by Shaheen Darr

Created on: September 21, 2009

Having office space to work in without being disturbed by others is a scenario most people prefer, but some situations can necessitate the need to rent out some of that space to others:

Financial Commitments: Current economic times have put restraints on most budgets and people are looking at news ways of earning some extra income to meet their outgoings. If the space you work in is large enough to be used by someone else, then it makes sense to partition off a section of the office to make this possible. Using room dividers or by installing a cubicle, an open space office can be converted into separate units, which can then be leased out to independent users. Keep proofs of any expenditure incurred in creating this additional space and the income has to be declared to the relevant authorities for tax purposes at the end of a financial year,

Related Work: Renting your office space to people who work in related fields can be a positive step as you learn and benefit from each other's expertise. Professional people like accountants or lawyers for example can work together from one office space and offer a range of related services to clients who find it easier to access them at one address. Similarly, people working in the beauty business can rent out some of their working area to someone selling jewellery or clothing items as these are areas most women are interested in and there is potential to increase sales.

Lower Overheads: The agreement to share in the overheads of the office area in addition to paying rent makes renting out an attractive option for any businessperson. This should be clearly indicated in any legal document signed by all parties concerned to leave no room for disagreements later.

Increased Customer traffic: The more people accessing the office, the more the awareness grows about which other businesses on the same floor space. This can lead to expansion and growth of the business due to the networking and free advertising that results.

Meeting Rooms: If you have a conference room in the office space you use, it can be let out for other business users for meetings or conferences. This enables them to use facilities like the internet, stationery, telephone and fax service and an on-site receptionist available. Rooms that offer unique views for example or have a specific layout can be let to business people in need of such an environment to host their meetings or interview rooms can be let out for other business users who do not have the facility.

Training Rooms: Some companies offer fully furnished and professionally equipped offices to other business users to use as training rooms. These can be rooms used for health and fitness purposes or for offering educational facilities. The rooms can be let out for short periods or it can be an ongoing rental agreement depending on the person owning the freehold.

It is important to indicate clearly in any signed agreement between the proprietor and the tenat the dates when the rent should be paid, use of the office furniture, access to the proprietor and confidentiality issues that might arise. In addition, the correct health and safety issues should be in place to avoid any ensuing problems later.

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