In an ever tightening West End office market it is becoming harder and harder to achieve good savings of the quoting terms. In the last few months average rent free periods have dropped below one month per year term certain in central West End locations. 

Morgan Pryce showed the benefit of instructing an agent to negotiate the acquisition of your new office space. Acting for a film production company, Morgan Pryce recently secured an office just North of Oxford Street known in the property world as NOHO or Fitzrovia. This has become an increasingly popular area for media and TMT occupiers as companies are being priced out of areas such as Soho or Covent Garden but still want to remain in the West End. Average rents in Noho are between £40-50 psf. depending on the quality of the office space.

After tough negotiations, Morgan Pryce managed to secure a £2.00 per sq. ft. off the quoting rent and a 6 month rent free period split each side of the break on 5 year lease with a 3rd year tenant only break. This is definitely a better than market deal and with Morgan Pryce’s expertise, they were able to secure the space on a very tenant friendly Heads of Terms. 

Having said this, it is not possible to achieve these sorts of savings every time in the West End as the lack of supply is creating more and more competition on spaces. Morgan Pryce has found that almost 50% of the time they are in a best bid situation in the West End. This is driving many media clients out of the West End to offices in areas such as Clerkenwell, Shoreditch and London Bridge where rent and rates payable are both lower.

This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.