Discovering a new residence for your small business will be an difficult project that includes careful thought and planning. A new office is a lot more than a simple change of address, the property you choose will finally reflect your company values, culture and model personality. It is therefore important to have a clear understanding of your requirements earlier than setting out in seek for new office space.
1. Establish your Funds
How a lot rent are you able to realistically afford and might this figure be maintained all through the time period of the lease? Don’t forget to factor in business rates and service costs into your office area budget.
2. Determine how a lot area you need
Working out how a lot space you are going to want within the new office is a good starting point. Do a headcount and consider the number of assembly rooms, private offices and other facilities equivalent to kitchen etc.
3. Which location?
Location is a vital factor when choosing office space. Consider which location would be most convenient and attractive to each workers and clients. The situation of your office can make or break your corporation, and will also have a significant impact on your rental costs – so choose carefully.
4. Transient your Commercial Property Agent
The next step is to source and brief a local commercial property agent. They may need a clear understanding of your office house necessities; what facilities you need, type and length of office lease required as well as the limitations of your funds and timeframe. This info will provide a framework for them to evaluate the market and come up with a brieflist of suitable office properties so that you can view.
5. Viewing Properties
Viewing potential office properties generally is a time-consuming process. Go to every office property with an open and clear mind and have the Office Area Checklist at hand that will help you prioritise what considerations are most vital for your enterprise to carry out effectively. Remember that first impressions depend and last!
6. Analyse your Commitment
How long would you like the office house for? An average office lease is between 5-10 years, but shorter offices are trending giving businesses more flexibility. Try to negotiate the inclusion of a break clause within the lease to give you the option of vacating the premises at some stage earlier than the lease expires.
7. Do your Homework
Before agreeing to take the house, you want to make sure you’re getting the best deal attainable, so ask your Property Agent for a list of common office rents and deals that have not too long ago been accomplished / achieved in that particular area. That way, you may be able to check and weigh up your options and have assurance you are securing the very best deal.
8. Consider Office Structure & Design
The format and configuration of the area is a crucial factor. Are you looking for an open plan office or cellular? If you are considering knocking down partitions or erecting partitions it is advisable know whether or not this is a viable option and permissible with the Landlord.
9. Office Lease Incentives
The small print of the office lease are an necessary incentive when it comes to renting office space. Your Property Agent will probably negotiate a number of properties in your quicklist to see which one comes out more favourable. Be affected person at this stage, as a number of copies of an office lease will have to be exchanged before a deal can lastly be closed.
10. Get Legal Advice
Once you’re joyful that you have chosen the proper office property, it’s time to handover the lease to a Property Solicitor who will study the detail of each clause, be sure that everything has been clearly documented and that your commercial pursuits are protected.
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