Securing the ‘right’ office space

November 1, 2018

Jessica Ross, associate director in office agency at Naylors, explains why it pays to invest in a professional approach to office acquisitions

For the uninitiated, finding the right officepremises can be a daunting prospect.

From identifying how much floor space isrequired, to choosing the right location and negotiating lease terms, the process can be aminefield that eats up your time and money.

Get it right and you can create a positive working environment that inspires your staff,maximises their well-being and increases productivity.

Get it wrong and you’ve got yourself a costly liability that can demotivate your employees and prevent you from attracting and retaining new talent.

At Naylors, we act on behalf of occupiers of all sizes to provide assistance through the full acquisition process, which is explained below.

Quality over quantity?

The starting point is an evaluation of how much space your business really needs. By reviewing matters such as desk sizes and layouts throughto the configuration of meeting spaces, we can help identify how much accommodation is required for the duration of the lease.

The use of more efficient working practicescan enable companies to make a strategic investment in quality over quantity, taking advantage of the availability of higher-quality space.

Search and inspect

The next stage is for us to undertake a search for properties which meet an agreed criterion, providing you with a range of opportunities,some of which are often off-market. Suitableoptions are reported and reviewed, after which we organise accompanied viewings to enable a physical inspection to be carried out.
Due diligence

Once a shortlist of viable options is drawn up, it is essential to undertake due diligence toevaluate issues such as specification, repairing liabilities, service charge and energy efficiency.Should each property on the shortlist pass the due diligence test, a negotiation period will begin to secure the best possible terms and ultimately, to identity the optimum opportunity.

Negotiation

When negotiating lease terms, we recommend that occupiers focus on the bigger picture rather than purely focusing on paying the lowest rent. For example, in exchange for an extra £2 or £3 per square foot, occupiers can often securesuperior accommodation or more flexible leaseterms, both of which can have a more positiveimpact on a business than a small financialsaving. Once the basis of a deal is agreed, we liaise with all parties involved to help to ensure the lease completes successfully.

Size matters

Our final role is to accurately measure the floorarea in accordance with RICS guidelines before the lease is signed. Not only can this lead to
an immediate financial saving but potentiallyrent and service charge reductions for the full duration of the lease.

Within certain quarters of the North East, there is a restricted availability of new Grade Aoffice space. It therefore can be challenging foroccupiers to secure good opportunities with deals being potentially expensive and complex.

By using a specialist office agent, not only is it possible to secure great office space, you willalso have professional guidance to negotiate the best outcome, saving you time and money.

Naylors
For further information on Naylors’ acquisition services, please contact Jessica Ross or James Fletcher on: 0191 232 7030
jessicaross@naylors.co.uk
jamesfletcher@naylors.co.uk
www.naylors.co.uk
@NaylorsSurveyor

*Advertising feature.

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