8 Things You Need to Know Before Renting a London Office
These 8 points are intended to help you when finding and negotiating for your perfect London office space.
The World’s Highest Rent
Rents in London for offices are the highest in the world and you could easily get pulled into overpaying.
Different areas of London offer completely different values and you’re not just paying Rent, you’ve also got to pay Business Rates and Service Charges.
So putting those costs all together can vary massively from location to location.
How Do You Find All Available Offices
Finding your perfect office space is not easy. In fact, if you are just searching online you may have a problem as only 20% of available spaces typically show up through searches.
So however you may want to go about your search, please bear that in mind. We’re sure you’ll want to know about every available office space.
Agents for Landlords or Agents for Tenants?
What we find is that if you approach an agent and you are not represented then they may not give you as much time and care as you would need, so carefully consider whether you need an advisor.
How To Save Money By Negotiating
The art of reducing the price is a very important factor.
Even with high end London offices, you can still reduce the price through lowering your rent and also agreeing Rent Free periods to name just two.
Negotiating has to happen, don’t accept the price offered to you.
The Best Spaces Never Hit The Open Market
The best spaces often do not hit the open market. That means you will never know that they exist.
You will never see them and you will be selecting your favourite office and maybe missing out on the best of the best.
Use An Advisor Or Go Alone
One of the big questions is do you go alone to do the searching and negotiating? Or do you hire a specialist advisor?
It’s totally your choice, however 95% of businesses hire an advisor.
If you do, make sure your advisor is tenant focused so that they will be aligned with what you want.
Their aim is to reduce Rents, not increase Rents which many landlords agents would want to do.
They obviously charge a fee, and that should be performance based. They should save you time and money.
Lease, Serviced or Managed
They are quite different to each other in terms of contract length, pricing and the actual service that is delivered to you.
The good news is there is lots of choice!
Location, Location, Location!
The different areas of London offer such a varied range in costs.
From Canary Wharf to the West End the pricing is hugely different. West End, City, City Fringe and all the way down to the North and South fringes, the variation in Rents, Business Rates and Service Charge is enormous.
Make sure you pick the right location not just based on what your staff require, or where your customers are based, but also on finding value for money.
Want to get to know more about some of our London locations? Check out our comprehensive location guides here.
We hope you find these 8 pointers useful.
At One One One, we have access to every London Office.
If we can be of any assistance to your next London Office Search then please do get in touch.
Or, if you’re interested in learning more, why not watch the video below: