The property market works in cycles – this is not news to anyone. As we climb higher and higher and regularity hitting new highs like the highest rents achieved and highest records of office take up achieved makes the question on everyone’s lips “when will reach the top?”
As the demand for office space is not met, both rents and the availability of space is making it extremely difficult for business to stay in London. Once business can no longer afford to be in London, they will have to leave and this is when the next stage of the cycle will start.
As London is so close to many international commercial hubs, it is very likely business will start moving the location of their Head Quarters whilst the rental market for London drives the prices out of there reach. This will cause the market down turn, along with the developments which are currently being constructed enter the market and produce more stock.
Teresa Beatty a commercial surveyor at Morgan Pryce say “It is only a matter of time until the market comes back around, but who know what amount of time. That being said it is widely acknowledged that 2017 will have a new flux of stock available.”
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.
