Businesses in Scotland could be missing out on tens of thousands of pounds worth of savings by not reviewing their property options when their lease comes up for renewal.

Commercial property expert Space Solutions believes that many companies across the country who decide to stay in their current premises and renew their leases could be missing out by not considering their options.

The firm estimates that every year thousands of companies across Scotland approach the end of their lease, but a significant number of them choose to extend these tenancies rather than appraise their options – as they overestimate the costs and hassle associated with moving their business.

But investing the time to review their property options, many of these firms could get a better deal in the long term.

Gary McGurk, business development manager with Space Solutions, explains: “Many firms come to a break option or the end of their lease and, rather than considering their options, they just decide to extend their tenancy. They don’t believe they have the time to look at alternative properties and often think that the cost of moving all of their staff to new premises will outweigh any potential savings they could make.

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“However, the reality is that there are good deals to be made by keeping an open mind and reviewing the market. Even if your company has been settled in one location for a number of years and you think you’ve got the best deal possible, you would be surprised at how much you could save by moving into new premises.

“Ideally, what these firms should do is get an expert to review the market for them. By employing a company that specialises in the commercial property sector, they can leave all the searching in expert hands and get the best options available.”

In recent years, Space Solutions helped a wide range of small to large companies across Scotland rationalise their properties. By working closely with property agents, the firm provides companies with advice and guidance to enable their clients to make informed decisions on their property options.

In addition, the company can also advise businesses about the best use for their current office space – and identify whether changes are needed in order to maximise the efficiency and profitability of these premises.

Gary adds: “Our advice to companies is to not leave it too late. If your lease is coming up for renewal, you should start reviewing your options as early as possible in order to maximise any potential savings.

“You should also consider whether your current property is right for your business, and get advice about whether there is anything you can do to improve it. Many companies work in premises that are too big or are unsuitable for their needs, but often it only takes small changes to create better surroundings for their business needs.

“Don’t be tempted to just sit tight and accept your current situation without question. In business, it’s vital to keep reviewing all of your options to find the best deal – so why should your office space be any different?

“As one of the highest costs on any company’s balance sheet, your property decision is a critical one for your business.”

Space Solutions is one of Scotland’s biggest independent expert in helping businesses manage changes within the workplace. It operates UK-wide - from bases in Aberdeen, Edinburgh, Glasgow, Dundee and Livingston - to design, build, fit out, refurbish and relocate modern and productive business environments.

(GK)