What to consider when looking to relocate to new-build premises
So, you’ve decided that your business needs new premises and you’ve noticed a few glossy new-build developments being marketed in your desired area.
Navigating the way to occupying office space in a yet-to-be built development requires homework, due diligence and a healthy dose of confidence – from all parties, not just the tenants!
If your existing lease is due to expire in the medium term and you’re committed to a change of environment, then securing a tenancy off-the-plans could be a great way forward for your office business.
Here’s some things to consider when weighing up a move to brand new, yet-to-be-built space:
• A high-spec’ new build with its associated new generation innovations and structural integrity could be a great recruitment tool for your business when scouting for new staff • Look into the background of the developer and check out any former projects associated with them to benchmark quality • Ask plenty of questions and investigate what checks and balances are built-in to ensure that you get what you signed up for within the agreed timeframe. You do not want to be paying two lots of rent • Sign up within the early stages of the development to have some genuine input into the layout and other design components • There are obvious efficiencies to be gained by getting in early – far easier to be onboard from the very start than to procrastinate and then find that structural changes are too expensive, not practical or simply not able to be incorporated to the build once underway • Consider utilising the services of an interior designer or office design specialist to look at the floorplan and “test” the proposed layout • Similarly, get a data specialist in to assess your long-term business technology requirements and to ensure that the space has longevity and remains relevant in the fast-changing technological environment • Allow plenty of time to transition your business to a new address. Work out the logistics around your current lease, streamline how/when to physically relocate your business operation and remember to factor in some contingencies around timing • See if you can get a “lease tail” clause built in to your lease contract whereby, if the new building is ready ahead of time, your new landlord will pay the remainder of your existing lease. This is most likely to happen if your current landlord is the one developing the new building • Consider new ways of working when you move to a new building. Here’s your chance to turn your work environment on its head and try incorporating agile (hot desk) work stations, consider communal and collaborative team spaces, and move towards a paperless office with new technologies.
Committing to office space off-the-plans could be the turbo-boost your business needs. Experienced leasing agents who work closely with developers and who are up-to-date with market trends and dynamics can assist you with the information required to fast-track the decision making.
Read more market insights from Workplace
Subscribe to receive the latest commercial news and insights from Bayleys Workplace