Commercial property prices suggest need for offsite document storage

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Businesses moving offices in London will know that commercial space is expensive.

Small businesses that are getting to the point where they need to move offices should bear in mind that in certain parts of the country it will be expensive to rent prime commercial property.

In this case, micro firms might decide to become paperless in order to save space in their office and use document scanning and storage services so they can get rid of their physical paper records.

Richard Kauntze, chief executive of the British Council for Offices, urged companies to think about why they need to move to a different building before signing a new lease.

"Often, in business, people leap to the conclusion that they need a different building without thinking about why, so I think you should think about those things very hard," he said.

"It’s not good for any business to get locked in to any situation that will be rigid and not flexible which will tie them down in any way, because businesses change very quickly."

Companies that are looking to move offices in London will find that certain parts of the capital are very expensive to rent in, and are likely to become more so when Crossrail and High Speed Two (HS2) are built.

George Hankinson of London Central Portfolio claimed that ‘hubs’ created by the two railway lines – namely Euston, Kings Cross, Bond Street and Tottenham Court Road – will see a "definite spike in prices" as firms stake their claim on the area.

"If you’ve got the tube and Crossrail working together, then that suggests advantages for the property values," he commented.

Crossrail is expected to be complete by 2018 or 2019 and will "reinforce the pricing" in the areas it runs through, as commuters realise how well-linked such locations are to the centre of London, so businesses moving there could save money by moving their document storage offsite.

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