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Morgan Pryce have recently acquired 2,500 sq. ft. in the heart of the City. With £4 off the quoting rent and 9 months’ rent free on a 5 year term with a 3 year break we thought at the time that this was a pretty good deal, little did we know that in 4 months’ time the market had changed so much that this is now a fantastic deal.
During the recession the TMT sector had been keeping the property market afloat with new start-ups looking to establish themselves and branch into new areas of the market, Shoreditch for example. But, in the second half of 2013 we really started to see the financial sector start to strongly come back into play and less than a year later the City is pushing towards the top of the market.
As every West End agent can tell you now, the market is tighter than we have seen for years with vacancy rates hovering around the 4% mark and with an abundance of occupiers looking to occupy space rents are being pushed back to 2007 levels and more and more occupiers are missing out. However, the one area in Central London where there seemed to be more space was the City, this dream is now over. With the financial sector seemingly well and truly back and with banks regaining the confidence to lend again the market is again heading towards the 2007 peak.
However, Alex Goode from Morgan Pryce believes this shortage of stock within Central London means more occupiers will be looking to acquire space in areas they wouldn’t normally have considered. One of them is Southwark, which has hugely benefited from the shortage of stock in the market as it offers both the converted warehouse space associate due the TMT rector and more conventional office space, with the likes of the Shard. With News Corporation moving their headquarters south of the river it gives an indication to where this market is heading.
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.