Plan my office move
From reviewing your existing office space allocation to assessing your future business objectives, the focus should be on creating more flexible working environments, optimising space efficiencies and ultimately reducing your office occupancy costs.
As an office move can often be a lengthy process, sufficient time should be allocated to consider the following key points:
Advice for moving office
- It’s all about cost – your rent may have been a market rent 4-5 years ago but the market has shifted tremendously and rents are now 30-40% lower than where they once were in some places.
- Service charges need to be capped in all instances – and if not, they need to be renegotiated.
- HR – Is your building in the right location for your staff? Would a relocation make a difference to your retention of staff.
- Is the office accommodation you’re working in conducive to your business today?
- Air conditioning – should you suffer the costs or would you prefer to open a window?
- Car parking – always for us one of the most important issues in considering a relocation. Do you have enough car parking spaces?
- Has your way of working changed since the recession? With good design, can we reduce the amount of office space you need?
- Do you work on multiple floors? Would single floor occupation be better?
- When is your break clause? If it is 2-3 years away, then the landlord would probably prefer to sit down and agree something today rather than wait for the lease expiry or probable breach.
- How much will it cost to relocate? Furniture costs are now at an all-time low, whilst fit-out, furniture and dilapidations can be leased rather than obtained through outright capital expenditure.
- Your staff – has the dynamic of where they travel from changed? Do you need to relocate to consider key members of staff?
- Are you aware of the phenomenal deals that are out there right now where not only can you save on your annual outgoings but you can also get your relocation paid for with landlord incentives.
- Supply and demand – there are no new office buildings being built at present – and not for the last 5 years, so the availability of grade ‘A’ office space is starting to decline, with only limited space available within Birmingham city core alone. Secondary accommodation is not being dismissed because good quality refurbishment is a lot cheaper than brand new grade ‘A’. In this economy, the secondary market is still performing.
For companies with a lease end or lease break at any point within the next three years, now is the time to act.
By taking advantage of the current supply situation and the deals that are subsequently available, a cash neutral move can still be possible, even where superior office accommodation is being taken.