Are you planning to Move Office?
Planning to Move Office
Got a lease expiration coming up? Is your existing office bursting at the seams? Want to reduce overheads? Or simply need a fresh start? An office move may well be just what you need to get your company into better, cheaper & more efficient office space.
The lifecycle of businesses often require them to move office for a variety of reasons; be it adapting to changing market conditions, new opportunities, or to reflect the current economic climate. US Companies move office, on average, every 5 years - so whether your company is planning to move office now, or sometime in the near future, here is a quick checklist to ensure that you are in a position to move office (from a legal, commercial and operational perspective) - and then some tips to help you kick-start your office move project.
Are you in a (legal) position to move?It is vital that you EXIT your current office property in accordance with the terms of your lease. Failure to do so correctly might result in punitive financial penalties.
- When is the lease expiration date of your current office lease?
- Is there a 'break clause' that will allow you to leave early and take advantage of today's Tenant's market?
- What notice period do you have to give?
- How do you need to serve notice?
To find out the answers to these questions, ask a Commercial Real Estate Lawyer to look over your Office Lease to see WHEN and HOW notice can be correctly served.
There will be certain key dates that will drive your office move. Make sure you know them and stay on top of them. These include:
- End date of current lease
- Date (and method) by which termination needs to be given
- Target date to be in new office
Current Office Market Conditions
As you begin the planning & budgeting process of finding new office space, it is essential that you have accurate (and current) information on office rents for the area in which you are wanting to locate your new office. Access to this information will cut down on any wasted time looking at unsuitable office space and increase the chance of your company making the right office space decision.
This is yet another key reason why you should always get professional advice - and best practice strongly recommends that you discuss your requirement with a Tenant Rep Broker that specializes in the local market where you would like to set up your new office. Their finger is right on the pulse with regards to movements in the office market and they are the 'go-to' people to get up-to-date market data on what you should expect to pay for rent for your area. (Find out more about the key role that a Tenant Rep Broker plays in an office move - and learn why companies that choose to hire Tenant Rep Brokers pay LESS for their office space).
Costs to Move Office
With poor financial management (and no budgetary control) the costs of an office move can quickly spiral out of control. Companies moving office need to be fully aware of the potential office move cost items that might be incurred during an office relocation project. This is easier said than done (especially if you have limited experience of moving office), which is why we've put prepared the free Moving Office Budget Template to help you identify, record and manage your office move costs for your entire relocation.
Planning to Move Office?
Get a clear understanding of the Moving Office Process. Find out what's involved with Planning an Office Move. Get a full suite of free planning checklists from the Office Relocation Resource Centre.
Wherever you are in your office move process Help Moving Office has the information you need to plan your office move properly.Start Planning
With over 15 guides, checklists, tools & calculators the Resource Center has everything you need to plan, organize & manage a successful office move.See Resources
Looking for the right companies for your office move? Connect with independently sourced and pre-qualified vendors that are experts in your local market.The Directory
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Looking for the best mover for your office relocation? The best way to narrow down your search is to ask the right questions. What are the right questions? We're here to help! Ed Katz, president of the International Office Moving Institute (IOMI) and guru of office moving, will tell you exactly what you should be asking potential movers and what the right mover will say.Read Article
Identify the key stages of an office move and find out what important issues need to be considered at each milestone.Read Article