The latest trend in London's commercial property is seeing businesses move across the city, often outside their traditional areas.
(1888PressRelease) January 12, 2012 - Research reveals that most are simply looking for more convenient spaces to trade from - including more competitive rents. At the same time, certain prime office space in London now ranks among the second highest for rent in the world - prompting many to vote with their feet to other areas.
Businesses may be more mindful of downbeat predictions about the economy and are certainly being cautious about keeping overheads in check. In Holborn and Clerkenwell, recruitment firms are moving into territory traditionally occupied by the legal profession. IT firms have moved into the City, as well the more expected areas such as Shoreditch and Hoxton. Being open to new locations opens up opportunities for cost-savings. For some, the added bonus can be the new location brings additional benefits that their old offices lacked. The downside of the trend is that relocation takes time and resources, beginning with the search for new premises. In 2011, London had the largest shortage of available commercial property since 1980, according to industry research.
Reported shortages are particularly acute for prime office space in London, and rising rents are prompting many to simply looking elsewhere. There are predictions that international business interest in London will continue to expand during the year to come, putting pressure on already stretched stocks in certain areas. Finding suitable new premises eats into available working hours, not to mention the original sourcing budget. One example is those looking to join London's Tech City, for whom simply securing the right location has proved one of the time-consuming tasks.
Commercial property lettings agent Pearl and Coutts have argued that the problem of shortages is over-reliance on the next cycle of the development phase. The question they say lies with the quality of support the agency offers its clients and whether they have other options to offer their clients.
"We always have a very diverse selection of office space in London which is ready for businesses and sole traders to move into straight away. We aren't caught in that sense that companies may need to accept an unfavourable compromise. A new location can offer up new opportunities, but it needs to be a carefully considered and ultimately positive move. The most important part of our service is working proactively with our clients to discover their needs and match them specifically to available properties. It all quickly meets business needs, avoiding a lot of wasted work hours," said a spokesman from London commercial property letting agent Pearl & Coutts.
Pearl and Coutts specialise in business ready premises across London, and selected UK locations outside the capital. Their properties include options for parking, industrial units, storage, retail and office space in London. The team can be contacted on 020 7843 3753; available property can also be viewed online at: http://www.pearl-coutts.co.uk/