View: 3 Top Insider Tips For Sub-Letting Excess Office Space
Office space is expensive.
Unused, or underused, space can represent a painful overhead and problem for office occupiers. For some, subletting excess space may be a solution.
However, there are numerous factors to consider before offering up spare space to a potential occupier, or potential occupiers.
Here, we highlight 3 key thought processes:
- Decisions: the phenomenal growth of the co-working real estate sector has proven that there is a market for flexible office space. However, there are some early-stage decisions to be made if you are planning to rent out your spare space. Will you offer the space on a 'desk rental' basis to individual occupiers? Will you create a self-contained space within your space? Will you offer up your excess space on a 'fully-inclusive' basis including all costs and services or will you need to make provision for the new space to be independently measurable for utilities? How will users access the new space? Will you share central services, such as toilets and tea-points with the occupiers of the new space? Will you allow the new occupiers to design, fit-out and decorate their new space? How long will you make the new space available? Are you likely to need it back? These are just a handful of the numerous decisions to be made.
- Permissions: depending on the nature of your existing space and the nature of the planned subletting, you may need landlord and/or statutory approval for the proposed new space. In the first instance, therefore, it would be prudent to ask your legal representative to take a look at your lease agreement, if applicable, and it would be logical to discuss any potential Building Control implications with your office design company.
- Implementation: once you have your plans and permissions in place and are about to embark on the roll-out phase of the creation of the sublet space, think about how your existing space and users will be impacted. Will you need to create temporary access and/or screening? How will morale be affected? How will you get the existing users onboard with the plans and make sure that the project is a success?
At The Office Interior Project Group® we are committed to the creation of great workspace throughout London and the South-East and are highly experienced at supporting our clients through reconfiguration and change projects.
If you would like to talk through some options for your office space we would welcome the opportunity to speak with you.
Please get in touch now via our website at www.toipg.com or by contacting our Business Administration Team at bat @ toipg.com.
Finally, please note that this is general advice and specific advice should always be sought before beginning to plan your project.