The development of technology has seen a leap in the demand for office space. The rise in the prices of land beckons the increase of rent prices especially in city centers and metropolis areas where business owners are hard pressed to make their rent payments on time. This problem poses a major threat to the success of businesses, where small firms have been denied the option of expanding due to the huge cost of premises.
Small companies looking to expand their premises have the option of keeping the operation small till there is sufficient capital to invest in the rent or purchase of land in metropolis areas. This is especially so in the case of online retail businesses which have been increasing in number every day, where they have the advantage of having an online presence and can market their business online rather than on the high street. This could be an opportunity for business owners who currently own office space in the metropolitan areas in the city.
The visible outer walls of office buildings can be used to facilitate advertisements in the way of billboards, plaques and banners, which is a creative way of getting an added income to the firm. This will create a win-win situation for both parties, where the owner of the property gets and added income, and simultaneously another business is advertised in prime real-estate to reach potential customers. However the disadvantage lies in the fact that the advertisements for another firm may draw the attention away from the firm owning the premises, and cause confusions. For example an advertisement for function rooms for hire on the premises of a stock brokering firm may create the illusion that the stock brokering firm has space available to be rented, when the actual location of the advertiser is somewhere else. Read more review here if you are looking for the best bars and restaurants.
Another way of making the most out of your office space is renting it out when it is not in use. For example, a corporate firm can rent out its space on the weekends (if it is not in use) as function rooms for hire in Sydney. This is a rather common strategy used by many firms to make extra money on the side. Thus the obvious advantage is the opportunity to create added income.
However there are a few disadvantages to be considered as well. For example, without a proper contract in place it is difficult to obtain compensation for any possible damages. Also there is a safety concern with regards to the data, and company records stored on site, where for example it would not be advisable for a law firm to invest in such a venture. Therefore it is possible to say that there are many ways in which one can make the most of office space. However it must be done in a way that does not compromise the standards, ethics and the overall development of the business’ image.