Relocation guideline for commercial properties
This step-by-step guide has been assembled from Barfoot & Thompson Commercial’s knowledge of the leasing process and potential pitfalls. This is an essential guide to help you make an informed property decision.
We know that your office premises are more than an address; rather, they are a platform with which to make your business drivers a reality. Our agents are equipped with the skills, knowledge and tools to expertly assess your space challenges. We ensure that the leasing decision - whether to stay or relocate - is reached after effective assessment of your needs and market evaluation.
Office leasing practices allow you to work with one leasing agent to seek out suitable options in the market. Our comprehensive database contains information on every office listing, agent and landlord across Auckland so that we can search the market to find the right options for your business.
If you prefer to proceed with a formal paid tenant representation service, Barfoot & Thompson is able to refer you to independent third-party specialists.
So what are my options?
Renew: The default option to consider may be to renew your existing lease; and your future business needs and goals will determine if the amount of space occupied should remain as is, increase or decrease at the existing location.
Relocate: The upcoming expiry of your lease could offer you an opportunity to better achieve your business goals and transform your workplace by relocating to new premises.
The decision to renew or relocate always has a financial component and a need to make sure the premises are the ideal size based on current and projected future headcount.
Today the attraction and retention of staff is becoming more and more important. Your business brand and the building you occupy speaks volumes about your organization. A revitalised fitout or new premises can strengthen your sense of brand and enable many positive flow-on benefits that increase staff morale, which leads to increased bottom-line financial performance of any business. We are seeing businesses in Auckland achieving a 20% reduction in absenteeism along with reduced staff turnover from making an informed property decision.
Act early, before you run out of time
Business continuity is the key when exploring your office leasing options. Whether you decide to stay or go, knowledge is key to the decision-making process. Allow enough time to ascertain your current situation, review other options, assess the marketplace context and possibly negotiate with your current landlord to ensure you optimise the end result.
The period required to conduct this process ranges from three to six months as a minimum, to two years or more for larger organisations typically as outlined below.
Team to win
Your internal property team is important and we recommend you assemble a team with key stakeholders that should include a senior employee as the project leader who is supported by decision makers and influencers in human resources, IT, divisional heads and key staff.
Adding professional real estate and workplace designer expertise is a critical part of the project team skill set. The real estate agent will arm you with insight into the marketplace status quo, your alternative options and the financial implications of the stay or go scenarios.
The workplace designer will show you how much space you need and how the premises can reflect your brand to attract and retain staff, both now and in the future.
Barfoot & Thompson Commercial recommends implementing a proven process to leverage the renew and relocate options to create competitive tension with landlords and derive the best outcome.