Our Knowledge Centre combines a unique set of useful tools to assist ALL office movers. Use our moving guides, office space calculator, dynamic rental map and other tools to get an idea of what type of office your company needs. We’ll make sure you get there.
Register for FREE now and get full access.
It is well-known that the UK economy is heavily reliant on SMEs to support economic growth and the British currency.
Now, almost three-quarters of SMEs in the country are seeking office lease terms of less than three years. Indeed, shorter leases have become increasingly popular during 2017, and are now up 17% compared to the beginning of the year.
Eugene O’Sullivan, Managing Director at Morgan Pryce and leading Chartered Surveyor in London, explains; “Pre-Brexit, SMEs were strongly in favour of longer, five- to ten-year lease lengths. Post-Brexit, landlords have had to rethink their lease structures so as to not push tenants away from traditional leasing towards serviced office providers, such as WeWork and The Office Group”.
A survey conducted by serviced office provider Citibase found that 74% of SMEs are now seeking sub-three-year leases, compared to 57% in Q1. This is even higher in the North East, with 90% of firms seeking a shorter lease.
In the same survey, 54% of SMEs said they would welcome a second referendum on whether or not to accept a EU exit deal. More than 1,100 SMEs responded to the survey.
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.