How Long Does it Take to Find a New Office?
Thrilling as your office transition plans may be, they might take a little longer to pan out than you expected.
Before you get carried away with all of your fit-out dreams, remember that moving offices is a lot of work. And with bad advice (or no advice at all), it could be costly.
Making the big move takes a good deal of searching, planning and negotiating. It’s easy to get overwhelmed if you’re not prepared. You might be surprised at how much time the process takes, start to finish.
How Long It Takes to Move Your Office to a New Property
Unfortunately, it’s impossible for an Internet search to give you an exact answer of how long it will take you to find a new office property.
On average, however, locating and moving into a new property can take anywhere from a three months to two years.
There’s a huge variation there because there is a variety of factors that come into play.
What You Should Know
Let’s be clear .. The entire process includes locating the right property, then negotiating the lease terms and then fitting out the property to suit your needs. Then there’s the actual move itself. So you see, these things take time.
The process may move along smoothly if your company is small and doesn’t have highly specialised needs.
Some factors that slow down the office transition process include:
● Having a large company (think 75+ employees)
● Having very particular needs for your office property
● Not knowing what your property needs are
● Bad timing (the properties you like just don’t have vacancies at the time you’re searching)
● Intense competition with other businesses also looking to land the best property
● Miscommunication about required lease terms and internal approval processes
● Miscommunication on the inside when not everyone on your team is on the same page
What You Can Do to Speed Things Up
The most important step is to just get started, as soon as possible.
The longer you wait to begin your search, the more time you’ll lose. Just get out there and start exploring your options. There’s no such thing as looking at too many properties when you’re searching for the perfect spot for your office. Even if you were originally just thinking about staying put and renewing your lease you should use your imminent lease expiry as a chance to consider other potential options.
You also need to have a clear strategy plan in place.
Keep co-owners and board members informed every step of the way by providing everyone with updated documents and drafts and secure approval from everyone before moving on to the next task. Carefully communicate across every level of your company to ensure that your search for a property that will definitely meet everyone’s needs and then some (always leave some room for growth!).
Get help with the lease negotiation process.
You shouldn’t try to undertake this task alone. With professional help from a tenant representative, you’ll understand all the details of your lease and avoid costly pitfalls. The time needed for signing will also be kept to the bare minimum.
Even if the possibility of moving is just a distant dream, start your planning process no later than twelve months before your current lease expires. This will give you plenty of time to consider your options and make the move as soon as possible after making the decision.
Don't start planning your big move without getting expert advice. Contact Broadway Property for a free initial discussion about your needs.
- Ben Heritage and Ryan Stewart, Directors, Broadway Property