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Six common mistakes to avoid when choosing a new office space

18 October 2021

Six common mistakes to avoid when choosing a new office space

No matter what line of business you're in, choosing the suitable office space can directly impact business success.

There are many touchpoints to consider... Employees, visitors, and partners are all impacted by choice of office space.

This is where the expertise and flexibility of a single managed property can be a significant advantage.

The experienced team at Central Park Towers DIFC understand the lifecycle of the office space and its impact on stakeholders.

Here are the five common mistakes to avoid when planning of moving to a new office space:

1. Not having a complete understanding of your requirements

It may be a no-brainer to many, although there is much to consider when moving your business into a new office space.

Accurate preparation is key to avoiding the most common mistakes.

Here are some questions to ask yourself when you start your search:

What do you need to achieve in your space?
How many people need to use the office?
Are you likely to be hiring people in the near future?
What breakout and social spaces are required?
What services and amenities do you need?
What is the right location? What’s the benefit of being in that location? Think business and convenience…
What are your budget constraints?

Lastly, although crucial, consider reviewing the strategy of your future working space. Is it agile enough to expand with business growth? Is it flexible enough to deal with change? Flexibility and adaptability are your best friends in uncertain times.

2. Not considering contingencies in the case of change

If recent events have taught us anything, it’s that the future can be very unpredictable.

Although the lesson that businesses had to learn quickly regarding office space is that flexibility and adaptability are enormous assets in times of uncertainty.

Do I have the flexibility in my agreement to downgrade or upgrade my office space? Am I dealing with one or multiple landlords?

This can be tricky and often overlooked; although a single landlord can save you countless hours and frustration.

3. Not considering the complexities of finding the ideal office space

Finding a suitable office space is challenging and can steer you away from your core business responsibilities. Everything from defining your requirements, considering all the available options, layouts, searches, viewings… and the list goes on.

Having a professional contact that understands the needs of your business and what space would be right for you can be an invaluable asset.

Our highly trained leasing team at Central Park Towers DIFC are an extended arm to your search, easing the complexities of finding the ideal office space that’s right for you.

4. Not considering all your options

The days of the traditional set-in-stone office spaces are long gone. With the evolution of business, generations and the uncertain environment, office leasing and spaces are more flexible than ever before.

Start with the office type: Shell & Core, fitted, furnished - Understanding what each of the categories delivers in terms of your objectives, investment and customisation, is the first step to selecting your ideal office set-up that aligns with your business requirements.

5. Taking accessibility for granted

Location is a determining factor when selecting a new office space. It can play a huge role in attracting and retaining the best employees.

In many cases, with the location being at the forefront of the decision, accessibility to the office can sometimes take a back seat. Yet, it plays a crucial role.

When considering location, consider the accessibility to the office building, traffic conditions, ease of visitors to the office, parking facilities.

These may seem secondary in the decision process, although they can easily become a sore thumb quickly.

6. Not considering all leasing costs

When calculating leasing costs, it's easy to focus your consideration on your office space’s rental fee, although there are a few variables that can easily slip through the cracks.

Consider your monthly utility costs, for instance; Are these fixed costs by your landlord or are they metered based on usage. And although having fixed costs for this may sound convenient, this can eventually become a dent in your monthly expenses.

Other expenses that you may need to factor into the overall monthly costing: Service charge, additional parking charges, fit-out costs.

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These are just a handful of considerations when searching for the ideal office space for your business.

There are many other factors that you should consider that may not seem the most important during the process, although they will become a challenge within themselves.

Our experienced team at Central Park Towers DIFC understand the challenges of selecting new office space and the requirements for each entity.

We understand that in this case, one size does not fit all.

As part of the process, our team is here to guide you in making the right decision that aligns with your requirements and the future plans of your business.

