Conference room rentals may be what your solo or small firm needs for its temporary space usage.
What is a conference room rental?
A conference room rental is a room typically in an executive office center used for the purpose of meetings, seminars, training events, and so forth. They are typically on a temporary basis and its usage is paid for on a need-only basis. For a small firm or solo attorney, conference room rental can be used for many purposes:
- Real estate and corporate transactional closings;
- Litigation preparation;
- War room use in close proximity to a particular court; and
- Hosting a networking event.
Not using leased office can be best on your wallet.
Needing a space to do business can happen at a moment’s notice with attorneys. Sometimes your office may not have the space to do it. If it only for temporary needs, leveraging a conference room rental in an executive center can reduce the overhead costs as opposed to acquiring a space that won’t always be used.
Certain events like depositions and closings are not long-term, therefore seeking out a conference room rental may be the most suitable option.
You can find yourself saving thousands of dollars a year by using a conference room rental. Even if your firm has space, it may not always be adequate and using a bigger space on a temporary basis means you don’t have to maintain it even when it’s not in use.
How can a firm save that much money with conference room rentals? An assessment.
Conference rooms can range in size and this is really dependant on the center. The average space is about 400 sq. ft. give or take. If your firm has a lease that constitutes $35.00 a square foot, you will be paying a base cost of $1,517 a month. This cost factors in the 30% loss rate found in most urban commercial office buildings.
The cost of the physical space is a given, but what many do not realize is that it costs money to maintain the space as well. This may be relevant to phone, internet, utilities, and even cleaning costs. That could be around $300.
Don’t forget the cost of furniture. An average 10 person conference room table and chairs will run around $5,000.00, plus an extra $1,000 for artwork and a credenza.
With the monthly cost of an extra conference room being $1,817.00 per month and the additional furniture cost, it can be very hefty to cover.
Compare the “real cost” of an extra conference room with the “real cost” of renting a conference room from an executive office center. There definitely is a difference.
Office providers typically rent by the day or by the hour because they understand that meetings are temporary. For the small firm or solo attorney, this may be an adequate option as opposed to having an office with the additional space that may produce unnecessary costs over time. This ensures that the bottom line is kept in mind.
Always think about the costs and whether your firm uses the room enough to justify such costs.