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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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Which office category is best for you?
Shell & Core, CAT A or CAT B?

07 June 2021

There are many reasons why you're considering moving office spaces.

Optimized location for business activities, cost-saving, expansion plans, downsizing, etc.

Whatever the reason, the key question to consider is “What is the right office space for you?”

Shell & Core, Fitted or Furnished?

Seems pretty straightforward...

But there are a few things to contemplate before committing to any leasing agreement.

Let's dig a little deeper into each option to see which is best suited to your needs.

The flexibility and lower leasing costs of Shell & Core, but...?

As the name suggests, Shell & Core is the blank canvas to your masterpiece.

A basic infrastructure that gives you the flexibility to develop the office that will lead your company into the future.

But before jumping at this option, there are 2 key factors you should consider:

  • The required size of the office space
  • The time you’re willing to commit to your leasing

 

Shell and Core is the ideal choice if you’re in the market for office space anywhere between 2,000 sq ft to 100,000 sq ft. and you can build and design all aspects of the perfect workspace, Shell & Core is your option.

Even though monthly leasing costs are more financially beneficial with Shell & Core, to justify such an investment, we recommend at least a 4-year leasing commitment.

Curiosity… Did you know that at Central Park Towers DIFC, you could be eligible for a fit-out contribution? Find out more, click HERE.

Want flexibility but don't have time to waste? Fitted (CAT A) is for you!

The Fitted office option on many occasions can be misinterpreted.

So before getting into details of whether fitted (CAT A) is right for you, let’s first establish what's included:

  • MEP Installation
  • Suspended Ceiling
  • Lighting
  • Air Conditioning
  • Flooring

 

Essentially providing a functioning open workspace with the flexibility to install the functional design and finishes; such as individual offices, meeting rooms, dry pantry, etc.

This category is a very attractive proposition for those eager to get a functioning office space in as little time as possible, yet still allows for customization.

While you can expect monthly leasing costs to sit at the mid-range point...

Minimal investment is required and will depend on your office requirements.

We recommend fitted as the best fit for companies that are looking from anywhere between 1,030 sq ft to 5,000 sq ft, and who are after the possibility of customizing their office space with low investment costs attached.

Ready to Move-In with CAT B ( Furnished )

This is more of a straightforward office leasing option available.

A furnished office space that offers a ready to move in model.

Offering limited to no customization opportunities, there are still many upsides to furnished office space.

It’s the preferred option for smaller and up-and-coming companies that are looking for a hassle-free move-in.

Another upside to CAT B is Flexi leasing terms, removing any sort of long term leasing commitments.

This can be an essential element for companies that are on the growth wagon, who may need to upgrade their offices in the short term as their business continues to grow.

Considering the plug ‘n’ play model of CAT B, tenants can expect higher monthly leasing costs than the other options although no initial investment is required.

Still not sure which is the best office option for you?

Now that we have covered all three corporate office leasing options.

The question remains... “What’s is the best option for you?”

There is no one simple answer to this.

Each of the options has its pros and cons.

Some options need larger investments although provide customization opportunities to your desired design, which may suit larger corporations or companies wanting to commit to a minimum of 4 years.

While others offer higher monthly leasing costs, yet require little to no investment and offer Flexi leasing terms, perfect for start-ups or companies that forecast short term growth.

When selecting a new office space, no one option fits all!

Each option is available to cater to your financial and business requirements… These are the primary factors that will determine the right office space for you.

Deciding which option is the best for you can sometimes be challenging.

We are here to help give you the confidence to make the right choice.

If you're planning on an office move to DIFC, we would be happy to provide proposals on each of the categories so that you can make the best-informed decision for you and your business.

 

Nemo Stojanovic
Head of Leasing,
Central Park Towers DIFC
nemo.stojanovic@centralparktowers.ae
Phone : 043738933

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New office tenants in Central Park

26 February 2021

We are pleased to welcome the following office tenants to our growing community during last 3 months.
The new year is always an opportunity for a fresh start. Below companies recognized our tower as a preferred office community in DIFC area
that offers unmatched values and incentives.

In last three years, Central Park Towers became a home to 91 companies who have relocated their offices here and filled in a whopping 513 000
sq ft of workspace!

