Preparing to relocate your HQ

Relocating the headquarters of a large firm isn’t like packing up a regular office. It’s a major undertaking that requires months of preparation, consultation with stakeholders across the business, and a clear plan that prioritises the company’s needs, whether they be breakout areas, laboratories, or an in-house gym.

Metric has a wealth of experience guiding large firms as they relocate their HQs. Our 8-stage HQ strategy can take a relocating company from the initial stay vs go analysis through contract negotiations with landlords, all the way to post-move performance analysis.

The relocation process in 8 stages

1. Decision-making and business engagement: Identify stakeholders in the move, such as IT, HR, and finance departments, and ensure that leadership and staff are engaged in the relocation process.
2. Business needs: Learn what the business needs from its HQ, including employee activities and headcount, growth projections, and location preferences. Determine the ideal square footage and reach a preliminary budget. Consider an exit strategy from the current HQ.
3. Vision: What does an ideal headquarters look like? How can that ideal office attract and retain talent and shape company culture? How does it align with the business’s ESG goals? Can the current space deliver these objectives or does the firm need to relocate?
4. Get match fit: Compile information vouching for the covenant strength of the business, its ability to pay rent and meet other lease obligations. Settle on preferred lease length and structure. Engage a professional team for due diligence and delivery, including surveyors, solicitors, and technical and environmental consultants. Appoint a capital allowances specialist to identify potential tax relief on relocation spending.
5. Market search and option analysis: Identify and shortlist potential properties, attending viewings and presentations. Understand each property’s development timeline, including projected completion dates and risks, and the lease terms available. Determine if the floor plates are suitable for the business, and prepare a financial analysis, including upfront spending on the move.
6. Negotiate: Create leverage with a shortlist of 2-3 options. With the top choice, finalise a comprehensive Head of Terms (HOTs) with the landlord, setting out rent, contract terms, timelines, fit-out scope, and access to communal spaces such as gyms and roof terraces. Consider rent-free periods, capital contributions, and fit-out support that might lower the Net Effective Rent (NER). 
7. Design and fit-out: Once a space is chosen and the contract finalised, plan the fit-out. Set the budget, develop and adjust the design, get licence to alter approvals from the landlord, and carefully select contractors.
8. Move and post completion: The work doesn’t stop once the boxes are unpacked. Staff may need help to adapt to the new space and technology. The performance of the new HQ should be monitored through staff feedback and analysis of space usage.

Case study: Relocation of Wise’s hq

At Metric, we recently helped fintech unicorn Wise plc find a new home for its global headquarters in Shoreditch.

First, we helped them complete a stay vs go analysis, as they weighed remaining in their current space at the Tea Building or finding a new headquarters. We established Wise’s key requirements for their HQ, including remaining in Shoreditch and accommodating a growing headcount. 

Metric then helped Wise find a new home nearby: Worship Square, a new development at 65 Clifton Square with impeccable credentials, including BREEAM ‘Outstanding’ and WiredScore ‘Platinum’. 

Metric also helped Wise navigate a competitive market, with another bidder vying for the same space, and to negotiate a pre-let for five of the building’s eight office floors on very favourable terms, with a rent-free package much more generous than the market standard.

The new HQ expands Wise’s London footprint by 40%, offers collaboration spaces on every floor, and wellness amenities including a sauna, a nod to the company’s Estonian heritage and a feature of many previous Wise offices.