Q&A: Finding the right business premises
How long can it take to find premises?
This varies depending on your requirements and whether there is a good supply of available office space. It can take longer than you realise to find the right premises though – so leave plenty of time. You need to allow enough time to negotiate a fair lease once you have found suitable premises, so build in as much time as possible into your relocation timetable.
How important is location?
Location is very important for your business and says a lot about your company image. The location you choose needs to be convenient for both staff and clients, as well as position your business in an area that has the right demographics for your target market. If the majority of your staff use public transport to get to work, then you need to find premises that makes it convenient for them to commute. If you find premises off the beaten track, you’ll need to make car parking a priority.
How much will it cost to find suitable premises?
This will depend on the size, location and specification of the premises. However, you should get a full outline of all leasing costs from the landlord before you view any potential properties. This will include what the service charges and business rates are, and other leasing costs such as repairs and maintenance. Other costs you will need to take into you account within your moving office budget, will be property agent fees. They usually charge a percentage of the office rent for helping you find suitable premises and negotiating the lease terms on your behalf. Remember that every pound saved on your property costs goes straight to your bottom line and using a property agent can help you achieve considerable savings.
How will I know whether the lease terms are competitive?
Once you have outlined your requirements, ask your property agent for a Comparative Market Report. This will give you a good idea of what rents have recently been achieved in the locality and the sort of lease terms that were agreed.
Where are the best places to search for new premises?
We recommended you use a Property Agent to help you shortlist what properties are available that meet your criteria. Your property agent will be very familiar with what’s available and have access to an updated database of available properties. They will also be aware of some properties that are not yet on the open market, but may be coming up for lease in your timeframe. For more tips and guidance on finding the right premises for your business, download the free Office Space Checklist.
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