Tons of people are looking for office spaces to rent for their businesses. While many of us think of office buildings as large monoliths, owned by large, successful companies, those are the exception. More often than not, office buildings are a huge conglomeration of small businesses sharing space with each other. If you want a successful business investment, creating luxury offices spaces for others to rent is a surefire answer to your prayers.
A demographic that is often overlooked are the individual office workers. Most companies start with just one or two people. If someone’s home isn’t big enough to accommodate their business needs, or two people need a common space to meet and work together, renting a single office is a great solution.
Individual offices may be no bigger than the average bedroom. One might range from 70SqFt to 250. That means you can have a whole lot of them in one office building. Plus, because they don’t require all of the amenities a residential living space needs, they’re cheaper to upkeep. Bathrooms can be shared between different offices and no kitchen is required. Cheaper upkeep means more profit and less maintenance than apartments.
Small Company Spaces
As with all things, variety improves success. Don’t put all your eggs in one basket and all that. Therefore, in addition to individual offices, small company spaces are a great next step. A small company space would likely include one large, shared space for cooperative work along with a couple of attached rooms for private office space. Small company spaces could also have their own private bathroom. This type of space is perfect for a new, budding company with a handful of members and a steady flow of work. These are high demand spaces.
It’s recommended that you allow these luxury office spaces to be rented for short terms as well as longer terms. Leasing an office for a year is great. However, making them available to people for a few days or weeks means the additional avenue of reaching project groups. If a few people from a large company are on a project together, but need more than their individual cubicles to get it done, they can get some additional workspace from a third party rental like your own.
Next up, we have whole floor rentals. Medium-sized companies need a place as well. Buying or renting an entire, individual building for a medium-sized company is not always in the budget. This is especially true of companies based in cities like Toronto, where real estate is competitive.
Depending on how large your building’s footprint is, a whole floor could be big enough to accommodate anywhere from 20 to 200 people. These types of tenants are typically long-term, stable renters. Floor rentals will be your bread and butter as an office rental owner.
If this is sounding like a fantastic use of your savings, you’re absolutely right. This is an investment in your future that will pay you back generously. Call us at Heidan Construction if you’re ready to take the next step on luxury office spaces design. We offer some of the best service and design capabilities in the Toronto construction industry. Let us put it to work for you.