Before leasing an office space in London, there are certain things to take into account before you begin to negotiate price and terms. Size, location, standard of rental and of course price, are all important factors in finding and choosing a suitable commercial office for your business in London.
Ask yourself some key questions before starting your search; what do you want for your business and what do you need for your business? The answer to these questions is vital to securing the best for your company.
Firstly, consider the size of the space available and the size that you require. You need to calculate the maximum and minimum square footage needed to house your business. Whether it's a whole building or just one floor, the question of size must come first.
Once the size has been agreed, location must come second on your list of considerations when searching for office space for rental. Where in London would be most beneficial to your business? Does the trendy, exclusive district of Mayfair suit your company's image and clientele or are good transport links to the rest of the city important? If so, Hammersmith maybe for you. Are views of the River Thames your ideal view from the office window? Then Southwark and Waterloo would be favourable choices. Also think about parking for your customers and employees; are there adequate car parking facilities nearby?
Once a city location is decided for your business, the location in your chosen building is just as important. Does the nature of your business or employees make a ground floor office space a necessity? Does the size of your workforce need more than two floors? Are panoramic views a desire in your conference room? These small details make a huge difference to your business and go hand-in-hand with the location of your office space in London.
So, the size and location has been set, next comes the standard of the office you wish to rent. A basic commercial space would need decoration and would therefore require more work before moving in, but would be cheaper to rent. Mid-range offices are decorated neutrally allowing slight personalisation of the rental and also come with air conditioning. Top quality spaces are usually newly refurbished, attractive work environments that have raised flooring and air conditioning.
Consider what work would need to be done before moving in, such as floors being replaced or carpeted, how the heating and air conditioning is maintained and is there an existing security system or will one need to be installed? Also consider the cost of such alterations when looking for a suitable standard of office. Remember that the more you require the less negotiating room you will have with the landlord.
Now that all the key points and desires for you new office in London have been agreed, it is time to consider price. Firstly, what is the maximum amount (per square foot, per annum) that you would be willing to spend on the rental? This also ties in with the quality of the rental you would prefer, for example, a basic office in Hammersmith will cost a lot less than an office space in Chelsea or office space Mayfair. Or would a mid-range space in reasonable Knightsbridge be more suitable? Everything must be taken into consideration at this point when what you want to pay and what you might have to pay could rely heavily on your chosen factors of size, standard and location.
Therefore, if you want a basic office in somewhere exclusive and desirable but the price is still too high, consider a mid-range rental in somewhere less exclusive but with a similar vibe. Money could be saved, whilst still securing a beneficial location.
Alternatively, if the standard and location of your chosen office is acceptable, but not for the size you want, consider lowering your standard to basic, therefore maintaining the size and location of your preferred rental.
There are also occasions when large companies rent entire floors of office space in London and then decide to rent elsewhere or to downsize. If this should happen somewhere your business would like to locate to, the management company of the building will sublet the space for a much lower price than the going rate for general office space in that building.
This could be a major trick in getting the best price for your rental.
Also, consider the taxes and possible one-off charges required, for example; legal costs, refurbishment costs and property tax. Carefully study and re-read the property or lease agreement and be clear what is and isn't covered. Check whether the lease outlines the state of the square footage of the agreed office space. Can you make repairs if the landlord cannot and will this amount then be deducted from the rent? Check how the lease defines how disputes will be decided.
Once all these tasks have been taken into consideration, the final lease approval and negotiation can begin with the estate agent. Make sure your needs are voiced and make sure every detail is clear and acceptable to you and your business. Be clear on what is negotiable and what isn't before you begin.
But be prepared to negotiate. It is very unlikely that the lessor will tailor the rental exactly to what you want, so be ready to compromise and seem flexible.
Never appear too desperate to secure London office space as this will give the lessor all the bargaining power and could leave you with costs or compromises you don't want.
If the agreement is not going the way you wish and there is no more room to negotiate, be strong and walk away. Always have a couple of properties on a short list ready for such an occasion and then you aren't left without. There will be many similar office spaces for rental in London, so be sure to look thoroughly before making any steps towards sorting out a lease. Making a shortlist of five of the best or your five favourite rentals will keep you covered and will result in you obtaining the best commercial office space in London for you and your business.
