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As autumn is now officially upon us the anticipation of Christmas is already on everybody’s minds, pop up Christmas shops are emerging and Christmas holiday plans are being made. The build up to Christmas in the commercial property industry is no different, everyone wants to move by Christmas, the rush is on.
In general a commercial office move process will take 3 months, two weeks for Morgan Pryce to cover off the market and show you a selection of properties, two weeks to negotiate and secure your desired office. The solicitors will then take between four and six weeks to have the lease ready for completion, and the last few weeks for getting the office set up and having your fit out done.
Teresa Beatty a commercial property surveyor says “The majority of clients we are working with want to move before the New Year, this is causing a lot of competition in the market and increasing rentals prices.”
Many companies agree with Teresa Beatty and are saying they believe we are looking at a pre-Christmas spike. On the flip side, landlord who have had properties sitting on the market for a while are saying it’s time to do a deal, this will be the case for many sublets and assignments which haven’t had the turn over expected.
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.