Leasing in London: What You Need to Know About Renting Office Space in the Capital

by - Monday, December 10, 2018


London is the administrative capital of the United Kingdom making it one of the most significant capitals worldwide. The UK generates a whopping 22% of the UK's GDP (gross domestic product), meaning London is a strategic city for international players who want to do business with such a large economy. Currently, there are 1,519 businesses per 10,000 residents in London. and most of these businesses have offices somewhere in the city or its outskirts. You might be thinking about leasing an office as well as a way to further your business. If so, here are five things to take into consideration when leasing a London office property.

1. The Value of the Leased Property
The principal aim of a business is to generate as much profit as possible. Doing that is possible through profit maximization and cost minimization. In this case, minimizing your expenditure on a lease agreement is an excellent idea. Therefore, researching the value of the property you have in mind and similar properties is an excellent idea. Doing so would help you know whether the property owner is overcharging you or charging you fairly. 

2. The Businesses That You Will Have 
The impact that surrounding businesses have on your immediate environment is profound. For example, high volume printing companies are particularly noisy. Will your clients cope with this noise as they come to your office for negotiations, clarifications, or signings among other things? Conversely, you will have a significant impact on neighboring businesses as well. For instance, you will compete with some of them if you have similar businesses. How will they react to this competition? Will they accept you willingly? Will they resist your presence vehemently? 

3. Available Amenities at the Property
Employees should be as comfortable as possible as they work for you or any other company. The office property you lease determines how comfortable they will be. For example, will they have access to parking facilities? Are there any affordable restaurants near this property? The absence of these facilities means that employees will waste a lot of time looking for them. Other amenities that you need to examine before leasing an office property are conference facilities and internet connectivity. Avoid offices that lack these amenities. 

4. Capacity for Expanding the Firm
Hiring an additional number of people to help you expand your operations may be necessary as time progresses. How can you do that when your office space is insufficient? Therefore, think of expansion as you are leasing a property. Doing so would help you avoid the inconvenience of relocating your business in the future. Remember, relocations would confuse your customers unnecessarily. Some of them might even think that you shut down your business.

5. The Leasing Terms and Conditions 
Check the renewal clauses in the lease. Are there any conditions attached to them? For example, is there an escalation provision that outlines a periodic increase in the cost of leasing that property? Examine the security deposit clause in the contract. What kind of security do they want? Can you provide it to them? How will you terminate the lease if the need for doing so arises? What kind of penalties will you face for doing so? Remember, circumstances change so knowing what would happen if they change helps you plan effectively especially when it comes to mitigating risk. Click here https://www.londonofficespace.com/ to learn more about leasing an office property in London.

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