Commercial office furniture is a costly, yet vital aspect of every office space. It is both functional and also an important part of the look and feel of an office’s design. Often, our clients ask if renting commercial office furniture or buying it is more effective.
AQUILA met with a representative from CORT, one of AQUILA’s clients and one of the world’s largest office furniture rental companies, to educate our team on some of the benefits of renting office furniture.
Now, we’re sharing our knowledge with you.
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Here are five situations when it may make sense to consider renting commercial office furniture instead of buying furniture for your office space:
1. When you need commercial office furniture ASAP
Commercial office furniture orders often have long lead times. Many times tenants will plan a move into their new location only to find out that the furniture they have picked out for their new space will not arrive for weeks – or even months. What can you do in the meantime?
Rental furniture companies can sometimes furnish your office in as little as 48 hours. This allows office tenants to get in a space quickly and get their employees working right away, while also buying time for recently purchased furniture to be delivered.
2. When your company’s growth is unpredictable
Many startups – and, at times, even established companies – experience times of fast-paced growth. During this growth, it can be difficult to account for rapid hiring and changing space needs internally. While AQUILA’s tenant representation professionals can help solve your space needs, furniture can often be a trickier problem to solve. The good news is, rental furniture can jump in and furnish your expanded office space, so you can put new employees to work quickly.
Rental furniture is also ideal for companies that have volatile or seasonal employment cycles. Your company may need lots of desks and space for six months, and then six months later you might need a rapid reduction in office furniture and space. Again, rental furniture is a viable option that can help tenants deal with the fluctuating employment cycles in a more economical manner.
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3. When you don’t have the cash to buy the commercial office furniture that you want now
Purchasing furniture is a major commercial real estate investment. Many companies – especially small businesses and startups – lack the liquidity to purchase the quality of furniture they want upfront. Renting provides a cost-effective way to temporarily get high-end, good-looking office furniture without the upfront price tag.
For example, one of CORT’s customers wanted an upscale conference room finish to show off to one of their clients but didn’t have the capital to purchase the impressive furniture they wanted. CORT came in immediately and furnished the room with a beautiful high-end conference table and chairs. The conference room made quite an impression on the company’s clients and allowed them to close a large deal.
4. When you have a short-term lease or are subleasing space
The cost to disassemble, assemble and move furniture from space to space can be as expensive as the furniture itself, not to mention the administrative hassle of coordinating the move. These hassles often drive tenants to get rid of the furniture altogether.
If you are in a short-term lease or are subleasing space, renting furniture can often make more financial sense than buying. In fact, according to CORT, if you plan to be in a space for less than 24 months, it may make more sense to rent.
Rental furniture is not only economical in short-term lease situations but less of a headache. Rental companies take care of all set-up and tear-down for you, leaving you to focus on what your business does best.
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5. When your office furniture style changes often
Buying new office furniture is very comparable to buying a new car – the second you drive that new car off the lot it loses nearly 10% of its resale value. Office furniture is similar as it depreciates very quickly but on a considerably larger scale than automobiles. For example, the second a delivery truck drops off $100,000 worth of furniture, that furniture is now worth as little as $10,000! That is a whopping 90% reduction in resale value.
If your brand’s style is consistently evolving, renting furniture provides an excellent alternative to buying. Many firms want to feel like they are in a new, trendy environment and evolve their space with current trends. By renting furniture, you can change the style of your office each time your lease term ends. This provides your office space with the most current, up-to-date look to impress prospective clients and recruits.
Renting furniture can be a practical option in a variety of different scenarios. It can help companies save time, money and the hassle of dealing with newly purchased furniture, all while keeping your office contemporary.
If you need help finding short-term office space or expanding quickly to meet new growth needs, schedule a consultation with one of our tenant representation specialists today.
To learn more about finding the right office space for your company, keep reading these popular articles:
- What Are the All-In Costs of Relocating My Office?
- How Much Office Space Do I Need? (Calculator & Per Person Standards)
- What Are Spec Suites? (Definition, Pros and Cons for Tenants)