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What to Look for When Appraising Commercial Office Space in London

No matter way you interpret the UK’s impressive growth statistics from the last eighteen months, it cannot be denied that London remains pivotal to the nations’ economic well-being. It is growth in the capital that has underpinned nationwide expansion, with the International Monetary Fund (IMF) having recently upgraded its forecast for UK growth 3.2% for the remainder of this year and 2.7% in 2015. This at least partially explains why every business owner wants to operate in London, although the costs associated with this require careful consideration before you make a financial commitment.

3 Things to Consider When Appraising Commercial Office Space in the Capital

So if you do decide to venture out into the capital in the pursuit of commercial success and office space, you will need to keep the following points in mind: –

  1. Location, Location, Location

London is a huge place, with significant trade links to France, Europe and locations further north in the UK. It is also separated into multiple boroughs, each of which has its own unique benefits to business owners and a clearly defined cost of living. These factors are sure to influence your choice, as they will impact on the amount that you are required to spend in monthly rent and insurance costs. So before you select from a range of commercial premises, you will need to compare individual areas to ensure that you are making the most viable overall choice.

  1. The Importance of Achieving Value for Money

Value for money is also a key consideration for business owners, especially those who are dealing with a stringent or minimal budget. This is why you will need to be cautious when moving into a commercial location, as otherwise you will end up paying over the odds for an inferior lease arrangement or structure. Simply searching for serviced property can lead you astray, for example, as there are service providers who will offer more of a corporate concierge to customers and deliver far greater satisfaction levels as a result.

  1. How You Can Apply Your Negotiation Skills

Once you have identified a viable regional location and a number of potential commercial premises, the next step is to taper your selection and agree a final deal. This is where small details can make a surprisingly big difference, however, as having the ability to negotiate with service providers and drive down the cost of your lease can reap huge financial dividends. By negotiating in a proactive and tenacious manner, you can cut the cost of commercial leasing without alienating potential service providers.

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