Take advantage of office market conditions!
As recently noted by DTZ, office property remains a tenants’ market. Occupiers face the widest choice and the most attractive rents and incentives for years, the latest report on the UK office property market from King Sturge says, but signs of recovery suggest that this may not last for long. So if you are seeking office space to buy or rent then contact Chris at NovaLoca on 01767 686 774 to find out how we can help you take advantage of the current conditions, before they worsen!
King Sturge says in its 10th annual UK offices report that recovery this year is likely to be uneven. The downturn in the market for office space to let and for sale is likely to be less deep and prolonged than during the recession of the early 1990s, King Sturge says, but while central London offices look set to recover this year, some regional centres will be lagging well behind.
The performance gap between the capital and the rest of the country will widen in the upturn, with central London experiencing the earliest reversal of fortunes and leading the office market in 2010, driven by the financial sector, King Sturge says. But outside London, demand will remain under pressure, with these markets more exposed to the public-sector squeeze.
The worst of the fall in office rents is over, the report declares, although London is likely to be the only market to see prime rental growth in 2010. It will be several years before recent declines (of -35% on average) are reversed, and in the regions, where the correction has been milder (at -10%), growth will take longer to return.
