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The summer is well and truly in full swing right now and the market has subsequently come close to a grinding halt. The July/August months are very difficult months if you are in the process of acquiring office space, with so many different parties involved and each vital for the deal to complete, when one goes away for a week it is impossible for the deal to keep traction and it inevitably drags on.
Some occupiers therefore feel that beginning the search process during these two months is a good idea because it’s not just the property market that becomes quiet during this time, but usually most other markets as well which allows them to denote more time to searching. It can also be a good time to show the senior members of the firm the space, which can be a task in itself getting senior directors out! However, this may be true but unfortunately the space on the market is usually the space that failed to shift before the summer. Landlords do not like launching new space to the market just before the summer or during the summer, the best time to launch space is when you can achieve the biggest buzz and attention which is usually around September time when everyone is back and in the full swing of things. Therefore, the search process can be reasonably frustrating as it may seem there isn’t a lot of new stock to view.
Eugene O’Sullivan from Morgan Pryce believes that timing is everything, planning ahead to a make sure that if you are looking to move quickly that your legal work don’t fall within the summer months is vital and if you’re in a rush to find space that you have to aware that landlords will hold back new stock till the summer is over.
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.