29 May 2019/ Office

What to look for when renting office space

There can be much more to renting an office than meets the eye, especially if you’re taking the plunge into leasing for the first time. The decisions you make now will affect the future course of your business in numerous ways not all immediately obvious at the start.

As well as the financial implications for your company’s profitability and sustainability, there are issues over leases, contracts and other legal issues to be considered. There are decisions to be made about lease length, size, layout, flexibility for future growth, and the condition and structural integrity of a site.

There’s a lot to think about. So we’ve prepared a rough guide to the process to have with you as you search for your future office

First things first

 

Before you even start searching for a property, conservatively work out what you can afford based on current business performance and, though it isn’t a pleasant thought, if things were to take a downturn in the future. It’s a tough trade-off, between being too cautious and overstretching yourself rent-wise. But it’s essential that you make a realistic appraisal of what you can and can’t afford.

 

Look and feel

 

There are intangible factors which make a big difference when it comes to choosing an office – including style. With a bright modern office space with excellent modern facilities and features, you’re more likely to attract and retain staff, and therefore have a wider pool of talent to choose from. A stylish office also sends out a signal to clients that you’re a hip company with a strong identity.

Location

 

If you’re in a big city it can be tempting to save money by taking a cheaper property well away from the centre, but will you be able to persuade new staff members to make the journey across town each day? A central location can cost the earth, but is much easier for staff to commute to from all parts of a city. This is where it pays to take a long time researching sites – Realla’s search pages let you search by price bands, with clear sight of a whole city.

 

Ask the experts

 

There is a wealth of information available to someone searching for property, but some of the most important details of all are in the fine print of contracts and leases, and aren’t easily accessible unless you’re trained. Specialist property solicitors know all the ins and outs of a lease and will be able to flag up vital aspects of a contract, such as the break clause, payment terms, business rates liability, scope for sub-letting, and sharing or expanding your space should you need to.

Ensure that you’ve got a good team supporting you and have all the information you need before you sign a lease, and seek advice from surveyors about what’s out there on the market.