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The month of August is notoriously slow, the market grinds to a halt as seemingly every agent vacates London to sip Pina Colada’s poolside. At Morgan Pryce we have mixed views about this time of the year. Fraser Williams is often heard claiming he doesn’t go on holiday over the summer period, “as it is a great time to pick up cheeky deals.” The logic behind this is simple: there is less competition so you are likely to secure the building at a better deal; but only if you can actually complete the deal before everyone returns in September. Others in the office just sit back and wait for August to roll on by.
One of Morgan Pryce’s latest clients is looking to renew their lease or take new space in Clerkenwell and the decision needs to be made in two weeks. Rents in Clerkenwell for newly refurbished space sit comfortably in the £60’s psf but is this sustainable? Landlords and their agents are sitting on these rents over the summer but only September will tell if it can be sustained. Their decision process needs to be extended to get a more realistic view of the market.
This August has been slightly unusual for us acquisition agents, I feel there has been no significant definition between the months due to the lack of stock in London. Therefore there has been a limiting factor on the amount of quality deals you can turn over, it almost feels like the year has been one long August.
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.