The Occupier: Navigating the Competition for Central London Office Space
Discover key insights on navigating central London’s competitive office market. Learn how occupiers can secure prime Grade A, flex, and serviced spaces with expert lease negotiation strategy.
Download PDFLondon Office Market: Soaring Demand
A competitive market
Occupiers coming up to lease events are being faced with a market in which the competition for space is intensifying. As has been alluded to in our most recent snapshot, this is being driven in large part by restrictions on availability, which is making location and quality requirements more difficult to satisfy.
While it is no surprise that the competition for Grade A remains the most acute, availability has now been stretched so thinly that good quality secondhand space is also subject to fierce competition, as more occupiers are looking to secure spaces with a competitive amenity offering at a lower price point
Larger requirements are proving the most difficult to satisfy amidst the scarcity of available space. As a result, previously less popular markets that offer a good supply of large vacant floorplates are seeing renewed demand, most notably Canary Wharf.
These trends are forcing occupiers to reassess location and space quality requirements, and in some cases even the viability of moving
The intensity of the competition for space needs to be kept in mind, and decisiveness is imperative in today’s market.
Given these conditions, retaining the advice of a real estate professional is paramount, and there are a number of measures that you as the occupier can take to ensure that you are best placed to compete for space and obtain competitive lease terms.
In this guide
The tenancy: keeping your lease terms competitive. Breaks, renewing
The search: staying ahead of the competition. Start discussions early, pre-lets, settle on your priorities, be decisive and diligent.
The guiding principle: keeping engaged.
Good space is scarce, the competition is real, and occupiers who drift towards a lease event without a plan will pay for it. But “the market is tight” has a habit of turning into a sales pitch, and it’s rarely the tenant doing the selling. So, it’s worth separating what is true from what is merely convenient. – Chris Lewis
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