Are you the owner of a budding business looking for office space in Cyprus? What goes into renting an office space? What are the key things to consider when looking for a place in Cyprus? From how to research relevant properties to reviewing a leasing contract, this article paints an outline for you to work from.
The benefits of having a physical office
In recent years, remote working has taken over all computer jobs, providing many benefits to employees worldwide. If a job requires nothing more than a computer and an internet connection, it has probably included remote or hybrid working at some point since 2020.
However, employees still benefit from feeling more bonded as a unified workforce with a more optimized workspace in physical offices. Other benefits of working in person include social identity and connection, mental stimulation, career development, collaboration, and networking; these factors come more naturally to us in physical spaces rather than the solitude that comes with working from home.
That’s why companies haven’t been in a rush to close down their physical offices, and a recorded 63% of high-revenue growth companies embrace hybrid workforce models.
Another benefit of having a physical office is that it allows you to invite clients and investors into your workspace for meetings on your terms. People can speak with your team directly and in person, witness your workforce in action, and experience the charisma of your team. Furthermore, a physical office gives your business a sense of locality, attracting more clients from your local area and giving you a mailing address. Local people interested in your services can find you through your address, visit you, and potentially become your future clients.
What kind of office space do you need?
Make a list of your needs and preferences, such as the size, rooms, amenities, lighting, and other special requirements. The place you choose should align with the needs of your current team members and near-future hires. For example, if your business requires an in-house photo studio, does the prospective office have a suitable space for one? Do you prefer an office with a youthful and innovative startup style or a more corporate and sleek feel? The look and functionality of your office depend solely on what fits you and your brand.
Different types of offices:
These are some of the most common types of office spaces in the market
Private office space
A private single room, floor, or even a whole building dedicated to your business only.
Shared working spaces / Coworking spaces
Shared office spaces, also known as coworking spaces, are communal offices where employees from different companies work alongside each other. These spaces include renting out individual desks or secluded rooms for company employees.
Some offices that provide coworking spaces in Cyprus include Hügge, Antwork, Soho Cyprus, Labs Tower, and Native.
Virtual Office
A Virtual Office is a service that provides some of the practicalities of having a physical office without the commitment of one. This can include having a business address, mail services, reception phone number, and easier access to meeting rooms and coworking spaces. For those who maintain a mostly remote workflow, a Virtual Office can be an excellent option for having a physical space when needed.
How to plan your budget
Dividing your budget is crucial in finding an office space right for you and your financial status. Apart from the cost of rent, it would be best if you also considered the general expenses that accompany having and maintaining a physical office space. Some factors to take into account include the following:
Rent
The most prominent part of your budget is usually the rent itself. A general rule to stick by is to not spend more than 20% of your monthly revenue on rent. This rule varies depending on your location and other outlying factors, but it’s best not to risk your financial security with unaffordable rent. Other factors to keep in mind include potential down payments, guarantors, and communal fees.
Utilities
Water, power, gas, internet, and air conditioning. Air conditioning is necessary for almost all offices in Cyprus as the summer heat is unbearable without it.
Furniture
Does the office come fully furnished, or do you need to buy desks, chairs, sofas, shelves, etc.?
Office equipment
Stationary (pens, pencils, papers, etc.), computers, printers, scanners, ink cartridges
Kitchen equipment
Water cooler, microwave, oven, tea, coffee, coffee machine, kettle, utensils, snacks
Software licenses
Depending on the nature of your business, you may need to consider the costs of in-house computer software licensing and subscriptions, e.g., Microsoft office, Photoshop, Shutterstock, etc.
Outsourced talent
Does your company require the use of outsourced talents, such as freelancers or B2B services? Will the talent need extra dedicated workspaces/resources in your office?
Maintenance and renovation of the space
A budget for cleaning, fixing emergency damages, and upgrading your space
Search online
The real estate market can be tricky to navigate, especially with thousands of listings across hundreds of agency websites. That’s why we built Estate Searcher, a unified search platform for all property listings in Cyprus. To find hundreds of offices available for rent all over Cyprus in a few clicks, you can use Estate Searcher.
Explore the location and physicality of the office
In the best interest of your employees and clients, you want to ensure that your new office space is easy to locate and get to. By balancing your priorities, you can decide whether a location such as a busy central high street or a more secluded corporate area best suits your future office. If your business encourages customer walk-ins, having an office in a high-traffic area like central Limassol can drive more spontaneous client prospects. However, if walk-ins are not so much of a priority, you can find cheaper and more spacious offices in less busy areas.
Parking space is another thing to factor in. Does the office have a private car parking space, or will you have to provide an external solution to your employees?
Speak with tenant brokers
Once you have a list of places that you like the look of, we recommend getting in touch with a real estate broker. To ensure your needs are fully met, hiring someone who knows the market well can make your life much easier. The property owner may deal with their own brokers, but it’s best to have someone who works for you and has your best interest in mind. An agent can inspect properties, provide helpful insight into the true rental value of any particular office space, and eliminate potential loopholes.
You can find viable estate agents to speak with on this list of Cyprus Estate Agents.
Inspect and re-inspect the property and lease
Points to examine in a rental contract include:
- The serviceability of aircon and other appliances
- The conditions of electricity and plumbing
- The state of the walls (in case of mold and paint decay)
- The functionality of door and window locks
We also recommend having a chat about/with the neighbors of the property you are interested in. It is well worth understanding if you will have like-minded and respectful people working or living near your office and sharing communal spaces with you (if applicable).
A rental agreement is a legally binding contract between a landlord and their tenants. Whether renting commercial or residential properties, you don’t want to fall into slippery contract traps. Undoubtedly, reviewing your contract with a lawyer before signing anything can give you safety and peace of mind.
Expand if you need to
Once your business begins to grow in size, you may need to upgrade to a bigger office space to cater to your new needs. To find a new office, you can search for a more prominent place with the price range search filters on Estate Searcher. By customizing the minimum and maximum price parameters when searching, you can narrow your results to show more substantial offices.
Are you looking for office space?
If you’re lost for a place to start searching for offices in Cyprus, you can use Estate Searcher to find the most up-to-date properties from across the country.
For any other inquiries, you can always feel free to contact us.