If you’re considering new office space and would like additional support in ensuring you make the right decision for your business, feel free to get in touch with us on the details below:

Nemo Stojanovic
Head of Leasing - Central Park Towers, DIFC

T. +971 56 320 9909
E. nemo.stojanovic@centralparktowers.ae

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12-months rent-free at Central Park Towers DIFC

No, that’s not a typo! You may be eligible for 12 months rent-free at Central Park Towers DIFC?

Click HERE to find out more

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Will there be a need for office space in the future?

09 August 2021

Will there be a need for office space in the future?

The events over the last 24 months have shaken things up in the world.

The first time that our generation has ever had to face a pandemic.

And although the fight is still not over, we see glimpses of societies around the world slowly moving towards normality in a new era of precaution.

While the world continues to adapt to this new norm, so do businesses and how they continue with their operations.

Remote working has fast become the new norm, thanks to the available technology that has allowed businesses to keep their operations moving forward in a virtual environment.

And to the surprise of many, it has proved to be an efficient solution to continue trading in this new scenario.

But at what cost?

The pandemic has accelerated the remote working model.

On the flip slide, it has quickly shown its limitations and the importance that an office setting and personal interaction play.

Subject matter experts state many mixed opinions.

On the one hand, you have the younger talent pool who are hungry for their career, eagerly open to receiving valuable lessons that come from day to day personal interaction, as well as the social life that comes with it.

On the other, the more senior and experienced, who have settled down and have children, welcome the notion of continuing working from home.

So, where does that leave the future of office space?

Will remote working become the new norm?

If so, what are the downfalls, and how do they impact business operations and employee engagement?

Although we cannot speak for all the workforce, and opinions certainly differ based on industry, our thoughts are from personal experience and feedback from our tenants.

Most recently, we have witnessed more employees returning to office space on a more frequent basis.

And the general sentiment is one of relief and satisfaction.

With added precaution and slight restructuring of office space, the social interaction not only has raised spirits but has brought on additional motivation that can be absent when working in silos.

An office environment naturally brings a sense of collaboration and experience that lacks remote working.

Regardless of the amount of technology available, human interaction is always an essential part of business and professional/personal growth.

Yes, times have changed.

Office space requires some form of adjustment to ensure the safety of its employees.

Which is the primary concern of businesses.

We have seen many examples of companies developing creating solutions, both the office space and working schedules, ensuring safety precautions are adhered to, whilst maintaining healthy social opportunities.

Whether this is part remote or part office-based, our tenants understand the importance of human interaction in a thriving business.

At Central Park Towers DIFC, we also understand the importance of social interaction and want to play our part to ensure a motivational atmosphere.

That's why we have also implemented "out of work" social events to build a community atmosphere.

An atmosphere that is clearly absent in remote working.

Office space or no office space?

At the end of the day will depend on the business and its industry.

Whilst remote working may be a solution, it is impossible to replicate the social office environment that contributes heavily to learning, development, and ultimately, motivation.

Will it be the same as before? Definitely not!

Times are different.

Different doesn't necessarily mean less.

We are social creatures and depend on human interaction to develop, be inspired and achieve our goals.

And an office space provides that community environment to thrive, both in business and personal development.

If you want more information on how Central Park Towers DIFC and its tenants are bringing the community back together once more, feel free to reach out to info@centralparktowers.

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Why Tenants In DIFC Move Offices

21 June 2021

There are many reasons why DIFC corporate companies consider moving their office space. Their leasing agreement is up for renewal and in search of more attractive financials. Business is on the uprise and needing more office space to continue their growth. Or, in some cases, needing to downsize as remote working continues to be an upward trend.

Over the last couple of years, over 90+ companies have moved their corporate offices to Central Park Towers DIFC. Each of them has their reasons as to why they have moved.

In most cases, you would think that the financials would be the deciding factor.

Surprisingly it didn't top the list for why tenants in DIFC are moving offices. So, what other factors would they prioritize if not financials?

