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Here at Morgan Pryce we only work in acquiring office space: we never work with landlords nor do we dispose of buildings. We therefore have a very good idea of what the situation is currently like for tenants looking for new space.
Our clients can often find the search for their ideal office a frustrating process. Summer is a quiet period in the office game; however, the first two months of the last quarter of the year – i.e. the month of September that has just passed and October – are extremely busy times in office exchange. We are finding that the supply of office space has managed to dwindle even further and so now the main objective is to secure the space when it has been identified. With little supply readily available, the units that are most popular, at around 1,500-3,000 square feet, are the ones that are becoming more and more difficult to secure. Unfortunately, if you do not act fast enough and structure the deal well, you could easily miss out on your perfect office.
There are a few things we recommend when trying to secure an office and a few pointers on how to fight off the competition. If you have found a space you believe will work for you, inform your acquisition agent right away – they will be able to advise on where the deal can be negotiated and can then formally put in an offer on your behalf. This puts your hat in the ring and you will be kept updated on any other offers that may come in. Try not to waste time by putting in unrealistic offers that are too low to work with: the landlord on the other side won’t take you seriously and might dismiss you as a potential tenant all together. You need to demonstrate that you are proactive in completing the exchange of contracts and can instruct solicitors quickly – make sure you use a solicitor that works on London commercial property. Also, ensure you have an exclusivity clause put in to avoid being gazumped.
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.