Office Relocation: Your Strategic 5-step Guide

Performant Property

Unlocking potential with concrete market & product knowledge

Is your lease expiring or do you have a break option coming up? Are you considering adapting your office to the new hybrid working models or aligning your space with evolving business goals? Whether you're expanding, contracting, or simply exploring new market opportunities, office relocation or restructuring can be a complex but rewarding process. This guide will navigate you through the crucial steps to align your office environment with your business strategy, turning challenges into opportunities for growth.

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1.       Do your homework

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Understand your business needs

·      Evaluate how your real estate impacts your balance sheet and align future real estate decisions with your company's broader goals.

·      Analyse your company's growth trajectory, flexibility needs, and future exit strategies.

·      Understand your team's working styles (hybrid, full-time in office, etc) and space requirements to tailor your workplace strategy and define
functional needs for your new workspace.

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Recommended tools

·      Leadership feedback questionnaires

·      Workspace utilisation tracking software

·      Office space calculators

2.       Define your roadmap

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Plan your scenarios, consolidate, and decide

·      Define possible scenarios that the business could entertain location and model the scenarios from a P&L and cash perspective.

·      Compile findings into a comprehensive report and establish KPIs to monitor your project’s success.

·      Secure leadership approval and sponsorship on the chosen path.

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 Recommended tools

·      Financial modelling software

·      Commuter analysis tools

·      Test-fits

3.       Select a Broker

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Integrate market intelligence

·      Prepare a strategic brief that outlines your specific requirements to guide your search.

·      Choose a broker with deep industry knowledge to navigate the market, pinpoint potential spaces, and facilitate lease negotiations.

·      Analyse market trends to define a strategic approach tailored to current conditions.

Recommended tools

·      Briefing template

·      Broker selection criteria checklist

·      Market dynamics dashboard

4.       Define the short-list of possible options

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Market engagement & negotiation

·      Initiate market engagement with a well-defined strategy, leveraging a detailed brief of your requirements.

·      Visit and review potential spaces, refine options, and establish a preferred shortlist or properties.

·      Engage in negotiations, focusing on securing beneficial terms and conducting comprehensive due diligence.

RecommendedTools

·      Digital RFP management tools

·      Building comparison tools

·      Due diligence checklist

5.       Secure the Right Option

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Enable your business

·      Update assumptions and financial modelling and compare with pre-defined KPIs.

·      Finalize the decision by obtaining executive endorsement for the selected option.

·      Work alongside your broker and legal counsel to negotiate and finalise all agreements, ensuring compliance and alignment with your business needs.

RecommendedTools

·      Decision matrix software

·      Terms negotiation playbook

·      Legal compliance and documentation software

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