10 tips for picking the right office lease

By Zac Goodman
Charity • Thoughts
22nd February 21

When the pandemic is over will you be returning to the office? Do you need to renew the office lease or find new premises?

Flexi-working is here to stay but so is the office. The difference? Companies are looking for high-quality spaces that provide room for collaboration and creativity. It turns out you might need an office upgrade.

If your company is looking for a new office or office lease (either bigger, smaller, fancier or funkier)…don’t spend hours on google searching until you have read this article.

We have listed the 10 tips for picking the right office lease – and the most important things to consider when looking for choosing a new office. 

The (Office) Game Plan_

Looking through property listings is the easy part. The hard part is finding an office lease that ticks all the boxes…budget, location, amenities, bike rack, foosball table, beer tap…

Before you fall into a google hole of working out sq. ft vs prices, have a quick read of the 10 tips for picking the right office lease so you can collect the offices keys a lot faster:

  1. Consider the length of the lease – including expansion and sub-leasing clauses. Does it offer space for your company to grow?
  2. Understand which repairs the landlord is responsible for and what happens if they’re not completed promptly.
  3. Think about your dream office floorpan so you don’t waste time looking at space that won’t work from the start.
  4. Life post-pandemic will see us use the office differently. Make sure there’s enough room for informal meetings and breakout areas.
  5. Understand the different types of office leases available. Do you want flexible space or long-term?
  6. Familiarise yourself with the standard leasing terms or find a Property Manager to help with these if you are not sure
  7. Talk to your employees and business partners to understand the ideal building and which amenities are a ‘must-have’
  8. Has the landlord considered occupant wellness or sustainability? Don’t sign a lease that causes a long-term headache.
  9. Don’t wait until the last minute to look for office space; with so many companies evaluating their needs, quality offices are being snapped up. You don’t want to end up in a broom cupboard.
  10. Find a Property Manager who understands your needs and can help you find the office that ticks all your boxes.

Benefits of an Office Lease_

There are some clear advantages to shared co-working spaces such as the WeWork model, specifically that leases are flexible, and the office space is move-in ready. But with office leases now changing, the ‘traditional’ option might be a more affordable, even flexible space in the long-run. Some of the key benefits of an office lease: 

  • Feel at home. Longer-term leases tend to mean you can create a space that suits your needs. 
  • Networking is fun, but fighting over shared meeting rooms isn’t
  • Make the most of local listings such as Google Local so you can be easily found by clients and customers
  • While flexible office space looks cheaper in the short-term, over a 1 year they can be much more expensive

Understanding Your Requirements_

Finding a new office space to lease can be time-consuming and complex. Choosing the wrong one is a waste of time and money. That’s why we recommend building an office game plan that can help you identify exactly what you need in your new space. 

Need help? Need an office? Hit connect and let’s chat. 

Resources_

We have done the hard work so you don’t have to. Check out the resources below. Sustainability, refurbishment? There is something for everyone.

 

Featured Stories & Insights

28th September 22

5 of London’s Greenest Commercial Developments + Bonus Features

With World Green Building Week taking place this September, we’re sharing some of our favourite...

Read More
21st September 22

Make Flexible Work

The worlds of design and data collide – mediated by Zac Goodman’s unique position as...

Read More

20th September 22

Interview with Sarah Langley: Associate Director

Part of the TSP family for 8 years, Sarah is Associate Director and Head of...

Read More
31st August 22

The 2 Most Important Charts in Office Leasing & How to Respond to Them

They show key secular trends that landlords & their advisers must adapt to… 1.    Office Lease...

Read More
25th August 22

Property Market Pulse: Interview with Bradley Sharp

Bradley works across our Agency & Investment department, leading on various instructions across London. Since...

Read More
23rd August 22

Thought Leaders Interview Series: Emad Hefny, Seeders Capital

Emad Hefny is Founder & CEO of Seeders Capital, providing sustainable building solutions in Egypt...

Read More

View all

Let's Talk

Got a question? Use the form to get in touch.

    Sign up to our newsletter

    For updates on commercial property news and events.