There’s currently a mismatch between quoted London office rents and their actual market value.
Looking over our Q2 London office rent figures – updated over the summer – it strikes me that quoted office rents have not fallen significantly yet. I’ve been predicting falling rents for the past year. So far the effect has been limited. We’ve only detected rent reductions on quality space have in Soho, Midtown, Euston & Bloomsbury.
Perhaps, over the summer, landlords and letting agents had their heads in the sand, hoping for better news as the market recommences in earnest this September.
Time for a dose of realism with office rents
I think that as both landlords and agents return from their summer holidays, they are in for a rude awakening as reality bites hard. They’ll find their quoted rents are more aligned with Narnia than London! Time to stop ostriching!
At Find a London Office we anticipate a busy period ahead. After all, our fees are based on rental savings we can negotiate for office tenants. So bring on the Autumn!