Off market deals becoming more common in the West End

In the West End, the office market is getting tighter and tighter when talking in terms of supply of available office space. There are a number of reasons for this, one of which is the government bill allowing landlords to convert their offices to residential without having to obtain planning permission for change of use. With demand picking up, it’s becoming tougher to find new office as imbalance in the equilibrium of demand and supply is being created. 

Therefore as company looking for a new office it has become more important than ever to appoint a knowledgeable to office agent to act as your property advisors to be sure you do not miss fantastic opportunities that are on the market. It is a very agent to agent world in the Central London office market and you can spend hours and hours on the internet looking for space with no luck. Office searches on the internet will normally produce options which are either serviced or not available.

Well-connected experienced agents are increasingly doing deals ‘off market’ which is where a firm like Morgan Pryce can add real value. Having knowledge of spaces coming available before the rest of the market can allow you to take a space and agree terms with a landlord without getting into a competitive situation. It benefits both tenant and landlord as the landlord avoids having a void period where the office is vacant and they are not collecting rent. The landlord also has to pay empty rates on vacant offices. 

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.