Despite a still cautious air surrounding the world’s finances, optimism is starting to rise and consequently commercial property in London is becoming a hot ticket once again. But as the business world staggers back onto its feet, commercial estate agents are seeing a big rise in interest in commercial property.
Green shoots of recovery
While the recession has undoubtedly had an impact on businesses up and down the country, it has also given property investors an unprecedented opportunity to capitalise on plummeting rents and a plethora of real estate opportunities, particularly for commercial property. London is seeing a rapid rise back into a buoyant property market as investors take advantage of the falling price of real estate in the capital.
According to one recent report, almost 14 million sq. ft of office space in London is currently unoccupied. This is ‘empty’ space that isn’t generating any kind of a profit for its owners, so to encourage businesses to take up residency in this wasted office space, rent deals are being struck that would be unheard of during boom times. The commercial property market in London is directly tied into the fortunes of the financial sector, and as the Government implements plans to streamline the banking services, it is highly likely that even more prime real estate will become available for other businesses to take over. This is fantastic news for businesses looking for a prestigious address in the heart of the capital, and commercial property agents say that despite the recession, business has never been more brisk.
This offer won’t last forever…
But this opportunity to snap up a bit of prime commercial property in London won’t last forever. As financial stability returns to the capital, inevitably property prices will go up. So to secure the best deals, now is the time to act, and act quickly. By employing the services of commercial estate agents, the savvy business owner should be able to find a real bargain on rental property in the heart of the city. Currently, it’s very much a tenant’s market, with some landlords so desperate to fill vacant properties that they are even offering rent-free periods to new tenants. For those looking to buy commercial property, London offers fewer opportunities than some other locations, but as many landlords look to cut their losses and reduce their property portfolio, good opportunities do come up. Once again, it is the commercial property agents who have the head’s up on the best deals, even before they come to market.
London’s falling property prices have stripped the capital of its title of ‘the World’s most expensive capital’ and as a result international firms looking for a London base are taking advantage of the deals on offer. But this still leaves the door open for smaller, UK firms looking for a foot on the London commercial property ladder, and plenty of opportunities for smart investors to make a great addition to their portfolio. Prices will start to rise, so any investment now will show a healthy return within a relatively short time, making now the best time to invest in commercial property in London.
Shivani Gurtu-Louth – Operations Manager of Devono Property Limited. Devono are the only commercial estate agents in London to exclusively represent tenants looking for London office space and commercial property in London. We can also help you find serviced offices in London.
For interviews, quotes, images or comments contact: Shivani Gurtu-Louth Devono Operations Manager Tel(DDI): +44 (0)20 7096 9911 E-mail: sg@devono.com
Author: Shivani Gurtu-Louth
Article Source: EzineArticles.com
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See The Recovery of the London Office Space Market and Why it is Still Time to Invest for original article.
By Chris Jamieson