The following answers are provided by the Young Entrepreneur Council (YEC), an invite-only organization comprised of the world's most promising young entrepreneurs. In partnership with Citi, YEC recently launched StartupCollective, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses.
A. Don't Compromise Location
You may pay a little bit more for the exact location you want, but your employees will thank you. It'll be cheaper in the long run as you'll keep better employees around. Losing key employees because they don't like the location of their office can devastate your business. I've always driven around and found signs in windows or gone into buildings we want to be in. Location, location, location! - John Rampton,Host
A. Take Over Someone Else's Lease
If you have the fortune of catching a business mid-lease, make an offer to take it over. In most cases, you can negotiate an excellent rate since that business may be moving out because they've quickly outgrown it. That said, they'd be willing to take a loss as long as someone else could pony up a majority of the cost. - Firas Kittaneh, Amerisleep
A. Stay Away From Trendy
You're going to be tempted to be in a young, cool (and expensive) location. A modern looking office is great, but it doesn't change anything. And while you may have the desire to impress investors with how sleek your "brainstorming" room is, they will be even more impressed when you've figured out a way to get a sub-sub-sub-sub-lease for a quarter of the price. - Adam Stillman, SparkReel
A. Don't Be Afraid to Do Some Work
If you are looking for high-quality, affordable office space you might have to put in a little work. If you find a space that isn't exactly what you are looking for, but is right for your needs, do some work yourself. I was lucky enough to find an office I loved and have family and friends turn it into the perfect space for my company. - Phil Laboon, Eyeflow Internet Marketing
A. Share Your Space
Share your space and costs. Find space with individuals or companies that you can form mutually beneficial relationships or collaborate with to help each other grow. - Jason Grill, JGrill Media | Sock 101
A. Get Out of Downtown
Typically the downtown office space or high-end real estate areas will cost a lot more for office space, because everyone wants to be there. Look for an up and coming neighborhood or suburb with brand new office spaces that are looking to attract businesses. They'll want you more than you want them and supply and demand says you'll win a nice spot for a good price. - Andy Karuza, SpotSurvey
A. Utilize City Resources
Beyond the basics of taking your time and scouring your network for a great broker with finesse, research enterprise zones and economic development programs in your city. In Philadelphia, where Leadnomics is based, Rebecca Lopez Kriss in the city's Department of Commerce works with entrepreneurs to navigate tax credits -- including those related to real estate -- which can affect your bottom line. -Zach Robbins, Leadnomics
A. Don't Compromise
You'll regret compromising on this point. It's much better to wait it out until you find something that really meets your needs. If you're looking to keep costs down, consider sharing a space with another business team or two. This will open up your options. - Simon Casuto, eLearning Mind
A. Look for Co-Working Spaces
Cities like Los Angeles and Seattle are becoming more and more hip to co-working spaces. It may seem daunting -- people overhearing your important meetings, or interfering with your flow -- but it's not entirely like that. Every time I've worked in one of these places it's been respectful and inspiring. The best part is, you can walk away at any time! - Rob Fulton, Exponential Black
A. Use Meetup
Use a website like Meetup to find entrepreneurs meeting near you. Someone in the group may have some affordable extra office space for rent. - Andrew Schrage, Money Crashers Personal Finance
A. Look for Offices That Have Been Left Empty
We've had incredible success finding fantastic office space at well below market rates by only targeting spaces that had sat empty for at least six months (1+ years for the best results). We looked at historical online listings of office spaces to determine this information, and then took this to property managers. They were more than happy to give us a great deal, even on just a one-year lease. - James Simpson, GoldFire Studios