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With the start of a new year, we can ask ourselves; what is expected for the property market in 2017? Many companies are starting the new year with an air of optimism regarding the commercial office market.
It is predicted that the office market in the city will continue to see a rise in incentives offered by landlords. We have already seen Grade A buildings slashing their prices: one newly-refurbished building has dropped its quoting rent from £87.50 to £77.50 per sq ft. This is very promising for tenants who have lease events coming up in 2017.
Eugene O’Sullivan, an experienced Chartered Surveyor at Morgan Pryce, says: “The effects from the sterling’s weakness and the Trump presidency should be inflationary, however for this to have a material change on the market there would need to be a significant level of inflation.”
Other sub-markets in London are also predicted to start increasing tenant incentives as more stock is brought onto the market in the form of developments due to be completed throughout the year.
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