If you’re seeking a new office space, then you’ll need to prepare with a range of questions and investigations. It can be very easy to get swept away by the fantastic range of commercial properties available in Greater London, but you’ll want to ensure that you secure the right property for your business needs, under the right terms and at the right price.
Where do you want your office to be?
If you’re keen on the office space Wimbledon has to offer then make sure you assess its suitability for your own particular needs. Useful aspects to consider include access to public transport, local shops and amenities such as restaurants, cafes, food shops, bars, nearby parking and so forth. If your business tends to receive deliveries, then make sure that your new office has a loading bay to allow this.
Once you have pinned down a place as being suitable for your staff and customers, don’t allow yourself to be swayed by attractive accommodations in other places without carrying out similar research activity first. Remember that location is key for all your stakeholders.
What are the lease terms?
If you are buying into a long-term lease, then be very sure of the contract terms and legalities of the arrangement. Is there a contract break available? What extras are you negotiating? Will there be a promotional rental period to begin with?
You may well want to use the services of a commercial property agent to ensure you don’t enter into the wrong type of contract. A commercial agent will have all the necessary experience and expertise to give you good advice and to ensure that you don’t make an expensive mistake. He or she will also have contacts within the industry and may well be able to line you up with potential properties that aren’t being immediately advertised, allowing you to find your ideal accommodation before it is placed on the market.
Can you afford it?
The allure of beautiful, high-quality accommodation is undeniable, but are you sure that your business model can sustain the cost of an extended and expensive lease? Remember that there are alternatives, such as flexible and serviced offices which don’t have contracts and which can be accessed quickly and easily.
Many of these simply run on a monthly fee basis, with you buying the services that you want for your particular business with reasonable rates charged by desk or square metre. There might be useful extras such as concierges and security, canteen facilities or vending machines, PA and reception services, the opportunity to brand your space, immediate telephony and IT services, meeting rooms and more. These are often very attractive options for business start-ups, who are keen to move out of their spare bedroom or garage and begin working in a professional environment but without the long-term commitment of a property lease.
The other benefit of these working environments is that you will often be located alongside other start-up businesses, which can be an excellent networking opportunity.
These are just three of many questions you will need to ask yourself before your commit to a lease, so think and plan carefully before you do.
