London is an international hub for investment and trade, and dominates the UK economy. Over half of the UK’s top 100 listed companies (the FTSE 100) and over 100 of Europe’s 500 largest companies have their headquarters in central London, according to the London Stock Exchange.
Relocating your workplace can be very beneficial for your business; to accommodate for growth, reduce workplace costs and have better access to your clients. Moving your office to London, or relocating to a more suitable part of London may play a large part in your business strategy and significantly affect profitability. We provide some tips for a successful, time and cost-efficient office move in London:
Plan your office move
An upcoming lease expiry may prompt your office move, it is advisable to allow 6 months planning per 5,000 sqft of space. You must outline a realistic budget early on which takes building-related costs, fees and infrastructure costs into account. It is also essential to map out a project timeline which will help you make crucial decisions when the time comes, and not overspend.
Establish a project team and appoint a dedicated project leader, who understands the business objectives and reasons for moving. This person should efficiently manage the process just like any other business operation.
Choose the right size office
Is your company growing or consolidating? Consider your future growth rate as you may need to accommodate more people in a few years’ time. With London office rent prices being some of the highest in the world, you and want to avoid unanticipated and unnecessary costs further down the line.
Performance will suffer if you have too little space, and your bottom line will suffer if you acquire too much. Conducting a workplace survey to consider working styles can provide valuable insights, and consulting an office designer will help you establish your spatial requirements.
Choose the right location
The cost per square foot of office space in London varies drastically depending on the location. Therefore, this will likely be the biggest factor in determining your relocation costs. Consider whether your type of business needs to be in the city to be close to clients, target markets and networking opportunities, or whether you can still be functional further out from the city centre.
A trusted commercial property agent will have relationships with reputable landlords and can provide professional advice on the London commercial property market, to make sure you find the perfect property in the right location to suit your budget.
Embrace new workplace trends
London is at the forefront of innovation in the UK, and businesses are naturally evolving as innovation sweeps through the workplace. Read up on the latest office design trends to ensure your workplace is welcoming to all generations, or talk to a workplace design specialist. Predicting how your office will function in the future will help you establish your needs for the new space. This will affect the layout of your office, and how much space you need.
Build your relocation strategy upon these steps to help you stick to your budget and manage a successful office move in London. Accurate planning will ensure you reap the maximum benefit from your relocation, and your workplace remains sustainable and profitable in the future.