Maltings well placed to ride out credit crunch
It seems that the economic climate gets stormier every day. Announcements about job cuts are relentless and as the recession starts to bite, more and more businesses are looking to cut costs. As many businesses are planning sweeping cuts to their workspaces to cope with the tightening economic squeeze, Kathy Fox explains why The Maltings is the ideal solution for those looking to downsize their business.
When the economy weakens, one of the first questions a business owner will ask is ?do I really need that?? Businesses will undoubtedly take a hard look at their outlays and overheads and scale back on non essentials. For some forgoing pricey office space and downsizing their business may be the only way of riding out the storm. The global credit crunch has hit the supply and affordability of commercial office space, and a sudden need to reduce costs can be hampered by long term costly leases.
Combined with the high number of redundancies, those unable to find suitable work are more likely to turn to self employment or freelancing because they have to, and in this recession we are witnessing a new generation of entrepreneurs.
All of this is having a large impact on the office space industry. Companies of all sizes and from all sectors in Wales who are looking to downsize, save costs or simply avoid tying themselves into long term leases, are considering their options for rented office space.
When times are tough people are less likely to commit to long term office leases and we are finding that the lease terms at The Maltings are increasingly popular as companies are able to extend or change their lease terms to suit themselves, starting at a minimum of one month.
We often warn SMEs to be cautious when entering into a lease agreement and check the lease length as it is important to ensure that office premises allow for the future growth of your business. Of course, in the current economic climate, expansion may be the last thing on your mind but having a flexible agreement ensures that you can change your office space as your business needs dictate. Opting for an office provider that offers short term leases gives you the flexibility and freedom to upsize or downsize accommodation quickly and easily without having the financial penalties generally imposed for breaking long term leases.
Of course cost is also a key factor, particularly when you are looking to cut down on overheads. Rental costs can vary enormously depending on the location, condition of the property and the market in general. Start ups and SMEs seeking office space in prime city centre locations are often unable to meet the high costs associated with such properties and then also suffer with parking issues.
At The Maltings, as well as competitive rates, there are no hidden costs and everything is included in the one fee. We are frequently made aware of other office providers who fail to mention service charges which they add on top of the agreed fee.
Those businesses that are reducing the office space to save on overheads can also benefit from the services of our sister company Cardiff Self Storage to store excess office furniture, and together with our Records Management service on site at The Maltings, we can offer businesses all the storage they need until they come through the current economic challenges.
One tenant who is currently enjoying the range of benefits The Maltings has to offer is the South Wales Chamber of Commerce. Since the end of January, the landmark Grade II listed building on the periphery of the city centre has successfully been home to the Cardiff office of the new Chamber. Providing a drop-in centre for the Chamber?s 750 members and valuable resources for new and growing businesses, members can also benefit from hot-desking facilities, IT resources and meeting space.
In addition to the South Wales Chamber of Commerce, The Maltings is home to a number of flourishing SMEs. Ideal for small, medium and growing businesses, The Maltings benefits from flexible rental arrangements to meet long or short stay requirements, all inclusive rental with no additional service charges, around-the-clock tenant access to offices, 24-hour on-site security and CCTV cover, on-site parking and customer care team.
Located on East Tyndall Street, The Maltings currently has various size offices to let ranging in size from 250-3,000 square feet. Those wishing to view the facilities on offer are invited to attend a South Wales Chamber of Commerce ?open day? on the 26th March 2009. For further information, please contact Kathy Fox or Gareth Oram on 02920 462045.
