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Things you need to consider when looking for an office space in London
The cost of renting an office space is the second largest expenditure for most businesses. Whether the company is big or small, the amount paid in rent will take a certain chunk out of the business. Some businesses have a problem of paying the rent because of low cash flow in the business. Saving on the amount to be paid in rent will be very important both in the long term and short term. Below are some tips that can be used to get the best office space and save money at the same time.
Start the process early.
When the lease of the office is about to expire, you should negotiate a new deal before the contract expires. It is advisable to start the process more than six months before the lease expires. A good bet is 12 to 18 months before the expiration of the lease. Usually, big corporations start the process 2 to 3 years before the expiration of the current lease.
Avoid leasing more than what you need.
The space you need today might not be what you would need tomorrow. Make sure you lease an office space that is enough and won’t cost you a lot of money. Look for alternative ways to cut down the space for the office. This ensures you won’t have to worry if the cash flow of the company reduces. If you are not sure on the size of the space you need, you can hire a planner who will help you.
Bring competition into the dynamic of the negotiation.
One mistake that many tenants make especially when renewing the lease is not creating aggressive competition from various buildings in the marketplace. The landlord will have a leverage over you because he or she knows relocating will be a problem compared to renewal. When the landlord feels you can leave, he will be ready to listen to your offer. Failing to use this technique will force you to continue paying more than what you should be paying.
Determine what concessions you need the most.
Although the rental rate is important, you should consider the concession package. Some of the most popular concessions include; abated rent or parking, build out allowance, relocation or moving allowance etc. They must be factored into your decision. For startups, paying less rent at the beginning is great because it will go a long way in helping capital allocation.