What does lack of office availability mean for a businesses trying to find a Bristol Office?
You may have seen reports from the large national corporate property consultancy firms saying office availability in Bristol is running out or in short supply as we enter the 3rd quarter of 2017. This firm is currently acting for occupiers that have Bristol office requirements at different ends of the size scale. These requirements currently range from 1,000 sq.ft. to 12,000 sq.ft. What we have found is that opportunities to fill these requirements are fleeting. This wasn’t the case 18-24 months ago when vacant offices tended to hang around a bit longer.
Over the last 12 months we have found that office space coming onto the radar goes again quickly. Our experience is that office availability i.e. supply is tight (as landlords agents claim) and good quality supply that becomes available is quickly snapped up by occupiers who are not waiting around. What does this mean for your business if you are trying to find a Bristol office?
- Be prepared to act quickly (this doesn’t mean hastily).
- Do a business plan to incorporate the potential new space early.
- Don’t get emotionally attached to one particular space…have options.
- Ensure your accounts and financial statements are up to date for the prospective landlord.
- Use your own agent to unearth off market opportunities.
- Prepare your exit strategy from your existing space so it doesn’t delay you taking the new space.
- Accept that landlords incentives and rent frees won’t be as generous as they were in the past.
- Have other professionals such as your fit out contractor, a building surveyor, and solicitor lined up and ready to go.
All of the above will put your business in a better position than most of the competition when it comes to securing your next Bristol Office.