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Office Lease Expiry …… Should We Stay or Should We Go ?

Lloyds of London headquarters on Lime Street has always split opinion between those that consider it an eyesore and the rival camp that believe it to be an architectural masterpiece. The news of a possible move away from the iconic building by the 300 year old institution however will come as a surprise to everyone.

Lloyds has occupied it’s purpose built home since 1986 following a commission that saw world renowned architect Richard Rogers develop the controversial steel clad scheme, which at the time ran against it’s traditional surroundings in the heart of the city.

Lloyds has thrown up a few surprises in the last 30 years, not least the scandal and near collapse of the market in the early 90’s, but a possible move to a development nicknamed Gotham City might seem the biggest of them all.

^ The real life ‘Gotham City’ due for completion in 2020

Any business relocation will provide opportunity for progress, but also the risk of disruption and distraction in equal measure. For this reason a decision to extend a lease agreement, refurbish existing space or to up sticks and move on is one that should be well considered and planned carefully in advance.

Lloyds stay or go decision will be made around the practicalities of the existing space. They are known to only occupy 75% of the floorspace at Lime Street themselves and there is widespread frustration within their management team about the excessive cost of maintaining their unique building and the particularly complex services.

The costs associated with a business relocation, added to new lease commitments and other building charges means that an office move will be an expensive venture for any business, often one of the biggest ticket projects for many years.

Before considering the ins and outs of a move it is vital to understand your business needs, future growth potential and the likely effect of a move on your people. Best practice dictates that you should undertake a full workplace study carried out by a specialist firm incorporating space analysis, environmental studies, I.T. reviews, working practice reviews and most importantly staff engagement surveys to ensure your whole team feel included in the process.

Coupling the results of a workplace assessment with a strategic property review will then arm you with all of the necessary detail required to make your major decisions.

^ The other Gotham City

So if you are considering an office move or your lease is due to expire in the next 18 months don’t leave your planning too late, and if you decide to move make sure you call the experts. Remember you can’t trust everyone… especially if they’re wearing tights and a black cape !

 

Take a look at our Office Relocation Timescale Calculator to plan your office search process

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