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With the recent vote to leave the EU and the election of Donald Trump in the United States, many companies may be considering how political changes will affect them over the coming years.
Coming out of a landlord-dominated market in 2015 and the beginning of 2016, where incentives were limited and vacancy rates historically low, companies were restricted when negotiating: landlords were able to command longer leases and give away fewer low-rent and rent-free periods. However, there has been a shift in the market over the last six to eight months, and with stock increasing Morgan Pryce have been able to secure more flexible deals for clients, with competitive financial incentives.
Eugene O’Sullivan, Managing Director at tenant acquisition specialists Morgan Pryce, says, “The recent political change may have come at a good time, with the top of the market being hit. We are seeing landlords, especially in the City, offering more flexible leases on larger floor plates. The rent-free periods we are able to negotiate are also a lot stronger than this time last year. The combined impact of increased stock and political uncertainty means it may be a good time for tenants to consider their office requirements.”
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