Whilst Brexit uncertainty is still affecting all aspects of the property industry, here at RIB we are still seeing strong office take-up throughout the West End and City Fringe areas as occupiers continue to demand space in some of London’s most prestigious addresses.
The commercial leasing market has remained active but, as with last year, concerns over Brexit have meant that deals are taking longer to both agree and complete. In Central London, rents in general have not declined, but we have seen greater levels of rent free periods and tenant incentives being offered to entice parties to the table.
Over the past few years, Co Working operators have changed the landscape of the small office letting market. Flexible workspace companies are now some of the largest occupants of office space in London, suggesting that this disruptor has shown no signs of a slowdown. This has led to Landlords of conventional smaller office space having to rethink their letting strategy. Where possible, we are now recommending to clients that their smaller office stock is fully cabled in order to offer tenants a plug and play solution. More flexible lease terms are also now having to be offered as well as more short term leases.
2018 saw a 13% rise in square footage transacted by RIB’s commercial leasing department when compared to 2017 as part of our ongoing expansion plans. We were incredibly proud to have set records in a number of key micro locations including a letting of over 18,000 square feet at 22-25 Portman Close, the letting of a penthouse office for a record rent in Marylebone, and the leasehold acquisition of 8,000 square feet in the Art Deco Elsley House. In addition, we were also delighted to have been solely instructed by TfL to let 305 Great Portland Street, located above the iconic Great Portland Street Station. Adding such an established and reputable institution to our list of clients is testament to our team and their dedication to providing the best possible service.
A key part of our success this year was our vast database of potential applicants with thousands of potential new leads in a variety of industries. Just this year, we have transacted commercial space with a range of different companies in a wide array of industries including yoga and fitness, music management, creative and media industries, 3D printing, education, and the finance and banking sector. This wide range of applicants has been key to our success as whatever the state of the market, there is always an industry which is expanding and looking for their ideal commercial space.
Finally, we have also recruited new team members across the company in all our departments. This has enabled us to continue to improve the level of service we provide to both new and existing clients. Many of our landmark deals are highlighted in the summary below.
View what RIB’s Commercial Leasing Team have been up to HERE
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