Long Term Office Space
Looking for a space for the next 5-10 years and to maximse the savings? A long term, bespoke office space is the answer for you.
Finding a new long term office space is a full-time job
When a company transitions from growth phase into a more sustainable, predictable business, they can start to take advantage of the savings available for long-term office commitments.
Therefore, this type of space is best for companies that:
- Need flexibility within a 3-year term
- Would like the ability to control all aspects of their office
- Need exclusive occupation of their office
- Are interested in maximising savings in the long term
Stage & Timings
It will often take a more time to secure a long-term space – here’s a rough timeline of the process:
Capital markets case study
Independent financial services group, Capital Markets Elite Group, required a new HQ in the City of London.
With a quick move date, we adapted our approach to the clients timeline and sped up each stage of the process. From being appointed we sourced, negotiated, and secured their new office in a rapid 59 Days, proof of how quickly we can mobilise when needed.
Savings & Highlights
- In total we saved the client over £150k through a mixture of rent free and rent reductions
- From start to finish we managed to accelerate the process and secure an office in 3x the normal timelines
- As key decision makers were spread across different time zones we worked whenever needed to fit around their schedule
Project Brief
- An ASAP move
- Only fully-fitted offices to keep to the timeline
- High quality space to align with the brand and support growth
- High quality space to align with the brand and support growth
Philip Smith
Founder of Capital Markets Elite Group
“The process of finding the right office, at the right price, in the right part of London, was made so much easier through working with Tupelo. Adam and the team worked hard to understand the brief, and made the entire project more systematic and understandable, less stressful and time consuming. Many thanks”
Long term Solutions
It doesn’t matter whether you’re a startup company looking for that first business space, or an established company, we can help choose the right office space
FAQ Section
The short answer, on a like-for-like basis, yes. The long answer, it’s hard to compare two such different approaches, with a short term office, your physical office will be smaller and on a price per sq ft basis more expensive, but for an occupier with less staff it gives you access to a larger building with better amenities included. With a long term office, you will save money across the term and get a larger space for your money, but there are more upfront costs and cashflow is a big consideration.
This depends on your company! In a long-term office your space is fixed, and although there are some clever design concepts you can incorporate, ultimately you are limited to the 4 walls you are within. For many businesses this works well, but if you are spread across multiple regions, submarkets or cities, flexible short-term spaces can be used in conjunction with long-term space to create a hybrid model of working.
We may be biased here, but one of our agents can provide you with the following advantages:
Full market access
We have access to every office available. This gives you the confidence that whichever office you decide to take is the best for your business.
Time
Finding an office is a full time job (trust us on this…). We will manage the search and the bulk of the negotiations, while all you’ll need to do is handle internal discussions and allocate time for viewings.
Savings
Every agent and landlord we negotiate with knows we have access to every office and knowledge of the fairest rates. This puts you in the strongest possible position going into a negotiation, maximising the savings on any deal.
The principal reason is contractual. With a long-term office you usually sign a lease, which is an agreement giving you certain ownership & rights over the space. Things such as cleaning contracts, IT, fit out and furniture are all decided and managed by you. While it may mean a longer lead in time, this gives you the benefit of control over your workspace. Short-term offices only require a basic contract that’s much simpler to understand, you don’t have the same ownership over the space and it’s usually ready to move into.
Cost very much depends on the office and your personal taste. Imagine renovating a house - where some people may choose lino for their flooring, others may choose solid oak.
A space that needs a full refurbishment tends to range from £50-£100 per square foot.