Here are the top reasons why DIFC tenants have recently move their offices:

  • Access To And From the Tower
  • Tenant & Visitor Parking
  • Single Owned Building vs. Individual Unit Owner
  • Financial or Leasing Incentives 

 

Let's dive into a little more detail about why these considerations are on the priority list of major corporations when deciding to move offices.

Access To And From The Tower

Time is such a valuable asset.

When it comes to business, like they say, "time is money".

In our personal life's, it's a precious and limited asset.

It's something that we cannot put a price tag on.

Company leaders understand the value of time and how it impacts productivity and work/life balance. The location and entry/exit points of a DIFC tower can be the difference between long days and productive days.

It sounds trivial, although it all adds up if you consider unnecessary hours spent in traffic congestion around DIFC, multiplied by 365 days!

That's why many companies have chosen to move their offices to Central Park Towers DIFC. It's privileged location has allowed these leaders and their teams to cut time wastage significantly.

The seamless access in and out of Central Park Towers DIFC allows tenants to easily plan productive timings without factoring in time wastage.

It may not seem like the obvious choice. However, location combined with accessibility to and from the office is high on the list of reasons that have impacted DIFC tenants' decision to move their office.

Tenant And Visitor Parking

As simple as it seems, parking facilities can play a significant role in deciding where best to host your office space.

A consideration that doesn't seem that compelling at first glance. Yet, it can become an unnecessary frustration for both employees and visitors. Limited parking in DIFC for both tenants and visitors is a common frustration shared amongst the community.

Combining the access to and from the tower with flexible parking facilities for both tenants and visitors can be a benefit that is hard to match.

The fact that we offer above average tenant parking and 3-hour complimentary visitor parking have played a crucial role in the decision-making process.

A perk that tenants appreciate its value.

The Ease Of A Single Owned Tower

Addressing all your enquiries through a single source naturally provides an increase in efficiency and flexibility. Agreements, requests, approvals, maintenance, suggestions, questions, concerns…Available under one streamlined process making any request quick and straightforward.

Another critical benefit of single landlord ownership is the flexibility that it provides. Particularly when considering upgrading or downsizing based on business requirements. Under the one ownership simplifies the process and available options.

A tower with a single landlord may not be the first thought when considering moving offices, yet it has proven to be one of the most valued benefits.

And can save you time and money in the long run.

Lastly, The Financial and Leasing Incentives!

[embed]https://www.youtube.com/watch?v=ibGShOGgrzE[/embed]

Although it didn't feature at the top of the list, financials play a crucial role in moving offices.

Among moving costs, fit-outs, etc., leasing costs per square foot is, of course, the primary metric. But understanding the complete picture of the financials doesn't stop there.There is one other factor that directly impacts the financials.

Leasing incentives!

Many towers in DIFC offer free leasing months that serve as an incentive to support the costs associated with moving offices.

And are primarily based on a time commitment. The longer the commitment, the greater the incentive. Here is an example of the direct impact these leasing incentives can have on the financial picture:

e.g. Central Park Towers DIFC

  • Fully furnished base leasing per square foot: AED 290
  • 5 Year leasing agreement = 10 complimentary months leasing incentive
  • Average leasing cost per square foot: AED 242

Visit this link to see Central Park Towers DIFC offices

That's a 16% reduction in leasing cost, multiplied by the square feet, multiplied by 60 months; that's a generous saving that supports the bottom line.

When considering the financials, there is more at play than just the cost of the base square foot.

Favorable leasing incentives can make all the difference in the financials.

Conclusion

Diving deeper into these main reasons, we understand that it's not only financials that are the defining factor when considering moving office space. Flexibility, accessibility, location, customer service, facilities, incentives… All play a crucial role in the decision making process.

Each company will have their priorities and what they consider to be essential when establishing an office space. Understanding the benefits beyond the financials can, in turn, be financially beneficial in the long run.

If you would like more detailed information on the complete list of benefits tenants considered when moving to Central Park Towers DIFC, please contact me at nemo.stojanovic@centralparktowers.ae.

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