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The first quarter of 2017 saw vacancy rates in the Central London office market rise considerably. The impact of a high volume of second hand space, along with the delivery of new major developments such as Angel Court Tower, has driven up the amount of space available.
Morgan Pryce has seen an abundance of second hand space hit the market, with many tenants offering sub-leases or assignments – essentially putting fitted-out, ready to move in to space on the market, sometimes on flexible lease terms.
Eugene O’Sullivan, Managing Director at tenant acquisition specialists Morgan Pryce, says; “The influx of ‘grey space’ has livened up the market. At Morgan Pryce, we are meeting a variety of occupiers throughout Central London. As well as acquisition of new office space on behalf of these occupiers, we also dispose of tenanted space and we have seen a huge increase in the amount of what we call this ‘grey space’ become available. As such, this has impacted on the incentive levels available in the market on both new landlord space and ‘grey space’. It is an extremely good time to be looking for new offices throughout central London.”
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