In the fast-paced world of business, change is inevitable. Companies often find themselves at a crossroads, where the need for expansion and progress demands a transformative step. Wing Tai Holdings is here to accompany you in this new branch of the journey. 

One of the most common mistakes with any office relocation is starting the planning process too late, either evaluating your office rental needs, choosing the potential office leasing agent, or finding suitable office spaces for rent, selecting contractors and designers. Therefore, in this article, we will provide an overview that smoothen your moving process, yet save much time and effort.  

Step 1: Start Initial Review 

Your company may have thrived for years in a humble office space. At present, when your business continued to flourish, their surroundings could no longer keep up with their soaring aspirations. It’s time you recognized the urgent need for a change that would shape the future of the company.

Step 2: Site Inspection 

Armed with a vision and determination, your team embarked on a mission to find the perfect new office location. You may list some criteria about your dream office and find numerous potential properties in every corner of the city that align with these expectations, which may take you about 4 to 6 weeks. It would be faster and easier if you clarify your requirements at the beginning, specifically office size, promising location and budget. Besides, there are various types of space that you should consider: commercial space which is suitable for retail and entertainment companies, or business spaces for R&D purposes.  

Step 3: Shortlist Options & Negotiate 

Once you figure out your new office space requirements, the next step is to find a suitable office that meets your needs. There are two options for conducting the search: conducting it independently or hiring a property agent for assistance.

You can start your search by visiting property websites, which provide listings of available office spaces. However, it may be advantageous to engage the services of a property agent instead, due to numerous benefits such as extensive knowledge of commercial properties and rules, updates on current market trends as well as time and effort savings. Wing Tai Holdings, a reliable agency with 13 years experience and professional expertises in the real estate field, is the optimal option for you. Explore our services and exclusive deals here!

Finally, you find some hidden gems that seemed destined to become your new home. You take some further steps to negotiate with the landlords to determine the most affordable choice that brings the most convenience and comfort. 

Step 4: Sign Letter of Offer

The Letter of Offer serves as a formal written agreement in which a prospective buyer expresses their intention to purchase a specific property from the owner or developer. This letter demonstrates the buyer’s commitment and is often accompanied by a financial payment. 

By providing this payment, the buyer demonstrates their seriousness and commitment to the transaction. Additionally, the Letter of Offer creates a binding agreement between both parties involved in the transaction, outlining their obligations and responsibilities.

A well-crafted Letter of Offer should contain these information:

• Legal names of the Landlord and tenant.
• Legal address of the property 
• Agreed-upon rental price for the purchase.
• Total amount of the security deposit agreed upon.
• Deadline for signing the Lease Agreement. (This is usually after the LOO)
• Terms and conditions as well as a draft of the Lease Agreement Specimen.
• Mention of any fittings or furniture included in the transaction.

Below is a good example of a typical Letter of Offer to lease the office. This document will usually be drafted by the lawyer to ensure the information is correct and crafted with the proper legal terms, BUYCOND Team has help several MNC Clients(Listed with Overseas Headquarters) to find their most ideal office space.

Step 5: Sign Lease

You might want to negotiate with the landlord on certain terms of the lease agreement such as the office rental cost. As such, do allocate some time, about 1 week for such negotiations to take place so that the terms and conditions of the agreement are agreeable for both you and the landlord. A property agent can help you define the best conditions with the shortest time. 

Step 6: Take Possession

After finalizing the lease agreement with your new landlord, concurrently you could start preparing for your office renovation, which may take from 5 to 8 weeks.

To begin the renovation process, you need to select an interior design firm. Firstly, plan your budget and establish a design brief outlining your renovation goals. The most important thing is to find a service provider to collaborate with, and there are typically two options: Interior Design Firms and Contractors.

Choosing between an Interior Design Firm and a Contractor depends on design proposals, communication methods, and problem-solving capabilities. Each type of renovation company has its own strengths and suitability for different clients. Therefore, select the one that aligns more closely with your preferences. You can explore more about each choice here. Once you have decided, allow sufficient time to finalize the details within your chosen design proposal.

Throughout the renovation process of your new office, it is important to anticipate potential delays that may occur. One common delay can arise from the need to procure long-lead items, which may involve shipping them from overseas. These items can encounter unexpected incidents or delays at the port, resulting in longer lead times than initially anticipated. Therefore, it is advisable to allocate a buffer in your timeline to account for such potential delays, as they can impact the overall schedule of your office renovation.

Step 7: Move into New Location

Before you move, careful planning is required. Is there equipment in your office that needs to be continuously running, with little or no downtime? Do work with your relevant departments to plan the timeline for shifting such items. Wing Tai Holdings team will advise on the packaging and moving and allocate a moving agent for you. 

After everything is moved to your new place, Office reinstatement refers to the procedure of restoring a rented office space to its original condition, which must be completed before the lease expires. Consequently, you need to vacate your current office space in advance to allow the reinstatement process.

We hope this article has helped you learn what to take note of when planning your office relocation.

Looking for a new office space? Tell us what you need and we’ll help you locate the right one for you! Visit our website for more tips if you find this article helpful!

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