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As any property professional will tell you, the property market tends to slow down quite drastically come the last couple of weeks of July and for pretty much the whole of August, mirroring the school summer holidays. While this pattern is common in many industries, the property industry seems to feel it more intensely than most. It may even have become a self-fulfilling prophesy whereby things are quieter because people expect them to be so.
The general feel from the office agents is that things are ticking over, preparing for September. From a leased office perspective in Central London this means that disposal agents are planning to launch their available office space or buildings to the market in a couple of weeks, not wanting to waste marketing costs advertising an office space when the industry is so quiet. However, when we consider the requirements of the smaller companies, this can be quite frustrating as often the summer seems like the best time to move – being the quietest time of the year in their industry as well.
This is the case every year, although it’s tempting to believe that each year is quieter than the one before! In fact, it will probably be the second week of September before a real influx of space is brought to the market. The advantage that Morgan Pryce has, is that we are already and continually speaking to all of the agents in Central London in order to ascertain what office space they are going to be putting onto the market so we can be in the best position possible – as soon as possible – to put our clients into the best spaces. This is particularly important in extremely tight office markets in the West End, such as Covent Garden and Soho.
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.