Working with an agent
Your property agents can be instrumental in securing the success of your office redevelopment. Here’s how to secure and work with office estate agents that will act in your best interests throughout the process.
Find an agent you know and trust
You might opt for office real estate agents you’ve worked with before. If you’re seeking a new agent, take the time to review each potential connection. You need to establish a strong sense of trust with them. Look at their portfolio, recent achievements, and whether they fully understand what you’re trying to achieve by subletting.
Determine deadlines & budget
Make sure all parties are on the same page in terms of achieving a realistic timeframe. Ensure you’re liaising effectively with your design and build team and property agents. Everyone should remain in the know about how things are progressing, and how the timeline for completion is going.
Regarding finances, budgeting is an obvious consideration throughout the entire project. Consider your level of flexibility within the budget. Weigh up the potential ROI and think about the long-term benefits of investing in quality furniture, tech, agents, and designers.
Your agents will know how to negotiate property-related contracts to work in your favour. Your design and build team will work to optimise your budget with cost-effective solutions. You could also explore the option of funding your refit with a lease finance agreement. Just make sure everyone’s on the same page – communication is key.
Secure your tenants
Your property agents should be experts in creating attractive office listings to advertise your space. If you haven’t considered it – think about how to secure your tenants before the design process ensues can be beneficial in terms of both providing adequate, tailored facilities, and saving money.
Your chosen design and build partner will also be able to help with marketing your space by providing supporting collateral once the project is complete.
The legal aspect
Some contracts don’t allow subletting. Your agents will review your contract to confirm whether the terms allow you to sublet or not. Even if your contract allows subletting, consent is key. You need your landlord’s approval to sublet any part of the premises. This is called getting ‘superior landlord consent’. Consider the timeframe involved and how it will impact your plans. This process can take up to 8 weeks and can involve fees of up to £3,000.
Tip: Develop flexible subletting opportunities
Companies without their own bricks-and-mortar offices tend to thrive from the flexibility that adopting this model of subleasing offers. Be wary that some of the businesses looking to sublease from you will still want flexibility in being able to move on, without being too tied down by lengthy contracts.
Depending on the size of your extra space, you could offer a range of lease lengths to accommodate businesses with varying commitment requirements. Month-to-month, quarterly, biannual contracts are a good place to start, unless a business specifically requests otherwise.
Offering shorter-term lets can work in your favour, too. It enables your own business the chance to reclaim the space sooner if you do expect to go through periods of expansion. If you don’t need the space back any time soon, and the time comes to offer a lease renewal, your tenants are likely to renew if you have managed to meet all their expectations anyway.
Developing versatile workspaces with Office Workspace
At Office Workspace, we have a wealth of experience in helping our clients to repurpose their excess office space to generate a profit. Our dedicated team work closely with our clients to realise performance-led spaces that go above and beyond expectations.
From initial consultancy and development of your surplus space strategy, to detailed design and delivery, technology and furniture overlay, through to putting together your entire subletting marketing pack, we’re with you on every step of the journey.
We’re transforming grey spaces into great spaces. Let’s get working on yours.
Office workspace can help you optimise your office footprint
At Office Workspace, we’re experts in developing modern office spaces that enhance productivity, creativity and collaboration while reducing costs.
As a multi-generational, family-owned business, we’ve refined our methodology over the years to provide our clients with best-in-class solutions, services and support. As attitudes to the workplace evolve, so do we, and this is reflected in our approach to workspace design. Fusing data-led practicality with our unwavering creative vision, our workspace developments are designed for success.
If you’d like to discuss how our office space solutions could work for you, please call our team on 020 8309 0000. Alternatively, you can get in touch via our online contact form.