Square Foot Scruples
Measuring Commercial Real Estate Space
Are you sure the property you are leasing measures up? More often than not, when I am asked to assist a tenant on a rent review for their office or industrial space, I find a discrepancy with the property’s measurements in their lease. Why? Because when leasing the property, the tenant didn’t use an agent, may have been in a rush and assumed the measurements on the lease were right. Wrong. Anything between 5% – 10% variance is common; in monetary terms, on a £100,000 property, this means you are paying £5,000-£10,000 more than you need to per annum.
As a RICS certified surveyor I comply with the RICS Property Measurement Professional Standards (2nd edition, January 2018) and all of my clients’ properties are thoroughly measured before any negotiations start. This month I was delighted to assist a tenant on a rent review and found a discrepancy of 1,000 sq. ft. on a 13,000 sq. ft. industrial unit and I negotiated a substantial reduction to account for the difference.
It pays to be scrupulous about square footage and it always works to get a surveyor to act on your behalf.
Speaking of scruples, packing a punch at a charmingly rustic cupboard-sized square footage, Cwtch* in St. Davids knows how to cook a meal. As a final hoorah to indulgence before trimming down for a 200 mile cycle ride, I chose the Duo of Welsh Lamb. Delicious.
I hope you had a great summer!
Mike Gray MRICS