Office Space: Choose what you can afford

When it comes to finding the right office space, thinking with your head and not your heart will help to satisfy your moving office budget and will ensure security of tenure throughout the duration of your office lease.  Finding your dream office space is all very well but the bottom line is: Can you afford it?

Here's a quick checklist to ask yourself when considering office space and before you sign on the dotted line:

1. Service Charges & Business Rates

Service Charges and Business rates can be hefty charges for the tenant. Ask your Property Agent what the current market rates are for both of these in the locations you are considering moving to.

2. Length of Tenure

An office lease can last as long as 25 years. Although an average office lease is between 5-10 years. Whatever you sign up to, you will be committed to paying both the rent and charges for the entire duration so make sure your business can stretch this far.  More importantly, if you are unsure, ask for the inclusion of a break clause to give you the option of leaving should your financial circumstances change.

3. Condition of the Property

Beware of securing an office which needs a complete overhaul in terms of installing suspended ceilings, rewireing and reinstalling or knocking down of walls. All of which can run up thousands of pounds depending upon the age and condition of the premises. Make sure you get an Office Fit Out Company to accommpany you on your shortlisted properties to give you an approximate idea of these costs.

4. Dilapidations

Not forgetting the dilapidations on your existing office property which will need to be carried out before you leave. Get a quote from your Office Design Company as these should all be factored within your Moving Office Budget.

Find a Commercial Property Agent in your area to help secure an office which is right for your business - both from an operational and financial perspective.