How to Find the Perfect New Business Space

Posted by Strettons on 30th April 2024 -

Finding a new home for your business and team can be an exciting yet daunting task. The process requires time, effort, and expertise, whether expanding, relocating, or seeking more favourable terms.

The London property market is dynamic and ever-changing, never more so than in recent years. We work with organisations of all sizes to find and secure the best spaces for them. Extensive local knowledge and a tailored approach to streamline the search process across all sectors have provided stakeholders value and peace of mind.

 

Our typical search process and things to consider at each stage includes:

 

Refining commercial property search criteria: We start by understanding your specific requirements and adjusting the search criteria accordingly. This includes location, size, budget, and other unique needs your business might have. This might consist of the type of space you want – for example, do you want a turnkey, fully fitted space, or do you want to fit out yourself? You may want a long lease to firmly establish your business in your new home or short, flexible lease terms if you are projecting strong and swift business growth. We use this information to focus our search and target properties that best match your specifications.

 

Search, selection, and shortlist of properties: Leveraging our resources and connections, we will schedule properties that match your needs and create a bespoke shortlist. This stage saves our clients time and widens the search to properties that may not even be on the market. Through our network and proactive approach to owners, we can source a space closely aligned with your growth aims, not just what's available at the time of your search.

 

Arranging and accompanying on site or building tours: Once we've shortlisted potential properties or sites, tours will be arranged. This allows us to assess the suitability of each property firsthand and identify any potential issues with you.

 

Due diligence and test fit out: After selecting a preferred property, we perform due diligence to unearth anything that might impact any decision to commit to the space or works required before moving in. This may include a test fit-out to ensure the space meets your operational needs, working with your designer or a recommended specialist in our network.

 

Transaction negotiation to get the best terms: Using our detailed knowledge of market trends, current levels of occupier demand, and prevailing rents and incentives we're aware of in the market, we can negotiate on your behalf to secure the best price and terms available. This may include agreeing to financial incentives on your behalf, works to be carried out for you by the landlord before move-in, possible furniture packages, and equally importantly agreeing to contractual lease terms that help protect your business against future unnecessary expenses and liabilities such as how rent increases are dealt with, or the extent of any repair and reinstatement/dilapidations liabilities. 

 

Liaising with all parties during the legal stage and through to completion: We act as the conduit to all parties involved, ensuring a smooth transaction process from start to finish.

 

Over the years we have helped dozens of organisations move space - some recent examples include:

• Searching the City Fringe and co-ordinating three successive office moves for leading branding agency, Design Studio, as their business has expanded.
• Advising on the purchase of a striking office building with River Thames frontage in Deptford for leading managed workspace operator, Artistic Spaces. We were able to help them navigate a myriad of issues that arose during the legal process. We continue to work with them on their portfolio of affordable workspaces across London. 
• Acquiring a Central London showroom for global homeware retailer Duravit as they expanded their UK operations.
• Selling building contractor Clifford Devlin's industrial space and acquiring a new site for their operations in Essex to help provide 
• Working with trade retailer ITS on the acquisition of four sites across Harlow, Loughton and East London. These last-mile logistics locations help ITS offer over 29,000 products with next-day delivery service.

Our role as a trusted commercial property agent is to make this journey more manageable, efficient, and, ultimately, successful. Regardless of what stage of your search you are in, we will be able to lend advice or step in to help with the finer details.