When looking for an office, Morgan Pryce will explore whether location could be the most important factor. Companies generally like the idea of being based in an area close by transport infrastructure, in a desirable buzzing location. Another important factor is to be within a location that is traditional to the industry and provides the ability to network. 

The landscape of the business world is very different from that of even a decade ago, with the ever faster developments in telecommunications and technology, and a greater ability and confidence demonstrated by ambitious entrepreneurs to go it alone. 

In quarter there of 2013, the West End Investment market saw its highest turnover on record at £2.4 billion for the 3 months which takes this year’s numbers to £4.4 billion. That is 6% up on last year which was the largest on record behind 2006 and 2007. 

Morgan Pryce have recently completed a lease renewal of 3,000 sq ft of office space in the heart of Clerkenwell and just a stone throw away from Farringdon station. Morgan Pryce were originally brought in to clarify exactly what the market rent was for that area, the main reason for this was because when this tenant signed their lease 3 years ago, they achieved a rent of £12 per square foot and couldn’t believe the landlord was now asking for a rent of £32.50 per square foot. 

While recent property market figures have been criticised somewhat for allowing the ‘London factor’ to influence the statistics of the rest of the UK, it appears that the regions may be in for some good news themselves.  While the worldwide economy has been less than buoyant, London’s has kept its head above water. Now its popularity for investors, together with the residual effects of a squeeze on construction over recent years, means that property prices are high and rising. 

At Morgan Pryce we are privileged to work with a whole range of clients, and by doing so we are able to understand the trends of certain industries. One industry that we work with in particular is the TMT market – Telecommunications, Media and Technology.  This sector probably has the most movement in the acquisition process, it is one full of young companies growing at very fast rates and therefore moving offices often. 

Last week CoStar Group released their agency award for 2013. CoStar is the biggest database for property in the UK and records all the deals that are done in the commercial property market. The database provides information on almost every aspect of commercial property and one of the main aspects it records is take up of office space in Central London. 

Here at Morgan Pryce we only work in acquiring office space: we never work with landlords nor do we dispose of buildings. We therefore have a very good idea of what the situation is currently like for tenants looking for new space. 

The property market in London is always subject to external influences – and recently this has become the case with six luxury apartments in Knightsbridge. The properties are known as Billionaires’ Row, and they have recently been put up for sale. 

The serviced office market is proving a profitable one in today’s busy start-up company market. Demand for the easy-in, easy-out offices, a popular choice for small start-ups, is at a record high at present.  The concept of serviced offices provides businesses with flexible terms, fully fitted-out offices, receptionists, meeting rooms, equipment and telecoms, with space tailored to the company’s needs.