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Tenants are increasingly looking to alternative London locations in their quest for the best possible deals. As tenants come out of their current leases, many of which were drawn up mid-recession when prices were low, they are faced with a sobering conundrum; stay in their current location where rents have almost doubled, or look elsewhere to alternative London locations that offer better bang for your buck. Ollie Salter, from Morgan Pryce has noted how more and more tenants are looking to these alternative locations.
“We have seen lots of small-mid size businesses coming towards the end of their leases and being incredibly troubled with current rents at where they are based. Many of these leases were drawn up at a low point in the market, when landlords didn’t have the upper hand. Unfortunately, times have changed significantly and landlords are now firmly in the driving seat. As such, tenants are finding they are being priced out of central London space and are having to look to areas that may be the next Shoreditch, or indeed the equivalent of today’s Clerkenwell”.
It is clear to see that tenants are having to look at areas that have the potential to become a hotspot for new industry. One thing is for sure, there is no shortage of options, from West to East, North to South, and areas are flourishing with the upturn in the UK’s economy.
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.