So when determining the starting point for your next project, you need to know the end date of your current lease – or the date by which you need to inform your current landlord of your intention to stay or go (normally three months) - and work backwards.
Moving a business takes time and there are many steps in the process, each of which can involve potential delays. These steps include locating new premises, potential board approval, negotiations, tendering, fitout, technology connections and making good on your existing premises.
Planning ahead is vital. And while six to twelve months is a good rule of thumb, as a business operator - as in chess - it pays to always have the next move in the back of your mind.
Avoid being held to ransom by landlords. If you are rushing, or desperate, you are at the mercy of a landlord. To pardon the pun, be sure to leave yourself time to move.
Here are some tips that will help shape your accommodation strategy and reduce the risk in your next project:
1. Find the right help
Finding the right consultants can make the difference between a smooth project and one that leaves you and your business counting the costs. Consultants with the right skills and experience can help you plan the process, find the right location, negotiate your lease and co-ordinate and design the fitout.
2. Do your research
It’s vital to have a good understanding of the commercial real estate market – in general and in your local area. Knowing current market conditions – vacancy rates, new buildings coming on the market, recent transactions, market drivers etc – means you are well informed before you start the process. Understanding specific industry terms, such as gross vs. net rental, outgoings and incentives is essential.
3. Make a plan
Work out what aspects of the project will keep you awake at night and plan for them. Create a property brief to take to market, with details including property location, size, budget, ideal lease term, facilities, zoning and access both for staff and customers or clients.
Draw up a timetable for the connection of services such as power, gas and telecommunications – these can take time and need to be factored into your planning.
4. Know how much space you need
You need to know your business and your business plan. If your company has growth, you are likely to need more space - If you want your staff to work remotely, you may want less. Knowing your business will help decide just how much floorspace you need when searching for a building. Remember: space:cost long after the fit out is done.
5. Determine your budget
Make sure you have enough space in your budget to allow flexibility on rent and on fitout costs. You might not need it, but it’s best to be prepared.
6. Know how to make good
During most fitout projects, you are focused on your new premises and all that goes with it. But you still need to make good on your current premises. Make sure you know exactly what is required under the terms of your lease.
At BRM Projects we can provide guidance and oversee all steps of the relocation process, from the search for your premises, to fitout and design and the relocation process – helping make your move a smooth one.