Ask yourself some key questions before starting your search; what do you want for your business and what do you need for your business? The answer to these questions is vital to securing the best for your company.
Firstly, consider the size of the space available and the size that you require. You need to calculate the maximum and minimum square footage needed to house your business. Whether it's a whole building or just one floor, the question of size must come first.
Once the size has been agreed, location must come second on your list of considerations when searching for office space for rental. Where in London would be most beneficial to your business? Does the trendy, exclusive district of Mayfair suit your company's image and clientele or are good transport links to the rest of the city important? If so, Hammersmith maybe for you. Are views of the River Thames your ideal view from the office window? Then Southwark and Waterloo would be favourable choices. Also think about parking for your customers and employees; are there adequate car parking facilities nearby?
Once a city location is decided for your business, the location in your chosen building is just as important. Does the nature of your business or employees make a ground floor office space a necessity? Does the size of your workforce need more than two floors? Are panoramic views a desire in your conference room? These small details make a huge difference to your business and go hand-in-hand with the location of your office space in London.
So, the size and location has been set, next comes the standard of the office you wish to rent. A basic commercial space would need decoration and would therefore require more work before moving in, but would be cheaper to rent. Mid-range offices are decorated neutrally allowing slight personalisation of the rental and also come with air conditioning. Top quality spaces are usually newly refurbished, attractive work environments that have raised flooring and air conditioning.
Consider what work would need to be done before moving in, such as floors being replaced or carpeted, how the heating and air conditioning is maintained and is there an existing security system or will one need to be installed? Also consider the cost of such alterations when looking for a suitable standard of office. Remember that the more you require the less negotiating room you will have with the landlord.
Now that all the key points and desires for you new office in London have been agreed, it is time to consider price. Firstly, what is the maximum amount (per square foot, per annum) that you would be willing to spend on the rental? This also ties in with the quality of the rental you would prefer, for example, a basic office in Hammersmith will cost a lot less than an office space in Chelsea or office space Mayfair. Or would a mid-range space in reasonable Knightsbridge be more suitable? Everything must be taken into consideration at this point when what you want to pay and what you might have to pay could rely heavily on your chosen factors of size, standard and location.
Therefore, if you want a basic office in somewhere exclusive and desirable but the price is still too high, consider a mid-range rental in somewhere less exclusive but with a similar vibe. Money could be saved, whilst still securing a beneficial location.
Alternatively, if the standard and location of your chosen office is acceptable, but not for the size you want, consider lowering your standard to basic, therefore maintaining the size and location of your preferred rental.
There are also occasions when large companies rent entire floors of office space in London and then decide to rent elsewhere or to downsize. If this should happen somewhere your business would like to locate to, the management company of the building will sublet the space for a much lower price than the going rate for general office space in that building.
This could be a major trick in getting the best price for your rental.
Also, consider the taxes and possible one-off charges required, for example; legal costs, refurbishment costs and property tax. Carefully study and re-read the property or lease agreement and be clear what is and isn't covered. Check whether the lease outlines the state of the square footage of the agreed office space. Can you make repairs if the landlord cannot and will this amount then be deducted from the rent? Check how the lease defines how disputes will be decided.
Once all these tasks have been taken into consideration, the final lease approval and negotiation can begin with the estate agent. Make sure your needs are voiced and make sure every detail is clear and acceptable to you and your business. Be clear on what is negotiable and what isn't before you begin.
But be prepared to negotiate. It is very unlikely that the lessor will tailor the rental exactly to what you want, so be ready to compromise and seem flexible.
Never appear too desperate to secure London office space as this will give the lessor all the bargaining power and could leave you with costs or compromises you don't want.
If the agreement is not going the way you wish and there is no more room to negotiate, be strong and walk away. Always have a couple of properties on a short list ready for such an occasion and then you aren't left without. There will be many similar office spaces for rental in London, so be sure to look thoroughly before making any steps towards sorting out a lease. Making a shortlist of five of the best or your five favourite rentals will keep you covered and will result in you obtaining the best commercial office space in London for you and your business.
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