Commercial Real Estate Agency
Things you have to think about when searching for an Office Space London
The cost of renting an Office Space London is usually the second largest expenditure for a lot of businesses. It doesn't matter if the company is big or small, the amount paid in rent takes a certain chunk out of the business. Some companies have an issue of paying the rent because of low profit. Saving on the amount to be paid in rent will be really important both in the long term and short term. Here are some tips that can be used to get the very best office space and save money at the same time.
Start the procedure early
When the lease of the office is about to end, you need to negotiate a new agreement before the contract expires. It is advisable to start the process more than 6 months before the lease expires. A good bet is twelve to eighteen months before the expiration of the agreement. Usually, big companies start the process 3 years before the end of the current agreement.
Try to avoid leasing more than what you need
The space you require now might not be what you would require tomorrow. Be sure to lease an office space that's enough and won't cost you lots of money. Look for alternative ways to cut down the space for the office. This ensures you will not have to worry if the cash flow of the business lowers. If you're not sure on the size of the space you need, you could hire planners who would help you. You provide them with all the necessary details and they will be at a better position of advising you properly.
Bring in competition into the dynamic of the arrangement
One common error that numerous tenants make when renewing the lease is not creating aggressive competition from various properties on the market. The landlord will have a leverage over you because she or he knows moving is going to be an issue in comparison to renewal. When the landlord is convinced that you are able to leave, he/she will be prepared to hear your offer. Failing to use this method will force you to continue paying more than what you should be paying.
Determine what concessions you need the most
Although the leasing rate is important, you must look at the concession package. Some of the most popular concessions include; abated rent or car parking, build out allowance, relocation or moving allowance etc. They need to be considered in to your decision. For startups, paying less rent at the beginning is great since it can go a long way in helping capital share.
Give the renewal agreement proper attention
There are so many people who do not give this enough thought because they think it would sort itself when the time comes. This will result in higher rent payments in the future and you end up in a loss. There are a lot of things that are part of the renewal package for example fair market value.
The above tips can help you find the very best deal when you're renewing or leasing a new office space.
If you want to obtain more details about Office Space London service, don't hesitate to call us on 020 7100 7500.
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