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Property Topics - Commercial Property Consultants and Chartered Surveyors

There are a number of firms of commercial property consultants in London and major cities across The UK with dedicated teams to advise occupiers on their property strategy and the relocation process. Market coverage and knowledge is vital and creates opportunities often not open to others.

Chartered Surveyors are those who are members of The RICS and abide by their code of conduct. Firms promoting themselves as commercial property consultants or commercial property agents may well also be Chartered Surveyors but this is not always the case.

If you appoint a commercial agent, it is important that they understand your requirements and objectives to formulate the search parameters. Once this is in place they typically utilise a variety of methods to identify potentially suitable opportunities in the marketplace.

Most commercial property consultants in London; where the market is complex with upward of 500 commercial property agents involved in the marketing of office space in key areas such as Mayfair, Soho, The City of London, Mid Town and Canary Wharf, often subscribe to the subscription property information database services. These include amongst others Property Intelligence, Focus, Costar Group, Real Estate Information and EGI Databases. These organisations use a considerable number of staff and resources in compiling details on office space availability. However, whilst these are essential tools this information is usually only adequate to provide a snapshot and you commercial agent should us their own market expertise to build upon this core data.

Commercial property agents use automated e-mail and letter distribution systems to all leading commercial property consultants throughout London and the UK. In addition to their detailed marketing expertise this provides unrivalled opportunities to identify properties that may shortly be coming to the market or available `off the market’.

A schedule of properties with costs and key details are provided to clients.

Inspections

Your agent should arrange and accompany all inspections of shortlisted buildings and provide a general critique as required.

Following initial inspections, your commercial agent should work closely with you in selecting provisional shortlists, and arrange a further tour of shortlisted options to consider their key merits.

Analysis

In assisting with the selection of shortlisted options, particular attention should be paid to the following:-

Your agent should provide both a financial and non-financial analysis to assist the client in establishing their preferred option.

They should be able to provide a cost comparison analysis in terms of a net present value (NPV) over a 5-, 10- or 15-year period, or more, if bespoke financial modeling is required.

Negotiations

Your commercial property consultant should undertake all negotiations on behalf of the client directly with the potential landlord or their agents to secure the best possible terms.

Once terms in principle have been negotiated they should prepare and seek to agree a detailed set of `heads of agreement’ setting out the principal terms of the transaction, which will form the basis of a brief for both the landlord’s and tenant’s solicitors.

Measurement

The commercial agent should undertake a detailed measured survey of the property in accordance with the RICS/ISVA Revised Code of Measuring Practice to establish the floor area for the purpose of calculating rent and proportion of service charges payable.

Legal Process

Any commercial property agent should work closely with a commercial property lawyer in reviewing the lease documentation and assist in all subsequent negotiations through these stages.

Your agent should attend legal meetings to provide advice on property related issues.

Additional services

A competent commercial property consultant should be able to provide further assistance or obtain competitive quotations from third party contractors to provide the following services:-

Visit the suppliers page of www.officespace.co.uk for commercial property consultants in London and across the UK, office interiors companies, office furniture suppliers, commercial building surveyors and those providing a range of other services.

IMPORTANT DISCLAIMER
This briefing merely highlights some of the key issues involved. However, each property needs to be considered individually because of the complex nature of rating legislation. It is impractical for a bulletin of this length to be all encompassing and it is important that the contents of this leaflet are not relied upon for any specific circumstance. It is always important to seek specific professional advice. Officespace.co.uk cannot be liable for any loss or damage arising in any way from the contents of this document.

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