What to consider when moving business space

For any company looking to expand, there will eventually come a day when the available office space is simply not large enough.


Splitting the company into more than one building is a possibility, while moving to larger premises is also an option.


Either way, selecting commercial property requires a lot of careful thought and consideration, as a wrong decision could potentially have very negative consequences.


For those moving in this regard for the first time, the task can be particularly daunting as relocation costs must be considered and managed.


Many leases mean that office space must be restored to its original condition, while new space may need to be fitted out – adding to potential capital expenditure.


However, some of these costs can be offset and some landlords may be accommodating to ensure that potential cash flow issues are not encountered. However, this will vary by individual and is by no means guaranteed.


In instances where a move encounters difficulty, seeking the advice of insolvency practitioners could limit the potential negative financial effects.


This could be of vital importance to ensuring that the company in question can keep trading in the long-term.


Timing when to move can also make a big difference, as the process should certainly not be rushed – properties should be properly reviewed and checked ahead of a move.


Picking offices that are best suited to a company’s needs can ensure they are equipped with the essentials when the move takes place.


Any issues relating to the existing lease should also be taken into account – some could require notice periods and no business wishes to pay for premises that it is not using.


Finally, any new offices should enable a company to attract and retain staff; the business does not stand to benefit if existing staff decide to leave as a result of the move.


Therefore, any potential move should be discussed at length with the existing workforce to ensure that the most important staff are not lost.


Properties near good transport links are also likely to attract staff and should be sought where possible as it could aid potential recruitment drives in the future.


By Phil Smith


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