With small business confidence in London at it’s lowest point since 2013, affordable, well-serviced buildings are now top of the agenda for many companies. As an investor, it’s important that you bear this in mind when choosing a location and design for your premises. It’s not simply enough to rely on supply and demand. Business owners are now looking for offices which can provide them with more for less. So what are the main features these companies are looking for?
Whilst smaller operations don’t need lavish offices to cater for their needs, they don’t want their workers filing into a cramped closet either. A spacious workplace is vital to employee morale. If you only provide enough room for a couple of desks and a watercooler, then you are unlikely to find tenants sticking around for long. There are also health and safety regulations to think about, with restricted, windowless cubicles unlikely to pass the tests. Keeping costs low is important, but it should never result in a compromise on wellbeing.
The location of your property is at least as important as its structure. It’s no use choosing a commercial building on the outskirts of an industrial park if you are planning on attracting businesses that rely on customer footfall. However, if you are simply supplying warehouses for product storage, then this might be ideal.
It’s also worth considering the types of businesses in the surrounding area. Positioning yourself at the centre of the financial district might tempt a few startups your way. But direct competition from other companies could also be cause for them to look elsewhere. These locations may also come with increased price tags, which would drive your rent charges up.
Rent in London is always going to be a point of contention. Small businesses what to get the best deal possible for the space they are using. But if you’re the owner of the commercial property then you still need to make a profit. A compromise has to be made somewhere and it’s important you know where to draw that line.
The kinds of rent you can charge all depend on where in the city you’re located. The closer you are to London’s more sought after districts, the higher the average rental cost becomes. Small businesses will be expecting to pay these fees, but that doesn’t mean you should take liberties. Most businesses will also have to contend with the price of business rates and insurance, which all adds up. If you want to keep businesses around for longer, then you need to have some flexibility with your pricing.
Serviced buildings in London tend to be far more appealing than those without regular maintenance plans. Small business owners don’t want to waste time finding contractors to fix faulty lighting or ventilation, especially if it could result in workplace disruption.
Contracting a building maintenance team yourself will convince more business owners to part with their money. Knowing that preventative maintenance is carried out on a regular basis will be a great weight off a business’ mind. Busy owners will be happy to pay a consistent fee if they know that building maintenance is being carried out to a high-quality standard.
Whether you’re investing in property in Mayfair or Waterloo, Blake’s Building Services can offer you expert building maintenance plans for offices of all shapes and sizes. For more information on the services we provide, get in touch through our contact page or give us a call on 01634 862929.