Common Mistakes made by Office Tenants
Find out the most common mistakes made by office tenants when leasing office space, and practical guidance on how to avoid them.
Leasing office space is a complex process and a significant financial commitment. Sadly, too many office tenants make the same mistakes when it comes to securing office space; usually driven by a lack of experience, not getting the right professional help and rushing into a deal that initially looks attractive – only to find themselves in serious financial and operational difficulties further down the line. They include:
1. Giving notice on their current office lease too late.
If you do not adhere to the terms of your existing office lease you may end up having to “stay put” in an office space that is no longer suited to your needs.
2. Lacking clearly defined business objectives
You need to be clear about your reasons behind the office move so you can secure a new office space that better matches your financial objectives and office space requirements.
3. Underestimating your future office space requirements & business objectives
Don’t just think about the “now” but consider where your business might be in the future and whether the office space can meet your future aspirations for growth, consolidation or even contraction.
4. Paying too little attention to exit strategy on the new office lease
Make sure you include a suitable exit strategy on the office lease. This might also include a break clause so it gives you the option of exiting your contract before the office lease expires.
5. Failing to use the right professional Office Move Team
You’ll need to assemble an external Office Move Team to help with the component stages of the relocation process. In terms of securing the right office space and negotiating the best deal, a Property Consultant and Property Solicitor will be central to the success of your office relocation.
If you want to be sure you end up in the right office space, contact a Property Consultant in your area.
Don’t want to make the mistakes as other office tenants? Read the Deadly Sins of Moving Office – it’s contains practical tips on how to avoid common moving office mistakes.
