If your business is growing and you need more space, then what options are available for you?
If there is unrented space adjacent to you in the same building you occupy, it will be worth enquiring if the landlord will rent the extra office space. This could be worthwhile if the overall costs are lower than moving to a new location.
The current commercial property market is favourable for tenants and it may be possible to negotiate a favourable deal with your current landlord.
You will need to consider the increase in expenses other than the extra rental for the additional space, such as business rates and additional service charges.
Check your current lease to see if the term is nearing the end. You should allow plenty of time for negotiations to take place, and should be able to start negotiating a new lease with the landlord up to 12 months before the end of the current lease term.
The majority of businesses will not have the above option and will need to look elsewhere to move to. If this is the case, then the following should be considered:
-Â What are the notice provisions in your current lease and what is the minimum notice you will need to give the landlord in order to legally end the lease and vacate the premises?
-Â The overall cost of moving the business could be high
-Â Is there any particular favourable location for your business?
-Â How will moving affect the staff and employees of the business?
-Â What are the business rates of the new premises?
-Â What are the service charges for the new premises?
-Â Are there any major anticipated expenses?
-Â What are the parking arrangements available for the new premises?
-Â Can a lower rental be secured?
-Â Can you agree one or several break clauses in the new lease?
-Â Can you agree a rent-free period in the new lease?