If you have extra space in your office, consider subletting it to recover some occupancy cost. In most markets, office and storage space is expensive — with some storage centers charging $50 per month for a 50-square-foot locker. Start by estimating your space needs for the next three to four years. If you figure your company will require 1,500 square feet, and you’re renting a 3,000-square-foot-facility, then you are a good candidate for subletting.
You may have to reconfigure your space to both fit your needs and accommodate the renter. Once you’ve decided on the optimal setup, consider what type of firm might sublet the space and how they will use it. Make any physical changes with both parties in mind. A partition between the two sections is necessary for security purposes, but a door that can be secured on both sides is a good idea so that, in an emergency, both firms can have access to the adjacent space.
Using your business and community contacts, you may be able to rent the space yourself. If you cannot find a renter on your own, contact a real estate agent. For maximum flexibility, set up a month-to-month arrangement.
—Howard Scott is a business writer and small-business tax preparer in Pembroke, Mass.
