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There are many factors which influence the returns of office space and the popular consensus is that they will continue to rise for 2015. Different pockets of London are effected different from the market and therefore have a different level of return. As the demand for the City grows and vacancy rates hit an all-time low the returns are expected to increase to 19.9%.
Offices are currently the best return for your dollar in the commercial market with over the country offices forecasting to have returns of 17.9%, Industrial 15.4% and retail just 12.1%. This will strongly be linked to the low vacancy rates which are pushing up the prices of offices across London.
Teresa Beatty a Commercial Surveyor at Morgan Pryce said “Although returns for office space is increasing a very strong rate, it is anticipated to drop off in 2016 as new developments start entering the market.”
The developments Teresa is referring too which will be hugely welcomed to the market include the Battersea Power station, the redevelopment for Elizabeth House, and the long awaited completion of the Pinnacle.
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.