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The concept of the ‘working life’ has changed dramatically over the last 40-50 years; historically people left school and found work, in an office, retail or industrial environment, and stayed until they retired. There was no diversion. This had an impact on the type of workplace and indeed office space that was available in the market – long leases for office occupiers who would be staying in the same location, with the same staff for a long time. With the invention of internet and the fast economic growth of developing countries, such as Brazil, Russia, India and China, the working world has evolved and so have the types of environments companies are looking to work in.
Fraser Williams, Director at tenant acquisition specialist Morgan Pryce, believes there has been a shift in businesses’ mentalities when considering office moves, especially in terms of lease lengths,
“The era of 20-25 year leases is long gone. Companies are no longer looking to commit to one office for a long length of time, as there is ramifications are huge if something went wrong financially for the company. Instead, the market has shifted to accommodate the new business requirement; 10 year leases are the norm for bigger requirements of 7k+, however those companies looking for smaller spaces can now look towards 5-3 year leases. Serviced offices are offering great alternatives as well to companies that may have a shift in dynamics over a short period of time. I believe this is a product of the post-recession environment, both tenants and landlords want to secure themselves against potential catastrophe, the natural outcome is a more flexible option on office space.”
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.