If you’re looking to acquire new office space in the Thames Valley the good news is that, depending on your criteria, you should have plenty of choice. However, a wide choice can also bring its own problems and may cause delay during your search.
Having a tightly-defined brief and search parameters from the outset should help you to quickly narrow your options and save time.
Here’s our summary of some key elements you should consider:
Exit Costs
Occupiers undertaking office relocation projects can sometimes overlook the mechanics and costs of exiting their current lease. This can include anything from serving any required notices, in accordance with the lease terms, or budgeting for dilapidations.
Location and Environment
Ensuring that the space to be acquired is well located, and offers a welcoming working environment, are often key considerations for occupiers seeking to attract their staff back to the office.
For our further local market insights on ‘the return to the office’, please also read our Return to the Office article.
Is the office space you intend to acquire easily reachable by public transport? Is there adequate parking and EV charging on site? Many employers are now looking more closely at the overall amenities offered, within or close-by to their working environments, to ensure their workplace attracts and retains the best talent.
Space and Flexibility
Gauging how much office space you’ll need over the duration of a lease can be difficult. Predicting future workplace needs is an imprecise science, so it’s helpful to build in as much flexibility as you can, not only into the physical space you acquire but also the detailed lease terms under which you occupy. Seeking clear lease terms that allow you to carry out works within your workspace, share occupation (within a company group), sublet the space (in part or as a whole), assign the lease, or provide options to break the lease, are all key areas you may need professional advice upon.
Budgeting for your move
As well as rent, service charges and insurance costs during occupation, you may also have to budget for initial fit-out works.
Alternatively, you may be looking for ready-fitted space, where the fit-out has already been provided by the landlord. Typically, the rent for fitted space will be higher, to take account of the landlord’s initial costs incurred in providing the fit-out, and to reflect the fact that you won’t have to manage or pay for the fit-out works at the outset. You may also have the option of agreeing a fixed dilapidations cost at lease expiry.
Lease Negotiations
Depending upon the micro-dynamics of the local market, the subject property and parties involved; an initial rent-free period is often negotiable, to help offset your move and/or fit-out costs. With the right advice, you may also be able to negotiate other incentives or additional lease flexibility. However, the overall extent of incentives achievable often differs between properties, also depending upon the parties involved, and therefore varies from case to case.
Commercial leases can be complex. Seeking the advice of an office property specialist, to negotiate detailed lease terms on your behalf, is often therefore a wise investment given their local professional insight and expertise.
If you want advice about acquiring office space in the Thames Valley area, please contact Dominic Faires: 07967 375962 / d.faires@hicksbaker.co.uk
