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It won’t come as a surprise to fellow property personnel’s, as well as those searching for opportunities in the market, that there is a major lack of supply of office space at the moment. Not only is there a lack of supply of leased office space but there is practically nothing coming to the market in regards to freeholds, virtual freeholds and long leaseholds.
The investment departments of major property consultancy’s are struggling to locate available spaces to buy for their own clients, let alone local to global companies being able to buy premises for themselves. With rents increasing at the rate they are, it’s no wonder there are so many requirements to buy offices in London.
As said by Christina Weguelin, one of the surveyors at Morgan Pryce, “Investors and developers are looking to acquire the space to convert the use and produce schemes that can triple the value of what they originally paid, while those looking to buy for occupation would just like to save a bundle on what they have to pay in rent and there is of course those looking to buy to let out. Unfortunately with all this interest the competition involved to secure a freehold once it does come to the market is humungous, not only do you have owner occupiers offering on the space, but there are also investors and developers vying for the same space which can lead to quite aggressive bidding wars with many disappointed afterwards.”
It is not a surprise then that most freehold properties don’t actually make it to the market and most of the deals done are off market. Keeping in contact with various agents is vital and when coming across a property that can work and is suitable Morgan Pryce recommend acting swiftly to avoid any disappointment.
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.