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How much space does an occupier need, this is extremely important and sometimes difficult to know. The rent is directly linked to how much space you take and therefore it is extremely important, especially for smaller, growing firms to be as efficient as possible and not allow for any wasted space. The old rule of thumb was 100 sq. ft. per person, therefore 1000 sq. ft. would be ideal for 10 people, and this would take into account for space for 10 employees to work, a small meeting room, boardroom and kitchenette. However, this rule of thumb was used when occupiers fitted their space out in a far more cellular format with a lot of space already wasted for unnecessary partitions. These days’, occupiers are looking to work far more in an open plan format to help increase efficiency and productivity. Therefore, a much better guide would be closer to 75 sq. ft. per person, with a benching system within open plan to allow occupiers to use their space far more efficiently.
However, each occupier is different and according to Alex Goode from Morgan Pryce, these rules of thumb should very much be a guide, ‘each space is completely different, in the West End there are a lot of quirky, smaller floor plates with funny areas hidden away, I feel the efficiency of the floor plate is more important to working out the exact square footage you need. For example a 2,000 sq. ft. rectangle floor plate could be far more efficient than a 2,500 sq. ft. floor plate with quirky areas, lots of pillars and parts with reduced ceiling heights. It is important to find a space that accommodates your needs as much as possible, it may work out that a space suits your requirement perfectly and due to it having a slightly quirky edge to it allows you to take on less space.
There are obviously exceptions to the rules, hedge funds in Mayfair and Knightsbridge will sometimes take 200 sq. ft. per person or more, where as traders in the city have been known to take 50 sq. ft. per person. Each occupier is different and when searching for new space it is important to have an open mind regarding the size of space because efficiency comes in all types and forms
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.