Your office lease in coming to an end and you are not sure if you need to remain in your premises, or relocate to a new office building, here are a few points to consider when your lease expires.
- Does your space still meet all your business requirements? Take an objective look at your work area and see if the space is being used efficiently. Often company structures, workforce numbers change since you first signed your lease and you may end up with space that is either not being used efficiently as you have too much, or even too little space. If this is the case, you have a few options, you could engage with your current landlord to reduce your space or take on additional space in the building. The other option is to engage with a space planner to help re-configure your space into a more productive area. Making provision for a dedicated space that can be used for a staff recreational area could be a good decision to improve the moral of your team and help attract top talent in the long run. Don’t see this as waisted or unproductive space.
- If you have decided that your current location is no longer the best place for your business, then planning a relocation is your next step. Decide on the ideal area. Factors to consider when looking at new areas, are property rentals, amenities that will benefit your work force, like public transport, access to major highways and shops, restaurants etc.
- Now to find the right space. You know what your business needs to spend in terms of a total rental budget, so it’s time to engage with the right property practitioners to find you the perfect space that meets all your requirements as well as the budget. Speak to a few of the area specialists to find the right partner that knows their market and is able to get you the best deal possible.
- When reviewing the possible spaces, you will most likely have to choose between an office that is still fitted out, or a white box space that needs a full tenant fit out. There are benefits to both. Finding a space that has been fitted out to your own needs means that you will have a lower initial cost to relocate your business but be cautious and don’t settle for space that may not meet all your needs in the long run. This could impact negatively on staff productivity and moral if the space you are considering in not configured to your business requirements. Often retrofitting a space can cost almost as much as a full fit-out, as you would need to take into consideration the removal of existing structures, which is not a factor when fitting out a white box office.
- The other option is to look at renting a white box office and doing a full tenant fit-out. This option offers a great deal of benefit as you get to design your space around your businesses specific needs and will end up with the most efficient and productive work space. In most cases, your new landlord will be happy to make a contribution to your new fit out. It is at this point that your property partner can shine and help to negotiate the best possible contribution to your fit-out.
- Don’t forget to inform your service providers, especially IT services as there is often a waiting period on setting up your IT system with the local service providers.
- The next step is to engage with at least three interior designers. You want to work with a team that understands your business and will design a space that reflects the very best of your business and does it without exceeding the budget.
- The final step is plan and manage the actual relocation of your office. If you are going to use your existing furniture and equipment, you will need to get a mover to help carry out the move.
Choosing the right property partner will ensure that your relocation is as cost efficient as possible and will in the long run add great benefit to your business and staff wellbeing.