We are welcoming new joiners :

- Century Private Wealth 
- Sacor Holding
- Monty Mobile 
- RedWood SFO
- MTN 
- Arx Financial Engineering 

Despite the pandemic and slow-down in commercial real estate, Central Park Towers DIFC has attracted more than 19 office client who are
occupying whopping 101,000 sq ft,

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Safety Measures for Our Community

19 July 2020

At Central Park Towers your safety and well-being is our top priority. We have implemented stringent health and hygiene protocols to ensure our tenants and visitors are safe and comfortable and their return is a positive experience.

How to protect yourself from COVID? 

Wear a mask

Everyone 2 and older should wear masks in public.
Masks should be worn in addition to staying at least 6 feet apart, especially around people who don’t live with you.
If someone in your household is infected, people in the household should take precautions including wearing masks to avoid spread to others.
Wash your hands or use hand sanitizer before putting on your mask.
Wear your mask over your nose and mouth and secure it under your chin.
Fit the mask snugly against the sides of your face, slipping the loops over your ears or tying the strings behind your head.
If you have to continually adjust your mask, it doesn’t fit properly, and you might need to find a different mask type or brand.
Make sure you can breathe easily.

Stay 6 feet away from others

Inside your home: Avoid close contact with people who are sick.
If possible, maintain 6 feet between the person who is sick and other household members.
Outside your home: Put 6 feet of distance between yourself and people who don’t live in your household.
Remember that some people without symptoms may be able to spread virus.
Stay at least 6 feet (about 2 arm lengths) from other people.
Keeping distance from others is especially important for people who are at higher risk of getting very sick.|

Avoid crowds

Being in crowds like in restaurants, bars, fitness centers, or movie theaters put you at higher risk for COVID-19.
Avoid poorly ventilated spaces
Avoid indoor spaces that do not offer fresh air from the outdoors as much as possible. If indoors, bring in fresh air by opening windows and doors,
if possible.

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

Wash your hands often

Wash your hands often with soap and water for at least 20 seconds especially after you have been in a public place, or after blowing your nose, coughing, or sneezing.
It’s especially important to wash:
Before eating or preparing food
Before touching your face
After using the restroom
After leaving a public place
After blowing your nose, coughing, or sneezing
After handling your mask
After changing a diaper
After caring for someone sick
After touching animals or pets
If soap and water are not readily available, use a hand sanitizer that contains at least 60% alcohol. Cover all surfaces of your hands and rub them together until they feel dry.
Avoid touching your eyes, nose, and mouth with unwashed hands.

Cover coughs and sneezes

Always cover your mouth and nose with a tissue when you cough or sneeze or use the inside of your elbow and do not spit.
Throw used tissues in the trash.
Immediately wash your hands with soap and water for at least 20 seconds. If soap and water are not readily available, clean your hands with a hand sanitizer that contains at least 60% alcohol.

Clean and disinfect

Clean AND disinfect frequently touched surfaces daily. This includes tables, doorknobs, light switches, countertops, handles, desks, phones, keyboards, toilets, faucets, and sinks.
If surfaces are dirty, clean them. Use detergent or soap and water prior to disinfection.
Then, use a household disinfectant. Use products from EPA’s List N: Disinfectants for Coronavirus (COVID-19)external icon according to manufacturer’s labeled directions.
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Monitor Your Health Daily

Be alert for symptoms. Watch for fever, cough, shortness of breath, or other symptoms of COVID-19.
Especially important if you are running essential errands, going into the office or workplace, and in settings where it may be difficult to keep a physical distance of 6 feet.
Take your temperature if symptoms develop.
Don’t take your temperature within 30 minutes of exercising or after taking medications that could lower your temperature, like acetaminophen.
Follow CDC guidance if symptoms develop.

Get Vaccinated to Protect Against COVID-19

COVID-19 vaccination is especially important for people who may be more likely to get very sick from COVID-19, such as older adults and people with certain medical conditions.
People with underlying medical conditions may get a COVID-19 vaccine as long as they have not had a severe or immediate allergic reaction to the first dose of a COVID-19 vaccine or any of the ingredients in a COVID-19 vaccine.

centralparktowers.ae

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ISO 50001 Certification in 2020

19 July 2020

Central Park Towers has obtained the certification of ISO 50001. This certification is for achieving the international standard for Energy Management Systems created by the International Organization for Standardization (ISO). This certification was received based on our continued efforts to reduce our energy use and improve our energy performance while contributing to the reduction in greenhouse emissions.

