Companies 'must think ahead on property portfolio'

Companies should not be afraid to plan for the future when thinking about their commercial property assets, according to an expert.

Howard Cooke, director of the corporate consulting team at GVA Grimley, said that while such issues are moving up the boardroom agenda, many firms fail to consider the long-term effect of their actions.

One aspect that firms should consider is how the current economic climate will change their operations in the future, he added.

"Businesses need to gear their property portfolio to suit how their business is going to change, so they've got flexibility in there," he explained.

"If you haven't got flexibility from day one, with either short-term leases or break clauses, you aren't going to get it from a landlord when you want it."

Recent figures from CBI and GVA Grimley revealed that nine per cent of firms increased the amount of property they occupied over the six months up to May.