10 Easy Steps to Finding New Premises
Securing suitable office space for your business can be a complicated and time-consuming process.
These 10 steps will help to simplify the process and give you practical tips to help you find a premises that’s just perfect for you.
Step 1: Dig out your existing office lease and find out when the lease is due for renewal or expiry.
Step 2: Write to your landlord, giving the appropriate notice period. Send the letter by recorded post so you know the landlord has safe receipt of it.
Step 3: Make a list of your requirements in the new premises. Make sure you are clear as to the reasons for the move so you can plan accordingly. Use the Office Space Calculator to work out how much space you are going to need in the new premises.
Step 4: Contact a local Commercial Property Agent to help you narrow down the options that might be available to you on the current market. Brief them about your requirements and your business so they can start looking for available space within your budget range and size.
Step 5: Make an announcement to staff that you are moving. Communicate in a positive way and reassure them that you’ll be making further announcements once you have found suitable premises.
Step 6: Your property agent will have shortlisted several properties for you to view. Print off a copy of the Office Space Checklist before you go so you can evaluate each property according to your space, operational and financial requirements.
Step 7: Ask your property agent to prepare a current market analysis of what rents are being achieved in the local area, and what lease incentives have been offered by other landlords. This will give you a good benchmark as to what is rents and incentives might be achievable for your business.
Step 8: Lease negotiations commence on several properties that you have shortlisted. This will be done via your property agent, but think about your requirements such as lease length, contributions towards the office fit-out, and rent free periods - as these all need to be factored in to negotiations.
Step 9: Find a Property Solicitor to help review the final lease documentation before you sign. Leasing office space is an important commitment, and needs to be thoroughly reviewed from a legal and operational perspective.
Step 10: Once you are fully happy with the lease terms and are clear as to your obligations throughout the lease, sign it and arrange for a rental deposit to be transferred over to your landlord’s account.
Download these twp useful tools and checklist to make the process of finding new premises simple and as straight-forward as possible.
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