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As the market tightens and there is less stock available for tenants on the hunt for new office space, landlords are taking the opportunity to lock in tenants to longer leases at record high rental rates.
The IPD UK Lease Events Review 2015 released a research publication which states that the average commercial lease has now reached 7.2 years. This is back to the high of the last market peak in 2007.
What does this mean for the market? As most companies have some factor of growth staying in the same office for 7.2 years or even 5 years is not realistic. This means we should be expecting an influx of sublease and assignment opportunities coming to the market. Sublease and assignments are great opportunities for the budget focused occupier as they often come with a fit out in situ which you will inherit and benefit from. It can also mean lower rents as the previous tenant will be giving it to you in second hand condition.
Teresa Beatty a commercial surveyor at Morgan Pryce says “Sublease and Assignment are a great opportunity for many of our clients with big growth plans are they can find a new space on a shorter term basis and will usually have reduced incoming costs as they have a fit out.”
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.