In this article our partners, office space experts Soul Spaces, break down how leveraging asset finance can take an impending move or fit out to the next level.

Even in the age of remote working, physical office space is incredibly important. It still plays a big role in driving productivity, helping to attract talent and reflecting your company's brand and culture. 

More businesses than ever are evaluating their setups, with a view to providing comfortable, flexible and inspiring places to work.

However, office relocations and fit outs can be expensive undertakings. They can put strain on working capital and hinder business growth.

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Why Creating a Bespoke Office Space is So Important

In a post-pandemic world, businesses increasingly prioritise flexible working environments that align with their objectives, growth plans and sustainability commitments. 

That said, at its core most office space on the market is functional… but boring. 

Customisation helps create an environment that enhances employee productivity and well-being, while encouraging better in-person collaboration. A bespoke office space also acts as a powerful tool for attracting and retaining top talent.

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What is Asset Finance and How Does it Work?

Asset finance is a financing option that allows businesses to spread the costs of a business outlay over time. 

Instead of paying for these projects upfront, businesses can secure affordable finance agreements tailored to their needs. 

When it comes to office space, this can cover various expenses, from interior design, furniture and equipment to IT infrastructure, security systems and sustainability upgrades.

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The Role of Asset Finance in Office Transformation

Asset finance plays a crucial role in office transformations. It can provide your business with the necessary financial resources to create your ideal workspace, without having to wait. 

By utilising asset finance, companies can retain their working capital, benefit from fixed rates throughout the finance term and enjoy tax deductions. This type of finance also remains separate from existing banking facilities, ensuring other lines of credit are unaffected.

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Leveraging Finance for Office Lease Agreements

When considering an office move, asset finance can be used to facilitate lease agreements. 

Financing options enable businesses to negotiate favourable terms and conditions, enabling them to secure the perfect space that meets their specific requirements. 

Asset finance allows businesses to overcome budgetary constraints and create a space that fully aligns with their vision.

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Designing a Space Customised to Your Business

Once a business has secured finance, the possibilities available to them open up. Designing a space that caters to their unique needs and reflects their brand identity becomes an achievable goal. 

Whether it's a shell and core fit out, Cat A or Cat B, or a plug and play solution, asset finance provides the necessary funds for creating highly functional and aesthetically pleasing work environments that people love to work in.

While the addition of extra meeting rooms or high end audio-visual systems may have been out of reach before, asset finance makes this type of specification possible.

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Transforming Your Office Fit Out: Renovation and Refurbishment

Even if your business has no desire to relocate, asset finance can help fund long overdue renovations and refurbishments, breathing new life into existing premises. 

From updating interiors and revamping layouts to improving lighting, flooring and communal areas, businesses can create modern and inviting spaces without the need to pack up and move elsewhere.

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Upgrading Your Office Furniture and Equipment

Outdated furniture and equipment can hinder productivity. Employees might even resent coming into the office because of it. Asset finance enables businesses to upgrade their office furniture, IT infrastructure, audio-visual equipment and other essential tools. 

Ensuring that everyone has access to state-of-the-art resources massively helps with efficiency and raises employee satisfaction.

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Key Tips for Success

If you´re approaching the end of your office lease or have decided the time is right to move, planning is key.

1. Create a timeline — Understand how long you have left in your current space and start to plan ahead. Starting to look for a new lease up to 12 months in advance isn't too far in advance to start having conversations and initial meetings, especially if you´re looking to leverage asset finance as well.
2. Speak to the professionals — A passionate tenant rep or office space broker who is committed to guiding you through your workplace journey can be invaluable. At Soul Spaces, we are a free to use service and only charge a fee once we secure you your space. We will talk you through the options available on the market and help you make the best decision for you.
3. Draw up financial models — Gain a clear understanding of the total costs involved in a move, fit out or refurbishment. Office design and build specialists can provide detailed cost breakdowns and we can work with Bluestone to ensure all potential asset finance models are accounted for.
4. Create your brief — Once your specification and requirements are decided and financing model secured, ensure you have a clear brief to take to suppliers and start your office search, fit out or refurb in an organised manner.

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Moving Forward

If you’re seeking to transform your office space, either by relocating or fitting out a space, asset finance can be a powerful tool  for achieving high grade results.

By spreading the costs over time, businesses can create bespoke work environments that align with their objectives, enhance productivity and attract the best people. All of this will help employees unlock their full potential and create workplaces that inspire success. 

Contact us for more information on how asset finance can supercharge your next office transformation project, or click here for a no-obligation finance quote.

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