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27/05/2009
Long-term thinking advocated for commercial property tenants |
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Firms hiring commercial property space need to have a longer term and more "flexible" strategy to be able to deal with economic uncertainty, it has been argued.
The head of office agency in Leeds for public-private partnership facilitators GVA Grimley Dan Hodges commented that companies are often act "without really thinking through the long-term effect" of their actions.
He continued: "They shouldn't be taking leases much longer than their business plan and not focussing on 'what ifs".
The key to success in the current economic environment is to have a plan that can be adjusted according to changing circumstances, Mr Hodges added, noting that short-term leases and break clauses can provide this.
Those dealing with lease extensions may wish to see a solicitor to find out how they can negotiate clauses that could add flexibility to their deals.
Recent research from the Royal Institution of Chartered Surveyors showed that the rate of decline in commercial property activity has slowed.
The proportion of surveyors reporting a rise in sales was 40 per cent less than those reporting a fall in the first quarter of 2009, although this was an improvement on the minus 71 per cent recorded in the previous quarter.
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