Recent research conducted within the real estate industry has revealed that the take-up of office space in the Welsh capital has reached the highest rate since 2016. In addition, the levels of take-up in the first half of 2022 were higher than those in the first half of 2021 by over 130%. Fortunately, this demand for office space has, so far, been matched by levels of availability, which were also at their highest for over two decades.
The business sector responsible for the majority of Cardiff’s office take-up was TMT, which cornered just over half the market, followed by Insurance and Financial Services. In fact, the TMT sector’s take-up “exceeded the annual total achieved in 2021 by 370%”, a truly significant increase.
But what does all of this mean for new companies hoping to find their own niche in Cardiff?
Read on to find out some of the key considerations you should be making if you are planning to launch a start-up in Cardiff – although they can also apply if you are planning a venture in any other major UK hub.
Things To Think About While Searching For Your New Office Space
As you try to locate the perfect property for your business in Cardiff – or elsewhere, for that matter – the most pressing matter on your mind is undoubtedly going to be the issue of space.
As a new business owner, you may be wondering, “How much office space do I need?” Working out the answer is a more complex matter these days than it used to be. This is because office working models have undergone a dramatic change over the last couple of years, as the onset of the global pandemic spawned a widespread shift to either remote or hybrid working solutions.
There is also the question of your office layout to consider, as different styles of layout may require different dimensions. In addition, you will need to factor in the equipment you will be transferring to your new location, and working out how much room you will need to accommodate it.
That’s where seeking the services of an experienced workplace consultancy company such as Amos Beech can come in handy as they can draw on their years of expertise to help you work out your spatial requirements.
Location, Location, Location
As with buying or leasing a domestic property, location is a key concern, for several reasons.
For example, where your offices are located could be a deciding factor for potential employees as to whether they want to work for you or not. As a result, if you are planning to launch your venture in Cardiff, you ideally need to find a space that is easily accessible, via car, train, bus or bicycle. For employees who travel by car, you should also take into account their access to parking facilities.
Another concern, when it comes to finding the right location, is the amount of rent you will need to pay. As mentioned above, prime rents in the heart of Cardiff are liable to increase, so this may be a significant factor in your calculations as you search for affordable and accessible office space in the city.
Evaluate The Office Infrastructure
As well as looking for the ideal location, you also need to make sure that any office space you are considering is worth the price you will be paying for it.
In particular, you need to ensure that it has the right infrastructure to help your employees remain as productive and engaged as possible. Look for any issues such as rising damp, mould, leaking pipework, faulty wiring, or poor Wi-Fi coverage that could hamper your staff in their duties or even pose a health and safety hazard.
If you have any serious concerns about a particular space, then, no matter how desirable the location may be, it’s probably best to look elsewhere.
Double-Check The Terms Of The Lease
When you think you have found the perfect office space for your business, it’s vital that you take your time before signing the lease. You need to make sure that the terms of the agreement will be favourable and that you are not overpaying for the facilities and the space available.
In particular, make note of what the potential penalties could be if you were to break the agreement for whatever reason. You should also establish whether your rent will increase after a certain period of time has elapsed, and, if so, by how much.
Finally, if the space requires any renovation or alterations, you need to establish whether this a task the landlord will be taking on or if you will have to foot the bill for some of the work. Hidden costs are something to be avoided, so it’s crucial that you take your time before committing to a particular space.
By making carefully considered choices about your new offices, you will be much more likely to find a suitable space that meets the requirements of both your business and your employees.
