Moving office can be an exciting endeavour, but it can also be a stressful one. Not to mention the cost of living crisis has impacted numerous industries, including the commercial property sector, making this process even more nerve-inducing.
Combine this with the various moving costs, and keeping to your budget becomes vital for everything to run smoothly and without added financial stress.
But how do you move to your new space without surpassing that budget?
This blog delves into our top tips to keep to your office space budget throughout the moving process so you can prepare for your new office.
What is the cost of office space in London?
Like any location, the price of London office space depends on the specific area you decide to move to.
For example, Camden is a cheaper area to rent, with the average cost of one square foot in a Grade A property being £61.50 at the time of writing. Grade B properties cost approximately £47.50 per square foot in Camden.
In contrast, Mayfair is a more premium location, with Grade A properties costing £135 per square foot at the time of writing, whereas Grade B space is £85 per square foot.
Be aware that the price of office space also depends on other factors, such as how many people will use it.
If you want cheap office space in London, research different areas in the city and find the one
that suits your business and budget.
How to Keep to Your Budget
1) Consider all factors for your business
The first thing you need to do is think of all the elements your business requires and how moving will impact them. All these factors influence your budget.
These elements include the following:
How many employees are in your business? Are you expanding or downsizing the company? Consider the space your office will need to accommodate everyone, such as meeting rooms and desks.
Do you have the relevant transport links for your staff or clients? Is your target demographic in your chosen area? Find a location that suits your organisation and colleagues to save money on travel expenses and encourage new clients.
Your clients’ locations
Can your clients visit your office space for meetings if needed? If your company relies on client interaction, find an area where they can easily find and get to the workplace. Also, an office space with local attractions and eateries nearby may be useful for those out-of-office discussions.
This is not a comprehensive list of factors to consider.
Thinking about each part of the business helps to reduce the likelihood of unexpected costs later in the moving process.
2) Create a plan before considering any options
Don’t make any decisions before planning. Take the time to consider how your colleagues can resume work as quickly as possible after the move. What resources, technology and support will they need to do this?
The more planning you do, the easier your move can be. This includes planning the office space design and layout, such as desk arrangements and seating, to make the workplace as productive as possible.
Your space needs to reflect your company’s culture, so incorporate that identity into your plans so it can remain an integral part of the organisation in your new workplace.
Also, consider potential employees in your new area. Is your new location desirable, and does the workspace offer facilities or amenities that can encourage people to work within the company?
Budgeting for these features can promote your business while ensuring you can still pay for it.
Speak to an accountant at this stage to help you establish your budget and what you can accomplish with it.
3) Draft a schedule for your office move
For everything to run smoothly, create a schedule so you can do things effectively. For example, you need to consider booking movers and your moving date, to name a few.
When booking movers, you need to do so in advance, and they may not be available during your desired week. Be aware that the movers may cost more if you wish to move during non-business hours.
You must complete carpet installations and office decorating before people can resume work, so ensure you schedule them appropriately so everything can occur when needed.
If the business doesn’t follow the schedule, it may incur additional costs, such as needing to hire storage space for equipment until you can move into your new space properly.
4) Begin drafting your budget and break down costs
The initial utility bills and deposit must be in the budget so you can use your new office. Bill setups and payments can add up quickly, so ensure the money set aside for this is sufficient.
If you haven’t found your dream cheap office space for rent, you must pay an agent and solicitor to help you find it and negotiate a lease. To minimise disruption, you may also need staff overtime so your company can still support clients whilst desks and monitors are moved and set up.
When drafting your budget, keep an extra 20% aside to support you if you have additional or unexpected expenses.
5) Weigh up your options
When moving office, you always have options. Take advantage of the different pathways available to keep within your budget and still have your ideal space.
Finding cheap office furniture can be a great way to keep within a budget, but make sure you have enough money to buy chairs, desks and other items you and your colleagues will need. While you may need the occasional piece of expensive furniture, finding cheaper alternatives can help save money and reduce budgeting stress.
Estate agents, movers and other service providers can give quotes for their work. Gain several quotes and ask about what is included in those prices to find the best option for your business and gain an approximate cost. However, the final price may be higher, so padded budgets in this area are crucial.
6) Structure a payment plan
Speak with an accountant to establish the best payment options for your company, such as upfront payments or loans.
Upfront payments mean you can avoid interest or ongoing charges, but they may only be viable for some organisations. In contrast, a loan enables you to pay over a longer timeframe, and an accountant can support you through the application process.
Your payment method should be appropriate for the long term, such as for the next twelve months or the length of the lease.
7) Move into your new office
The big day has arrived! If your budget allows it, stick with your move-in date and make sure everything is sorted beforehand. You also need to inform your clients of the move and change your address on the relevant email signatures, websites and packaging, to name a few.
Featured Budget Office Space in London – Stables Market
If you are looking for budget office space in London, Stables Market is available from £1782 PCM at the time of writing. With access to Chalk Farm Station and Camden Town Station, this office space is accessible via the Northern line. It has various facilities and amenities, including event space, tea points and a gym, and welcomes pets.
Finding budget office space in London can be difficult, but DeVono can support you as you find your dream workplace within your budget. Contact us today to see how we can help your business with its office space needs.