What to do with your surplus office space

COVID-19 has ushered in a new era of flexible working practices forcing businesses to re-assess their existing real estate strategies. With more people working from home, companies that adopt a flexible work policy are likely to face significant reductions in their office based populations as well as challenges around what to do with their surplus office space.

 

Templetons Realty is a boutique provider of professional services to the Corporate Real Estate market in Nigeria. We offer a suite of innovative tailor made solutions to clients to support their existing real estate objectives or to help develop new strategies due to changing market conditions.

 

Over the years Templetons Realty has developed a deep understanding and knowledge of the Nigerian Prime Office market, primarily through our direct involvement in market leading real estate transactions. Market Insights gained here as well as valuable intelligence from our network of trusted contacts has given us access to critical market data for decision making. Whether it is identifying suitable options for you to achieve significant cost savings through downsizing your office space or raising additional income through subleasing, we have the market information and experience to ensure you make the right data driven decisions about your real estate requirements.

 

LEASE RENEWALS AND ACQUISITIONS

If you negotiated your new lease pre-COVID-19 and have adopted a flexible work policy for your staff, it is likely that you may need to downsize your office space requirements. That may mean assessing your options now pending your next Lease renewal and making related decisions about whether you are going to stay where you are or move.  Whatever you choose to do as a company will undoubtedly involve you negotiating with your Landlord. Templetons Realty can help you with Landlord negotiations bringing market knowledge and expertise to your negotiating strategy to ensure you get the best outcomes in all cases.

 

SUBLEASING

Subleasing Prime Office space is relatively new to the Nigerian Real Estate market but COVID-19 has pushed it to the forefront of options for companies whose economic fortunes have been hit hard by the pandemic. If real estate costs place in the top three of business expenses, then subleasing is an ideal way to reduce that expense by earning extra income from your surplus space.  Templetons Realty’s unrivalled knowledge of the Nigerian real estate market gives us privileged access to off market opportunities and insights that other market participants do not have access to. We can review your current lease to check subleasing permissibility, advise on what the best price for the sublease is and use our intelligence network to identify potential tenants that fit the profile for the space you are subleasing.

 

If you have surplus office space and are looking to downsize, Templetons Realty is offering a free customised market report on the options and recommendations open to you. Please contact us by email or phone for an initial chat about your requirements so that we can find the best tailored solution for you.

 

jide.akinsemoyin@templetonsrealty.com

Tel: +234 706 882 9262