The Best Time to Rent an Office of the Year
Determining when to rent an office is the first step to a search plan and choosing the right time will help businesses save money and manpower.
The time when the office rent is highest in the year
The time when the highest office rent in the year usually falls is March – June. That is the time after the Tet holiday, employees go back to work, businesses operate normally. Besides, this is also the time with warm sunny weather, little rain, suitable for carrying out survey work and moving offices.
Therefore, this is considered the peak period of the year. Due to the high demand, buildings also rarely offer preferential policies. However, if a business wants to rent a new office or move an office at the most favorable time for business, it can be considered at this time.
In addition, this is also the time when many businesses expire their contracts and pay for the space. If renting an office at this time of year, tenants can find the widest variety of options.
The time when the office rent is the lowest of the year
The lowest office rental time of the year usually falls in October – December and lasts until January of the following year. Depending on the building, the office price may decrease slightly by 5-10%. Since it is the end of the year, businesses are busy with business activities and have little time to conduct surveys and search for offices.
During this period, the demand of the market slowed down, the existing building had vacant space but few customers wanted to rent it. So to speed up the progress of space-filling, many buildings will implement a discount policy, launch many attractive ads and incentives to attract customers. Therefore, if businesses want to save costs, this is the best time of the year to rent a new office or move offices.
In addition, renting an office in the off-peak period also helps businesses save on transportation costs, design services, and furniture construction. Because of the high season, the service fee is always higher and vice versa. But tenants need to think carefully and act quickly. As the closer to the Lunar New Year, the service fee will increase again because the workers return to their hometown.
So when is the best time of year to rent an office?
There is no fixed time when is the best time to rent an office. The best time to look for depends on your business situation, size, needs, and desired location. Market forecasts should only be for reference if your company is not ready to move or has not found a suitable location, the decision to rent a new office to suit the seasons of the year can make the business situation worse business.
However, you must plan your search early. Since office search is an expensive and time-consuming process, it can take up to several months or even years. Moreover, the cost to rent is a big expense, so you need to have time to prepare and organize properly.
Company Size Reasonable Timeframe to Start Searching for Offices Before Contract Expires
- 1000m2 before 18 – 24 months
- 500m2 before 12 months
- 200m2 before 6 – 12 months
- 200m2 before 3 – 6 months
Without a plan, mistakes are easy happen. For example, renting an office in an unsuitable location or not moving on time. This can be costly for the business, affecting work performance and employee satisfaction.
For Foreign companies that want to start or expand businesses and look for an office in Vietnam:
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