29 Apr How Much Does It Cost To Rent Office Space In Brisbane?
When it comes to understanding how much renting office space in Brisbane costs, there is no clear or definitive answer because it depends on many things.
- What Office Space Is Worth In Brisbane
- The size of the office Rental Space
- The Impact of Supply And Demand On Office Rental Prices in Brisbane
- Location, Location, Location
- How The Age And Condition of the Rental Space Affects The Rental Price
- Average Office Rental Prices In Brisbane
- Understanding Your Office Rental Agreement
- M1 Business Centre - The Serious Alternative For Flexible Office Space Rental In Brisbane
So to help you, we have created this article, in which you’ll learn all the factors that affect the cost of office space and give you a better understanding of how much you can expect to pay to rent an office in Brisbane.
What Office Space Is Worth In Brisbane
A whole host of things can influence just how much it costs to rent office space in Brisbane and the surrounding areas, and here are just some of the most common ones you need to know.
The size of the office Rental Space
Office rental space for traditional businesses is calculated on the office size at a dollar rate per square metre in Brisbane, the Sunshine Coast and throughout Australia.
However, you need to understand whether the quoted rental price includes or excludes all your outgoings such as water rates, insurance, property management, aircon maintenance and pro rata share of any general maintenance such as car parks, gardens etc., or are these charged as extras?
The Impact of Supply And Demand On Office Rental Prices in Brisbane
When the demand for a particular office space outstrips supply, rental rates usually increase. This is especially relevant in popular locations such as Brisbane CBD, the inner city centre and those close to the central station, where demands are likely to be significantly more than in locations outside the city.
Location, Location, Location
When searching for office rental space, you’re bound to hear people say that the most crucial decision is the location.
Whether it is for passing traffic, brand visibility or connectivity, securing office space in a great spot is critical.
However, whilst having a great location is essential, the last thing you want to do is jeopardise the success of your business because you can’t afford to pay the rent.
As a result, you need to consider whether the rental premium that a well-located office space attracts is worth it in the early days of your business.
How The Age And Condition of the Rental Space Affects The Rental Price
For comparison purposes, office buildings in Brisbane are divided into one of three categories: Premium, A-Grade, B-Grade and C-Grade.
Premium Grade buildings, for example, tend to enjoy newer, more modern finishes upto date facilities along with state-of-the-art systems and will be in excellent locations.
On the other hand, C-Grade buildings are usually of much poorer quality, have high vacancy rates, tend to be located in less desirable areas and will typically require repairs or upgrades.
A simple way of looking at the grading system is the newer the premises or, the better the grade, the higher the rent.
For example, in Brisbane CBD, Premium buildings currently attract a rent of around $1,485 sqm, while B-Grade offices have an average of approximately $1,030 sqm.
Average Office Rental Prices In Brisbane
Current monthly median prices within inner Brisbane City in traditional office buildings range from $723 for smaller teams, $534 for 26-50 people, to $742 per person for private offices for larger teams of 50+ staff.
Whereas in other markets such as Milton, East Brisbane and Fortitude Valley, the prices can be lower.
However, these prices can be slightly higher in all areas if you decide to rent in coworking or serviced offices. However, they still offer the best value. The additional costs can be offset due to the many high-level amenities and support you can enjoy in a typical coworking environment.
Understanding Your Office Rental Agreement
As we mentioned earlier, some office tenant agreements may include the office outgoings such as council rates and land tax. Others may require you to pay these amounts as additional expenses.
Therefore, before signing the lease agreement, you must fully understand the rental costs and their impact on your monthly expenditure.
The other thing to consider is the type of office rental agreement you need. For example, would you be better suited with a short-term contract as they tend to be more flexible and are ideal if you think your business may grow or you need to relocate or is a long-term contract a better option?
Long-term contracts do tend to be more affordable because you’re likely to be able to negotiate a better deal. However, they require more financial stability as you’ll need enough cash flow to keep up with payments for the whole of the agreement term.
Remember, if you have any questions or queries regarding your office rental agreement or the price of office rental in Brisbane, always speak with the landlord or management company before you sign anything.
M1 Business Centre – The Serious Alternative For Flexible Office Space Rental In Brisbane
Whether you’re starting or expanding your small business, you’ll probably need to rent some office space, and that’s where our team here at M1 Business Centre can help.
As one of Brisbane’s leading office rental business centres, we can offer you the perfect flexible office space with everything you need, from state-of-the-art meeting rooms to high-speed internet to modern, flexible coworking spaces, all without the drama of signing long-term rental agreements.
How Do I Know If I’m Paying Too Much Office Rent?
The quickest way to find out if you’re paying too much office rent is to speak with the other tenants in the building and see what they are paying lower prices for a similar-sized office.
How Easy Is It To Break A Office Rental Contract?
There is no definitive answer to this question, as a lot will depend on the type of contract you signed and what liabilities you are responsible for when exiting the agreement. If you need to break the contract speak with the landlord or management company.