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Office space is one of the single largest cost in running a business, how can tenants can gain a real advantage?
The most common barriers businesses face is in the inefficient process of finding the ideal office solution to match their exact needs. Once the ideal solution is found, the question then becomes how to secure the best market deal or how to ensure the correct negotiation strategy is implemented? Mistakes along the way can make or break a deal and lead to both time and money being wasted.
The simple answer is to utilise data and technology to ensure full market coverage for sourcing the ideal solution, whilst also having institutional grade expertise locally to manage and negotiate your office set up from start to move-in.
Learn more about SAVVI's office leasing services here.
Through SAVVI's Tenant's Network, finding your ideal office will start by accessing thousands of off-market and upcoming opportunities so that you may save hundreds of thousands or millions on fit-out cost alone.
Fit-out costs are typically quoted and assessed on the net square footage of the space and for Grade A or prime buildings normally range from HKD 600–1200 per square foot, including construction, furniture, wiring, design fees, etc.
Ranges shown below include design and engineering fees but exclude furniture and IT cabling:
- Average: HKD 400–600 per square foot net (basic specifications to suit-trading companies).
- Enhanced: HKD 600 – 800 per square foot net.
- Professional Services: HKD 800 – 1200 per square foot net.
- Very High-End: Some investment banks spend over HKD 1500 per square foot net on renovation.
Learn more about our design and build service or on mitigating fit-out cost.
Understanding market concessions and reductions are also key to extracting value from a landlord driven market. By accurately utilising data and technology, tenants can generate strategies for cost saving with rental arbitrage. Learn more about rental concessions and reductions.
The lease agreement generally requires tenants to restore the property to its original handover condition, before the expiration of the tenancy at their own cost.
Reinstatement costs for Grade A or prime buildings normally range from HKD 150–300 per square foot net.
Through listing your company's office space early with SAVVI, you have access to thousands of prospective tenant's who may take over your office space in 'as is' condition, saving them both design & fit out costs, and releasing you from your reinstatement liabilities.
For a 5,000 square foot net office, this translates to an average of HKD 1,000,000 in reinstatement savings.
Learn more about achieving zero reinstatement cost here.
SAVVI's global Tenant's Network is free to access. We are encouraging a share culture amongst the tenant’s community to not only benefit from cost savings, but an opportunity to save the environment through a more sustainable workspace approach.