Workspace Design speak to Paul Pride of Novum Office about the importance of delivering all aspects of a smooth office move and how his company help to ensure this.
Give us some insight into Novum Office and your background.
I founded Novum Office to specialise in advising occupiers when acquiring new office space. Novum office acts solely on behalf of it’s tenants, providing conflict free, best in class advice. Intergity, professionalism and hard work are at the heart of everything we do. Prior to this I was a Gerald Eve LLP for 10 years, where I left as head of the West End office acquisitions team.
Explain the importance of your role in office procurement.
Just as a Landlord is represented by an advisor, it’s critical the client is also represented. This is a major and complex transaction, with huge financial risk that requires an expert to guide and advise them and ensure they are getting the best deal for their business and employees. We advise on the physical matters of the property, the holding costs and lease terms and incentives and we negotiate on their behalf – this, coupled with an understanding of the market, means our clients secure the best and right deal for them.
So you’re there throughout the whole procurement process?
Yes, absolutely. We assist with the search, so right from the start. We begin by getting a complete overview of our clients’ company, business drivers and future aspirations in terms of growth and direction. With this knowledge, our grasp of the changing markets and unique access to “on” and “off” market properties, we will find solutions that match our client’s brief, needs and financial requirements. Once we have identified this we begin negotiations to secure the best financial and lease terms for our clients. Ensuring there are no hidden nasties in the future!
How do you approach negotiating lease terms?
It is a lengthy, complicated and technical document which does require risk profiling and management. So it is always best to have an advisor for this so they can highlight any issues – they will know what to look for. Other tricky documents include licence for alterations, rent deposit deeds, data wayleaves as well as superior landlords, where required. In addition, we liaise with professional teams on due diligence surveys which consist of building and mechanical and electrical surveys. These identify construction or design faults and risks which could rocket your service costs in the future, so again these need an expert eye.
What other considerations should be made at this stage?
An important factor when sourcing a space is consideration of the workforce. We do this with hundreds of clients across multi disciplines so have a great understanding of how today’s occupiers use the workplace to their advantage.
We ensure, at a very early stage, that the physical space can accommodate best working conditions for each company, for instance, we can identify whether the building structure, situation and aspect enables collaborative, mobile and flexible working practices. When we search, we think about how the space could be profitable for the business and the people.
At this point we may recommend consulting with a fit-out company to assist with this thinking (for more information on this read: http://workspace-design.co.uk/conventional-leasing-where-the-fit-out-should-fit-in/).
Assisting with the fit-out would also include costing, managing contractors, space planning and optimisation and overall project management and its important to have a firm grasp of these costs at an early stage.
Do your services include assisting in the move?
We can’t carry your boxes for you, but we work with relevant specialists during this process to help manage the move so it is smooth and snag free. We assist with managing the construction tendering process, IT and furniture provision, leveraging our wealth of experience to our clients benefit.
We understand the importance of a quick transition and work to ensure valuable time is not wasted.
Huge thanks to Paul for this insightful interview. As we encourage our clients to bring a good fit-out company on board early on in the procurement process, so too would we encourage them to have an advisor throughout, so they can secure the optimal office space and location with good lease terms and minimal risks. And at the end of the process you will have a well-priced, hassle-free, good looking workspace that inspires your staff and promotes growth.
T: 020 3904 0333
Are you planning a move, or have a workplace design question? Why not get in touch and let us see how we can help you create the office you’ll love to work in. email@example.com