London office rental market raises competition
The capital's office rental environment sees tenants competing over available office space
Commercial property agents have been urging clients considering moving offices to be quick on the uptake of their new space as tenancy competition within the London market heats up. Failure to keep up with the quickening pace of the rental market is meaning that some prospective office movers are missing out on their first choice spaces. Increased demand in the commercial rental sector and a dwindling supply of offices have caused the time on the market for the average office to drop down to just five days. This reflects a considerable change in the market since the figures for August were revealed, which showed a comparative market time of 20 days. Property agents in the capital have even reported that one office on their books lasted only 30 minutes before the asking price was met.
With demand soaring it is important for those seeking a new office to keep their fingers on the pulse of the fast-changing market so that they don't miss out on their ideal offices. Flexibility in choosing areas of London as potential bases for your business is essential, as the nature of transport and business links in the capital make choosing a cheaper office in a further afield location a viable and practical option that might not be worthwhile in other cities.One way that could help you to avoid missing out on your dream London office is to be prepared to pay the holding deposit immediately. Tenants are being encouraged to show confidence in their bids if they have made a decision to move to a certain office.
