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Morgan Pryce, London’s commercial property agent, is pleased to learn that the UK has climbed out of a double-dip recession. The economy returned to growth between the months of July and September at its fastest pace in five years.
This is good news to many owners of offices in Mayfair, although some may not be so upbeat, as they believe the bounce-back was largely driven by one-off factors. Claire Hilton, who owns an office in Mayfair, told Morgan Pryce, “Clawed-back activity, which had been lost to the extra bank holidays and the lift from the Olympics and the Paralympic Games, is largely the reason why we have seen the economy suddenly pick up at its fastest pace for five years.”
Experts in the City had expected a 0.6% rise but the actual figure is the biggest increase since 2007. Today’s figures, however, come with a warning from economists that we are far from out of the economic woods; experts predict that growth will slow in subsequent quarters.
“The figures that came out today are preliminary estimates and subject to revision,” comments David Perrins, of Morgan Pryce.
Morgan Pryce is 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.