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As we enter into the third week of January it is clear to see that the market is now back up and running and in full swing again after the extended Christmas period. So what does this mean for the property market? On the disposal side, landlords will be much more likely to bring their buildings to the market. No landlord who had spent time and money regenerating, redecoration and revitalising their existing building will want to launch their new and improved property just before Christmas simply because the demand drops dramatically as companies look to close down for the holidays. Landlords are looking to launch their building at a period which will give the most impact and where demand will be at its highest. The first couple of weeks in January are usually quiet as employees are still returning from their Christmas holiday so it usually falls to the 3rd week of January for landlords to trust the market enough to launch their new and improved building.
What will it mean on the acquisition side? Many occupiers will have used November and December as a time to search for new office premises or invest in the property market, but as landlords look to hold off from launching any new buildings to the market it means prospective tenants will have a sufficiently reduced stock to view. This usually means the end of January is when prospective tenants and occupiers come back to the market and re-launch their search.
Alex Goode from Morgan Pryce, a tenant only acquisition agent believes ‘’the property market comes to a complete halt in the last 2 weeks of December and will only really start to pick up some speed and momentum in the 2nd/3rd week of January’’. He states that they usually advise clients to search in this quieter period to see if the remaining stock is of interest but to be wary that the end of January will see a whole new amount of stock launched to the market which could contain their perfect building.
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.