What to do when your commercial office lease is ending

When your office space lease is drawing to an end, deciding what’s next can be overwhelming. But fear not, the process can be stress and hassle-free with the right planning. 

Here are five easy steps to help you navigate your next move with ease.

Step 1 – Find your existing lease and draw up a programme 

Understanding when you need to be out of your current space and how much time you have left is key to organising your next steps. 

If you are thinking about a private lease, 12 months isn’t too far in advance to start having initial meetings.

With a more flexible arrangement like a serviced office, three months works well for a smaller space. However, if you are growing and thinking about larger spaces, our advice would be to give yourself at least six months. 

Step 2 – Talk to the professionals

Talk to tenant reps who are motivated to work with you and take you through the workplace journey. 

It’s likely you will have a “stay vs. go” decision to make. As well as explaining the cost implications of both, a tenant rep will be able to work through all your options and start forming a solid brief alongside a list of feasible new spaces. 

Step 3 – Financial models 

The benefit of working with a 360 provider like Soul Spaces is we can provide you with real estate costs alongside potential office fit out costs. Keeping communication to one business takes your office search away from the open market, saving you huge amounts of time and effort. 

Understanding the cost implications of staying or going will be key to all the decisions you make along the way, from office type, to location, to fit out choices. Doing this early provides a sense of direction and helps avoid aimless wandering around the office space market. 

Step 4 – Draw up a brief 

Drawing up a clear and cohesive brief in the early stages of the project will give you a foundation to work from throughout the search. Referring back to the brief and your business requirements will help you to analyse the spaces you see in a more objective way. 

Natural light, south-facing, a gym in the basement? Whatever your needs may be, writing them down, even at the early stage, will keep you focused and help you understand what success looks like at the end of the project. 

Step 5 – Get viewing! 

Step five is a simple one! You really need to walk the spaces to understand their strengths and weaknesses. 

There is no replacement for seeing a space in person. 

If you’re approaching the end of your lease or are keen to understand the office space options available in today’s market, get in touch today.