Sourcing Commercial Property In London Seven Golden Rules
London property circles widely acknowledge that there is a genuine shortage of quality commercial property available in the city for a number of key reasons. For example, it is speculated that London just hasn reached the next phase of the development cycle yet when more properties are released onto the market. The shortage particularly poses problems for those companies who need prime office space in London, such as in the City or the West End. And there is no shortage of businesses with this particular requirement. Whilst other European cities underwent crises in many key sectors, London retail, banking and finance sectors managed to remain robust. Our guide will support you in sourcing the better quality prime commercial property, with seven golden rules to streamline your search.
1.Your letting agent needs to be a prime location specialist - (West End, City, Midtown, Soho, Noho, Angel, and Clerkenwell) - these niche areas demand genuinely local expertise. And when it comes to any prime office space in London this maxim could not be truer. You should also consider whether youl need premises away from the main office or retail outlet. If so, of course try to work with an agent who holds additional property elsewhere.
2.Discuss whether you are likely to need any associated industrial units in addition to the primary or secondary premises. It will save you substantial time and effort if you work with a letting agent who will provide this and your prime retail or office space in London.
3.Next consider parking arrangements. Again, it is going to be infinitively more efficient to work with a letting agent who also provides it in London.
4.Try to consider all your current and future storage needs - do you need storage on or off site, perhaps small or large units? Again, try to work with a letting agent who will also take care of it now and in the future.
5.Once youe established your agent can deliver the all these spatial requirements, look at the length of time they have been established. Since there is an acknowledged shortage of better commercial property, youe obviously likely to appreciate an agent with a larger portfolio and more local connections.
6.Especially for smaller to medium sized businesses, do investigate whether your agent offers any financial incentives, for example rewards for client referral. You may find you can use these towards offsetting your relocation costs.
7.Finally, it does pay to see the letting agent list of clients. A variety of organisational types is generally positive, for example, working with office based enterprises and retail outlets, with blue chip companies and NGOs etc. It can be read as an indication that your agents are more responsive to their clients needs rather than simply promoting any in-house ales agenda?
It is true there is a shortage of commercial property, but using these seven golden rules could reward you in terms of both working time and money. Partnering with just one reputable agent is clearly going to present a more efficient approach than simultaneous negotiations with several agents. It might surprise you though that this tactic is frequently overlooked when businesses begin to source retail or office space in London - yet it does save valuable time.