POINTS TO PONDER IN PLANNING AND LOOKING AHEAD

  • Carry out a needs analysis to determine requirements taking into account growth
  • Prepare a critical path analysis for relocation
  • Allow sufficient time to source and select new premises
  • Engage a design group to undertake space planning on short-listed space options
  • Consider staff motivators like natural light, break out space proximity to transport and amenities
  • Set a budget for the move and office fit-out
  • Seek independent advice on lease terms, market rental values and incentives
  • Build in sufficient time to negotiate terms leading to lease execution
  • Consider terms of exit strategy for instance make good obligations or freehold disposal
  • Organise telecommunications early to ensure facilities will be available upon occupation

COMMON ERRORS OF JUDGEMENT BY TENANTS AND OCCUPIERS

  • Begin lease renewal or fresh negotiations too late
  • Can overheat the market by approaching it too early
  • Listen to too many agents not representing tenant/occupier interests
  • Look at too many building options where space does not meet the brief
  • Failure to appoint an in-house project leader or steering group to oversee the project
  • Take too long to reach outcomes thereby compromising negotiations or missing out on the building of choice.
  • Fail to have a defined accommodation brief and business plan
  • Neglect to obtain financial advice on lease structuring or re-structuring