Preparing for Workplace of the Future - 10 Tips from a Legal Point of View
The challenge in preparing the workplace of the future lies in ensuring flexibility in the way space can be used and tailoring the environment to a changing demographic, while seeking cost efficiencies and, of course, complying with all relevant legislation.
Here are just a few points to consider which might help you when facing this challenge.
To ensure flexibility:
The provisions in your lease relating to how easy it is to dispose of property, or to allow third parties to occupy it, will have an important bearing on the flexibility of your space.
The ability to freely alter the property, particularly its internal configuration, can help to make the best use of the premises you have and to adapt to the changing needs of your workforce.
3. Break clauses
If your premises aren’t really working for you, to be able to terminate your lease early is a real advantage.
To minimise cost:
4. Rent and rent review
There is some science involved in negotiating rent review provisions in leases and this can have a material effect when it comes to reviewing your rent.
Some tenants reach agreement with their landlords to reduce their rent, often in return for conceding a break right or extending the lease term (thereby increasing the tenant’s longer term commitment).
The cost of remedying breaches of lease covenants, particularly repair obligations at the end of the lease term, can often be staggering. Some carefully worded provisions and proactive advice can minimise these costs.
7. Stamp Duty Land Tax
SDLT can be another major (and non-returnable) expense when acquiring property. There are some simple transaction structures which can help here.
To comply with the law:
Ensuring that an appropriate planning consent is obtained, where this is needed, can help to avoid major problems. Depending on what you do in your property, you may also be required to hold certain statutory licences.
9. Energy efficiency
The law is changing in this area and this will have a significant effect on the workplace of the future. A landlord won’t be able to let certain properties at all if they do not meet particular standards in terms of energy efficiency.
10. Asbestos, health and safety and other statutory requirements
There are a number of other statutory requirements to consider (and to comply with) when acquiring and occupying properties, and consequences to face if you don’t!
For more information, please get in touch with Stephen Kay.