Your new startup business has a great idea, the funders like it and you receive a huge injection of cash to move your business to the next level. You then need to up-size and attracting the right talent is only part of the challenge. You must find the right space to interest them and keep the current team feeling motivated and creative.
With that in mind, below are 5 important points to be aware of and avoid when searching for new commercial property to let in Central London.
Serviced offices can offer you the immediate fix required to get you up and running quickly; but often you lose your identity, especially with clients and staff alike, and confusion can be created around your brand. We are seeing more and more occasions where firms opt to share a building with other like-minded companies only to find their best employees being poached due to the creative sharing environment. Also, confidentiality can play a big part in this as clients often dislike these spaces and worry that too much of their private business is there for all see.
Space required can change with the rapid growth that often occurs within scaleup businesses, so having a clear idea of this and the length of time that will suit the next part of the journey needs to be clearly understood and pre-planned. Too short a lease and you’ll need to move sooner than you think and too long you'll end up taking on extra costs that could be better used to drive the business elsewhere.
Paying over the odds for a premises that isn't right for you is happening more than it needs to. Trying to find commercial office space ideas in the right areas of London can be very time consuming and often the person gifted with the job of finding the space is doing so alongside their main role. Therefore, it can seem an uphill battle from the get-go. Working with a knowledgeable, experienced and trusted agent to represent you will help you get to spaces you wouldn’t know existed. The agent will trawl through the whole of the market and compile a shortlist of the best properties available within the given timescale and to your bespoke requirements. On top of this, the agent should negotiate a better deal that takes into account your growth/staffing needs, including securing a market rent free and lease terms that will save thousands of pounds in unnecessary rent.
Often companies will look for space based on maximum numbers of staff rather than how many will be expected to be working in the office on any one average day. Some will work from home and others may be at clients’ offices. Therefore, it is important to know your aggregate. Flexibility of space and the clever use of furniture can really make a space work in different ways too and again it is all about getting that specialist in who can advise and guide you on these important aspects.
Keeping an eye on the exit dates on leases and knowing when to give notice are just some of the simple but terribly important timescales that are often missed. Both of these could create considerable pressure on the whole business if they are not handled correctly. Planning ahead can also catch scaleup firms out as it can sometimes take a little longer than expected to find the right office location for the next part of your journey. If you have a good agent however, they will be in contact reminding you of important dates regarding your existing lease and keep engaged about your plans going forward.
In summary, all mistakes can be avoided when it comes to commercial property investment in London and we would be very happy to discuss solutions to any of the above-mentioned issues with you. Contact us today on 020 7631 8702 or send an email to [email protected] to see how we can help you make a smooth move both now and/or in the future!
NB: all discussions will be kept in the strictest confidence throughout.