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Post Brexit, many occupiers are looking for office solutions that provide more flexibility but don’t carry the hefty price tag that usually accompanies serviced offices. An increasingly popular solution is often second hand tenant space. This can come in the form of a sublease or an assignment, and has both pros and cons.
One sizable pro is that the lease length is generally shorter than those offered directly from a landlord, as it is simply the end of the previous tenant’s lease, so only about two or three years. Another benefit is that the offices come fully fitted out, and if the set up works you can save a considerable amount on capital expenditure. However, there is no guarantee that you’ll able to stay on at the lease end, and constant moving can be very costly for a company and unsettling for staff.
Fraser Williams, Director and Chartered Surveyor at Morgan Pryce says; “Many tenants are eager to enter shorter-term space whilst they are in the growth stage of their business developments, and are more than happy to only sign up to two years. This is where we find the demand for tenant space often comes from.”
Recent market research shows that the amount of tenant space coming to the market has increased significantly in the city and city fringe locations.
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.