Gray Point | Measuring Commercial Real Estate Space | RICS Certified

September 2018


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

Retail Properties

Mike has advised us on multiple property transactions in recent years and is highly recommended. Mike brings a commercially astute, no nonsense approach to negotiations that not only saved us many thousands of pounds but a lot of time.
Pam Poppe, Managing Director, DRG Abacus
I would thoroughly recommend using Mike for any type of property transaction. He is a skilled negotiator and saved us a huge amount of time and money. We were able to leave all aspects of work to him enabling us to focus on our core business.
Mark Meek, CEO IWSR