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For many, the need to find a new London Office space is the direct result of upwards or downwards trends in their current business cycle. Regardless of which, it is often an unnecessary headache to have to come to terms with the fact that securing a new London office space has actually become harder in the current economic climate, not easier.
“One of the biggest problems I have as an agent is trying to curb some of the more bullish attitudes I experience from clients looking for new London office space.” commented Sally Brough, Senior Agent with Morgan Pryce. “People seem to think this is a good time for a bargain and it doesn’t usually occur to them that landlords are now more cautious than ever about whom they rent their buildings to.”
One of the key problems is covenant strength, and the fact that tenants often struggle to comprehend the rather inflexible formulas landlords use when reviewing this in relation to tenant suitability and the deposits they will have to pay. In the current economic climate, where many landlords have seen investment yields falling, having a reliable and financially stable tenant is often more appealing than a few extra pounds on the rent. As long as the overall market remains in a state of uncertainty, we will continue to see this trend of cautiousness within the landlord fraternity.
Morgan Pryce is a tenant acquisition agency with offices in Oxford Circus. They provide services solely for tenants and carry out search, negotiation and project management work.