Navigating the world of commercial property can be challenging, especially when it comes to keeping occupational costs under control. At Deft Real Estate, we understand the importance of maximising value for tenants. That’s why we’ve compiled a list of tips to help reduce your property costs. From lease re-gears to rent review negotiations, here’s how you can optimise cost savings for your business:
- Lease Regears – consider renegotiating your lease terms before they expire or leveraging your tenant option to break to your advantage. Landlords may be open to adjusting rental rates or grant competitive incentives/rent free periods to retain reliable tenants. Engage in proactive discussions with your landlord to explore potential opportunities for cost savings.
- Rent Review Negotiations – don’t settle for a rental uplift without seeking professional advice from a chartered surveyor to navigate rent review negotiations effectively. With expert guidance, you can challenge proposed increases and negotiate favourable terms that align with market conditions.
- Lease Renewals – approach lease renewals strategically to secure competitive terms. Explore options such as break clauses to enable flexibility for the business, a rent-free period or stepped rent. Introduce competitive tension into lease renewal negotiations by reviewing alternative relocation options and comparing against your current property.
- Relocations – evaluate your current space utilisation and assess whether relocation could lead to cost savings. Moving to a more efficient or strategically located property could result in reduced rent and operational expenses. Conduct thorough market research to identify viable relocation options and employ an advisor to ensure you don’t make any costly mistakes when acquiring new premises.
- Business Rates – stay informed about changes in business rates and explore all available exemptions and reliefs. Understanding the complexities of business rates can help you minimize this significant expense. Additionally, consider appealing your rateable value if you believe it is excessive.
Maximising your cost-efficiency isn’t just about the bottom line – it’s also about optimising your workspace to enhance productivity and employee satisfaction. Consider whether your current location meets the evolving needs of your business and its employees.
At Deft Real Estate, we are passionate about helping commercial property tenants save money and optimise their real estate strategies. Whether you need advice on lease negotiations/re-gears, rents reviews or relocations strategies, we have the holistic experience to support you every step of the way.
About Deft Real Estate
Deft Real Estate is a commercial property consultancy based in Manchester with a UK-reach, dedicated to helping tenants maximise value and minimise costs.
Please get in touch if you feel that we can support your business in optimising property costs:
Paul Mills