Stop burying your head in the sand. (Please)
We are not going back to the old ways.
To give you some context behind our plea.
- UK average occupancy is 30%.
- Increase in energy bills 13%
There is “no doubt” that lower occupancy and higher costs will trigger occupiers to cut back or convert space.
70% of our business is representing businesses to understand how much space they need and negotiate the best terms in line with their business objectives.
(This is the important part). There is no point in taking space for the sake of it. There is no room for pride, it’s about the survival of your business.
To make matter more interesting, hybrid workers intend to return back to the office in an attempt to alleviate the impact of high energy bills this winter.
Therefore, this begs a question: How much space do occupiers actually need?
During the consulting period with our clients, we focus on their short AND long-term business strategies. We are able to propose several options as a result. The short-term plan could mean:
- Introduce a hot-desking/seat-booking policy
- Assign office days
- First come-first serve basis
- Utilise all space in the office
If you are coming to the end of your lease term, you can either relocate to a space that better suits your spatial demands or renegotiate for smaller square footage. Downsizing to the necessary number of seats rather than the number of employees (who may be working at home) is an excellent method to cut down on nonessential space, but it is also about establishing the type of work that makes it essential for why your employees come to the office. Does it promote productivity?
Or, you may be in a position to renegotiate your lease. This is especially true if you are coming up at the end of your term or looking to expand. Reviewing the market rent is a genuine method to save money while reducing your overheads.
We’ve said it before and we’ll say it again. The office sector is not dead – it’s adapting, and so are we.
Let’s have a coffee and chat about your options.
DO GET IN TOUCH WITH US:
Head Office
T: 02382 355799
Nella Pang, Director
T: 07738 625 431
E: nella@omega-re.co.uk
Jonathan Trice, Director
T: 07725 900 415
E: jonathan@omega-re.co.uk
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About Omega RE
Omega RE is a commercial property advisory firm based on the South Coast. Providing expert advice to Landlords, Occupiers in the industrial, office and retail markets.
Omega RE is always thinking ‘Outside the Box’ in our advice to clients and the way we do business. We don’t settle for mediocre, we challenge the norm and are dedicated to finding solutions that is best for our clients.
We are a people business, based on strong relationships and partnerships, and we offer a personal level of service.
As the market evolves, we will too adapt to be successful and want the same for our clients. We are committed to finding innovative ways of marketing and how to do things more efficiently.
We will never stagnate.
We are disciplined in everything we do, we take time to understand the situation and set a bespoke strategy for each client. Not one size fits all. We do not cut corners or take shortcuts and our integrity is undisputed.
Providing clients’ with a hands-on approach to finding the perfect property; office, industrial, warehouse or retail space to meet business needs and negotiating the best commercial lease terms, is what we do best.
We come to work because we’re passionate about providing expert, innovative, independent advice to clients. We want to help businesses navigate the complexities of Commercial Real Estate.
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