Are you looking to move your business to a new location?
There are many things to consider when choosing a new commercial property for your business. One of the most important is the location of the commercial property. Ideally, you will want your business to be situated in a thriving area of a dynamic city, and London’s West End certainly meets that brief.
However, picking a smart location is just one of the many factors you must consider before you make a final decision. To help you, we have list three things to consider before you choose your commercial property.
Location and accessibility
Your business premises must be accessible. If you have employees or intend to hire some in the near future, you will want to offer them somewhere with good transport connections to make their journey to work as speedy and smooth as possible.
But it is not only your employees who will want easy access to you; your clients will want the same easy journey when they visit you.
London’s West End has excellent transport links to all areas in and around London, while the opening of Crossrail will make journeys into and out of nearby Tottenham Court Road faster and easier.
The decision to buy or lease a commercial property in London usually comes down to cost. If you plan to remain in the premises for longer than ten years, it makes sound financial sense to buy the property. However, if your future plans involve relocating or expanding within a few years then renting a property would be the best option.
If you are a start-up business you will be reluctant to enter into a lease that may ask you to commit your business to a property for several years, but there is an alternative to medium or long-term leases, and that is taking space in a serviced office.
Many landlords take out a property license, and this allows them to offer shared office space on flexible and reasonable terms.
The advantages of a start-up business taking space in a serviced office is that phone lines are already installed. The cost of staff, such as cleaners and receptionists, are shared with the other occupants, while the availability of meeting rooms and break areas are among the other advantages of using a serviced office.
Get expert advice
There are many more factors to be considered when you are looking for commercial property or premises. How much space will you need, how much can you afford, and where will your business be in five years’ time? The answers to these questions cannot be covered in one article.