up.
Factors to consider when renting/leasing furnished office space.
Finding the Sweet Spot in Pricing
First, let’s talk about serviced space prices. The allure of a serviced office is often the bang for your buck. However, ensure you’re crystal clear on what you’re being quoted. Is it the full-on price you’ll see on the invoice? Is it just an appetiser, with the main course of costs hidden from view?
And hey, if you’re teaming up with Axis Property for your find, quiz us on our favs and why. We can help you get the best deal that makes your accountant smile.
Checklist of Inclusions
Not all serviced office spaces are crafted equal. Some roll out the red carpet with meeting rooms, fancy reception services, and classy kitchen setups. Others? Not so much. Hence, it’s better to create a list of inclusions the serviced space provides and a checklist for your office needs. Set down your business’s present and future morphing needs.
Quality Control
Once you’ve ticked the boxes on what’s included, turn your gaze towards quality. Is the Wi-Fi faster than your morning espresso? Does the furniture make you want to work or nap? Do the meeting rooms scream “deal-closer” or “deal-breaker”? Remember, this space isn’t just where you work; it’s the face you present to the world. Make it count.
Hidden Fees Monster
Let’s say you find a place that checks all your boxes. But hold up – are there any form of hidden fees? Some places could incur a setup fee. Not cool.
Make sure you’ve got all the costs laid out in front of you. This way, you’re not blindsided by hidden fees that could throw a wrench in your financial gears.
Exit Strategy
Now, before you decide to lease/rent office space, think about the day you’ll say goodbye. You want to leave as smoothly as you entered, preferably with your bond in hand. Watch out for those sneaky restoration fees or the dreaded auto-renewal clause. Knowledge is power, my friend. Avoid any messy entanglements that could distract you from your business’s mission.
Advantages of renting/leasing unfurnished office space.
Make It Your Own
Think of an unfurnished space as your art project. It’s all yours to do up just the way you want. From matching your business vibe and what your team needs.
It’s like having a clean slate where you can paint your brand’s personality all over, making sure it clicks with both your crew and your customers.
This kind of space is ideal if you have a team dedicated to it. Also, could be appealing if you have furniture and necessary equipment lying around.
Save Some Cash
Now, let’s talk money. Renting an unfurnished spot tends to be way easier on your wallet compared to furnished ones. However, it highly depends on elements such as space location, costs incurred to furnish the said place and more. It’s a sweet deal for any business keeping an eye on expenses.
Key Takeaways for Unfurnished Rentals
1. Low-Risk Lifestyle
First up, going the unfurnished route is a chill choice for property owners. Why? Because it’s like having one less thing to worry about. Without the fuss of dealing with furniture, you dodge the drama of wear and tear that comes with a fully decked-out space.
Sure, you might face the odd scuff mark from moving day adventures, but that’s small potatoes compared to the saga of maintaining a furnished property.
2. Tuning Into Tenant Vibes
Here’s the deal: unfurnished might not be everyone’s cup of tea, but it hits the right note with a lot of renters. Especially those who’ve already got their furniture and are looking to settle down for the long haul.
They’re after a place to call “home,” not just a stopgap. That said, if your local area’s buzzing with folks who prefer short stays, an unfurnished spot might play hard to get with tenants. The trick is to know your audience and play to their preferences.
3. The Ease of Keeping it Simple
On the landlord’s side, keeping a property unfurnished is like opting for the easy mode. No furniture shopping sprees, no fretting over matching decor, and no endless inventory checks.
It’s pretty much a straightforward affair where you provide the space, and the tenants make it their own. This simplicity appeals to a wide array of potential renters, making your life as a property owner a bit breezier.
How to make the right choice for you?
While furnished offices sound convenient, they come with higher leasing values and increased liability for any damages.
On the other hand, unfurnished offices, despite their initial lower costs, require a considerable investment in time and resources to set up. This could include purchasing furniture to installing essential infrastructure.
Business Size and Needs
As experts in the field, Axis Property, emphasises the size and specific needs of your business matter.
A smaller or medium-sized enterprise might lean towards furnished options for convenience and lower upfront costs.
Whereas larger businesses might prioritise the branding and customisation opportunities that come with an unfurnished space.
Location Matters
The choice between furnished and unfurnished office spaces also depends on your selected location.
Commercial properties for lease or rent in areas like, Caulfield North, South Yarra, and beyond offer diverse options catering to different business needs.
Each area has its unique charm and commercial appeal. It is essential to consider the local market and potential client base when making your decision.
Making the right decision
Choosing the right office space is more than a matter of preference. It’s about aligning your decision with your business strategy, financial capacity, and growth objectives. Whether you opt for the convenience and ease of a furnished office or the flexibility and personalisation of an unfurnished space, your choice should reflect your company’s vision for the future.
The dilemma of making the right decision comes down to your business’s operational efficiency, financial health, and brand perception. As you navigate through the commercial real estate waters of South Melbourne, Brighton, or beyond, it’s vital to weigh the pros and cons of each option. With the right approach and consideration, you can find an office space with Axis Property.