DEVELOPING AN ENERGY MANAGEMENT SYSTEM

ISO 50001 is based on the management system model of continual improvement also used for other well-known standards such as ISO 9001 or ISO 14001. This makes it easier for organizations to integrate energy management into their overall efforts to improve quality and environmental management.

ISO 50001 provides a framework of requirements for organizations to:

  • Develop a policy for more efficient use of energy
  • Fix targets and objectives to meet the policy
  • Use data to better understand and make decisions about energy use
  • Measure the results
  • Review how well the policy works, and
  • Continually improve energy management.

Central Park is continuously seeking ways to improve its asset through international standards and best possible practice.

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Central Park Towers Sustainability Initiative

19 July 2020

We are committed to providing a healthy and pleasant work environment for our tenants and visitors. We have launched Central Park Towers Sustainability Initiative. This program focuses on energy saving measures, reducing greenhouse emissions, implementing recycling and waste management policies. Additional measure are taken to ensure clean air quality and clean water for a healthy work environment.

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Covid 19 update

26 March 2020

The health and safety of our community is our priority. We continue to take measures following the highest safety standards to safeguard all our tenants and visitors. We are following all Government directives and therefore our Retailers have temporarily closed except for Spinneys and Al Manara Pharmacy. They will continue to service our customers. Most of our food outlets continue to offer food delivery service only. See our Retailer Offering section to get in contact with Retailers. Central Park Towers urges everyone to practice social-distancing and we hope you and your family keep well and stay safe.

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ISO Certification for CENTRAL PARK TOWERS

02 April 2019

Central Park Towers is pleased to announce that we have successfully obtained certification of ISO 14001 and OHSAS 18001

ISO 14001 is an internationally agreed standard that sets out the requirements for an environmental management system . OHSAS 18001 is an Occupation Health and Safety Assessment Series for health and safety management systems.

These certifications demonstrate our continued commitment to the development and improvement across Environmental Management, Health and Safety.

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Our Newest Office Tenants

02 April 2020

We are pleased to welcome the following office tenants to our growing community;

  • Linear (Middle East) Limited
  • MetLife
  • Incubayt Investments LTD
  • Soren Investment Company Limited
  • GAC Group (Holdings) Limited
  • The SR Group (Dubai) Limited
  • Resolute Advisors Mena Limited
  • JB Drax Honore (DIFC) Limited
  • Petrochina International (Middle East) Company Limited
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New Dining and Convenience Retail Options

02 April 2019

More dining and service retailers have opened to join our growing retail community.

Taqado Mexican Kitchen is open on P2 Level offering authentic Mexican street food.

Mama’s Bites is open on Ground Level of Residential Tower offering traditional Levant cuisine.

Federal Tax Authority has opened their Customer Service Centre on P2 Level.

EnVogue have added to their service offering with a Slimming Clinic connected to their Ladies Salon on the Ground Floor.

Amer Services are located on the Ground Level of Residential Towers and provide PRO, documentation and government services.

Mokhtar Safadi Ladies Beauty Lounge is located on the Ground Level of the Office Tower.

Leader Business Hub is located on P3 Level providing typing and documentation services.

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EnVogue has made some changes

31 December 2018

EnVogue will soon open a new Beauty & Slimming Clinic. Their nail services have moved to the ground floor to replace EnVogue Gents.

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Some of our Office Tower Tenants

30 November 2018

Federal Tax Authority | Ministry of Economy | Marriot Hotels International | Merck Serono | Bank of Singapore | ICICI Bank | State Street Global Advisors | Schlumberger Global Support Centre | Afton Chemical ME | Amana Financial Services | Arch Corporation | ED&F MAN Capital | Global Gate Capital | Goetz partners Consultants | HDFC International Life | Korea International Trade Association | Lecocqassociate | Manara Velocity Holding | Oger Telecom | Patronus Wealth Holdings | Taurus Wealth Advisors | The Ferronato KGS Holding | Turtle Management SFO | Universal Capital Bank | Victoria Government Trade & Investment

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British Orchard Nursery opening soon

30 November 2018

will be opening its doors early 2019. They will be located on The Plaza level in the Residential Tower.

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Federal Tax Authority and Ministry of Economy

22 July 2018

The Federal Tax Authority office was the first UAE ministry to have an office in DIFC. Both organizations will be moving into the Office Tower this year with 500+ people joining our growing community.