1. Commencing the process too late

By failing to plan well in advance, you can find yourself in a poor negotiating position - the shorter the lead time, the fewer the options with which to leverage negotiation. Ideally, you should aim to have three to four suitable options on your shortlist, well ahead of your lease expiration.

2. Not having a clear real estate need

It is important that you understand your company’s real estate needs, not just today but for the next few years. No doubt, you expect your business to evolve over this period. Ensure that your long term needs are being considered at the same time as your immediate requirements.

3. Focusing entirely on financial costs

Too often, business decisions are made based on bottom line costs. Consider the costs associated with attracting and retaining good staff as facility costs are typically a distant number two to HR expenses. If you lost 10 percent of your staff in a move, how much would it cost your business? Does your property profile send the right message to clients?

4. Failing to appoint a project leader

A single point of contact will ensure the right message gets out to the market and save time for all involved. Input from your Finance, HR and IT departments, plus the advice of lawyers, architects and project managers is required. Appoint someone in your organization to take control of this process. Ideally, this individual has authority to sign off on major project stages.

5. Incorrectly estimating the space requirement

Workplace trends are revolutionizing the way people work and the space required to set up an office. Only begin to inspect premises once you have assessed your space requirements with the assistance of a space planner. This will ensure that you’re looking for the right amount of space and will allow you to drive the cultural change via new ideas and advancements.

These are the first five mistakes you need to avoid, check back in to learn the final five potential mistakes and how to avoid them. Rest assured, working with Colliers professionals saves you valuable time and unnecessary confusion-because we are committed to accelerating your success.