Business success rests upon having the right premises, whether you are a retailer, service provider or manufacturer. For businesses in London, there is a vast range of potential commercial rental properties available, including those within superb city centre locations.
The majority of businesses will prefer to rent in London rather than buy. It gives them flexibility, freedom to relocate later and allows the business to hold on to its working capital. By using one of the commercial property consultants London has to offer, it is possible to find excellent deals and a variety of incentives on many properties. The consultant will work closely with you to establish your needs, and then present a range of options within your desired budget.
Advantages of renting commercial London property
By renting, you gain flexibility and are not locked in to an ownership agreement. The arrangement uses up less capital, and you are not exposed to interest rate rises. You will also have less responsibility, with the landlord taking on maintenance duties, and your agent will be able to negotiate on your behalf to get the best deal.
Finding the right type of office space
There are various factors to consider. Facilities are key — many central London offices do lack on-site parking, but this isn’t always a problem for city workers who will be used to taking the Underground. Other facilities of interest would include round-the-clock security and access, a commissionaire, flexible reception services, the option to brand your location if you are working in a multi-occupancy site, and available meeting spaces, video-conferencing facilities, on-site IT and telephony support and so forth.
Check for nearby facilities too. Is there an Underground station and bus stop nearby? Are there restaurants, cafes and bars for your staff and for you to meet and entertain clients as necessary? Are there places to buy food for lunch? Check whether you think your staff will be able to commute easily to the new office, and remember that if you are moving from an existing office that is some way away, you will need to consult with your HR team for regulations and good practices relating to work relocations.
Does the office provide the visual impression that will be congruent with your brand? This is particularly important for customer-facing businesses and high-end brands, where a desirable location and building will be key. Happily, in central London in particular, there are some superb commercial property spaces in period conversions, as well as superbly refurbished buildings of great character and attractiveness.
Is the space on offer adequate for your needs, which may include room for stock as well as staff? Will it offer comfort and convenience for your staff? In increase in attrition and subsequent recruitment may suddenly increase your costs. Is the building health and safety compliant, with clear access routes for fire safety? Also, find out if there are restrictions on things such as delivery, which can have a big impact on businesses with a large inventory.
Finally, remember to view plenty of options, ideally more than once, with at least one other decision maker as well as your property consultant.