Commercial property agents in Central London are breathing a sigh of relief this morning following the closing ceremony last night that marked the end of the Olympic Games in Stratford.
 
Whilst the Olympics have been a spectacular advert for London, many industries across the City and the West End have suffered from the “freeze frame” effect where customers and clients have suspended all activity, including the search for London offices, until after the games have finished.  London’s streets have been surprisingly empty of traffic which has symbolised the evacuation of the capital by its normal residents, both commercial and private.  “The only traffic jams have been in the Olympic lanes and it’s quite amusing to see BMW’s nose to tail as we drive by” said Tony Reines, a London black taxi driver who has worked the streets of London for over 20 years.  “The only problem is we have been driving past the queues empty as nobody is here to use taxis!”

“It has been the strangest time I can remember for business” commented David Perrins, Managing Director of Morgan Pryce.  “We have never had more clients looking for office space in London than we do at present but it has been as if all activity has been frozen in time for the last three weeks.  As if by magic, this morning the phones have started ringing off the hook and people are back in business and looking for office space!”

Whilst the long term effects of the Olympics, and its impact on London, will not be known fully for years to come, anecdotally it is sure that the drop in business activity over the past few weeks will make uncomfortable reading for the government when the GDP figures for this quarter are released!

Morgan Pryce is a specialist tenant acquisition agency searching for Central London offices on behalf of its clients.