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Demand is strong throughout London for all types of office space, in all types of locations. From Knightsbridge to Shoreditch, London Bridge to Swiss Cottage, there is a limited amount of supply of space. Recent relaxations in planning regulations have further increased the pressure on supply/demand situation, with many landlords looking to convert their offices into highly-valuable residential units.
Residential houses and apartments in Mayfair are a far more profitable option for Landlords than office space lettings. Oliver Salter from Morgan Pryce notes how tenants can be affected by these relaxations in planning regulations.
“Tenants are being served notice, thrown out into a market that is already short of supply and that is also seeing increases in rents and rates – some tenants have been in leases that are way below market rents, so finding space at a similar price in a similar location is nearly impossible. Landlords are entitled to do this, and who wouldn’t? With the residential market values continuing to rise, there is serious money to be made!”
The decision to relax planning regulations was intended to tackle worn down office space and create more homes throughout London. However, with savvy landlords looking to make a quick profit, the change in regulations has not had the desired effect and can be seen to be short sighted.
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.