Tips on Relocating Your Business
Renting Office Space in Malta: Business Relocation Tips
Successful business relocation takes a great deal of detailed planning and forethought. Whether you are relocating your business from a foreign country or expanding from an existing office it is important to know all the ins and outs of business relocation before making your move. You would certainly want to make sure that your new office space is suitable and will help your business grow. Office hunting may sound easy but with many choices and factors to consider, searching for the best office may prove to be extremely energy consuming especially when you are visiting Malta for the first time and do not know where to start.
At Perry Estate Agents we have the insight on what space is coming on the market soon and we can advise you on which properties would best suit your needs. This will probably be one of the most important business decisions your firm will ever make and we have over 35 years experience with Real Estate in Malta. Our leading Commercial Letting department specialises in office leasing and we will not only guide you to negotiate an agreeable rental agreement but have access to rental properties that may not be listed anywhere else in Malta.
Checklist for finding the right office space in Malta:
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Size
Consider the space you need and plan for the future. It is important that you gauge what your space requirements are from the start. Ask for an internal area plan and superimpose outlines of your furniture and equipment onto it to ensure you have adequate space for the use you are planning. If you are only a small operation you may also consider all-inclusive executive office suites. Although the rate may be a bit higher many suites come furnished and have access to office equipment and conference rooms, thereby lowering upfront investment.
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Location
Is location important to your business? If you are a business in need of a ground floor with a high passing trade and footfall then this is highly important and prices will inevitably be higher. However, if you are a web-based company where most of your business is conducted online then you can save money by being situated in a less prominent position. Also, consider travel times and distances for you and your staff. Certain parts of Malta can be hard to get to during peak times and travel times can be high.
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Length of Lease
Another important factor to consider is the duration of the lease. One year leases which are common for residential lease agreements are uncommon when it comes to a commercial lease – the most typical is a three-year minimum period. On the other hand, it would not be advisable to rent a small space for say five years when you anticipate rapid growth.
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Budget
During negotiations, it is important that you have a budget in mind. Our agents will provide you with all the current market rental costs. Use the market knowledge and experience of our negotiators and make a counteroffer on the asking price of the selected office or see if there is any other way to lower your rent. Most landlords offer reduced payments in exchange for a long-term commitment. Establish costs and utilities you are expected to cover besides the rent. A cost which is often overlooked is the common area expenses. The landlord determines what percentage of the building these areas represent and adds that percentage to the amount of space you will occupy.
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The Small Print!
Read the prospective lease exhaustively!! Ensure that the lease includes upkeep of the building and other maintenance. Review occupancy date, options regarding expansion, extension of the lease term, termination as well as issues dealing with security, amenities, restrictions on signage, use of parking facilities etc. Successful negotiations are easiest when you have prepared yourself and really know what your needs are.