London

10 Reasons to Hire a Commercial Real Estate Broker

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In the vibrant, bustling city of London, the quest to secure the perfect office space can be overwhelming. With myriad options available, such as luxury serviced offices, trendy coworking spaces, classic Grade 2 listed buildings and much more, it is often difficult to figure out which option best suit your requirements. At London Office Space, we strive to transform this intricate journey into a rewarding adventure. We champion bespoke solutions to meet your unique needs, with the linchpin of these solutions being experienced commercial real estate brokers. In this comprehensive guide, we will delve into ten compelling reasons that highlight why hiring a commercial real estate broker is not merely a smart choice, but an essential one for your business.

1. Expert Guidance

Translating the Maze of Real Estate Transactions into a Clear Path

Commercial real estate transactions are full of complexities that require a deep and thorough understanding of the legal and commercial state of the industry. This is where a commercial real estate broker comes into play. Their expertise lies in unravelling complex legal jargon and transforming an otherwise cloudy process into a transparent and manageable task. With their firm grasp of the local market, brokers comprehend subtle dynamics and variables that could heavily influence your decision-making process. They can guide you through various legal aspects and stipulations that come with acquiring office space, like zoning laws and building regulations. Often, the cost of navigating these nuances without professional guidance can lead to expensive and time-consuming legal entanglements. For example, brokers are great at spotting unfavourable clauses lurking within lease agreements, saving their clients from unexpected financial setbacks.

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The Best Postcodes in Central London for Your Office

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Dusk view down the River Thames of the illuminated Tower Bridge spanning the river with a purple and blue cloud-strewn sky in the background and riverbanks lined with buildings with postcodes in Central London.

Following the widespread adoption of remote work during 2020 and 2021, the majority of industry sectors are returning or have already returned to the office.

During this period, employee expectations regarding the office environment have changed. For example, many companies now report that staff increasingly demand shorter commutes, dedicated collaboration and relaxation space within the office, and upgraded amenities.

As a result, many business owners are considering downsizing and/or relocating their offices so the new location meets the needs of existing staff and future hires.

Since location is a key consideration, let’s look at what the most desirable central London postcodes are for your office in 2023 and beyond.

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Average Salary in the City of London

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cartoon of a man pointing towards the words average salary in LondonIt’s been widely reported that workers, in general, have shifted their priorities away from the long held domination of having salary as a primary concern, with work-life balance now being a core consideration for most employees. Despite this, the money on offer is still an important practical consideration for any job seeker – as not earning enough often causes stress to build in other parts of life.

In light of the continued importance of having a good salary when considering a new role – or exploring the feasibility of making a move to London – we’ve investigated the current average salaries on offer in the British capital.

Presented below is a rundown of the average salaries for multiple different industries in London, as well as the median salaries for these particular roles. Additionally, you can read further along for more in depth analysis and insights into some of London’s most highly-demanded jobs.

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City of London Office Space Rental Costs & Vacancy Rates 2021

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2021 started off with gloomy forecasts for the London commercial property market. According to market analysts, the outlook for the first half of the year was to be dominated by soaring vacancy rates, which were expected to reach a 10-year-high.

In Central London, changes to vacancy and supply rates have certainly been a constant for the past few quarters. In this part of the city, increasing vacancy rates have been mainly driven by the release of large amounts of secondary and Grade B space.

Earlier in the year, vacancy rates in the City were slightly over 10%, but supply was still rising, so they were expected to continue increasing. However, the second quarter arrived with a decline in vacancies, which ended up averaging 8.7% across the City. Despite the improvement, at more than 6.5 million square feet, these are the highest availability rates since mid-2012.

The second quarter of the year also brought some improvement in office take up rates. While these are still significantly below the ten-year average, there was a quarterly increase of over 20% across central London.

However, demand remains rather weak and take up for Central London offices is largely down when compared to 2020 figures. Although demand is weaker, it is still there with an increased focus on quality office space, whether it is new, refitted, or retrofitted to a high standard. The majority of demand so far has come from the public sector, professional services, insurance, and financial services companies.

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How to Value a Commercial Property and Determine Rent in London

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London serves as a hotspot for commercial property and is known to have one of the most competitive real estate markets in the world, with a wide variety of providers and prospective occupants interacting daily to ensure that businesses conduct their work in an ideal environment. Due to this competitiveness, it is vital that businesses understand pricing dynamics before signing a lease for an office space, retail shop, or industrial premises in the British capital. In this post we will examine how commercial property in London is valued and how these valuations impact rental rates.

What is a Commercial Valuation?

Valuation is a process that aims to determine the value of a commercial building. This process often occurs when a property changes hands (either by being sold or leased), or for tax and insurance purposes. As a prospective tenant, understanding the valuation process can help you determine if the price of the property you’re interested in is fair and competitive.

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Benefits and Incentives for London Small Businesses and Startups in 2021

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Recent events have illustrated the fragility of businesses in highly competitive markets. Small businesses and start-ups were thrown into disarray as potential clients, suppliers, customers, and employees were all heavily impacted by the new normal of the COVID-19 pandemic. Businesses across the world, both new and established, turned to support mechanisms to stay afloat. Business grants and incentives, often provided by the government or local councils, served as the difference between some businesses surviving and being forced to shutter their doors. These grants, often characterised by non-existent interest rates and obligations to pay back, are highly sought after in the London business scene, particularly in times of uncertainty.

Commonly regarded as one of the world’s best places to establish a business, London is home to countless such grants, loans, and incentives, ranging from small monetary rewards to life changing assistance packages that allow businesses to quickly establish themselves and acquire the tools or equipment necessary for continued success.

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An Overview of Coworking Spaces in London

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London offers a wide variety of coworking spaces located in high spec buildings, complete with modern facilities, no initial capital commitments, and excellent flexibility with no exit costs.

Coworking spaces are highly appealing to businesses for a number of reasons, chief of which being the fact that they’re commonly plug ‘n play, no matter if you’re looking to rent a single desk or an entire floor. With coworking spaces there is no need to worry about buying furniture, committing time and effort to fit outs, and negotiating tedious lease agreements.

In addition to their plug ‘n play nature, coworking spaces in London provide:

  • Flexibility: In terms of the cost and length of contracts, which makes this type of space suitable for small businesses and helps them manage their finances better during the initial stages.
  • Range of Options: The growing popularity of this office space arrangement means that there is a wide range of options to choose from.
  • High Specifications: Modern facilities in high-spec office buildings, whether they are purpose built or refurbished.
  • Networking Opportunities: An open plan and communal atmosphere that promotes collaboration, networking, and can help establish new partnerships that could be crucial to the development of a business project.
  • Inexpensive Start up: No initial capital or financial commitment required, and no exit or disposal costs.
  • London Prestige: Provides an opportunity to enhance brand image due to London’s prestigious reputation as a global business hub.

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London Commercial Property Market 1st Quarter 2020

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London’s commercial property market entered 2020 with forecasted supply constraints and substantial rental growth. During the initial weeks of Q1, the market moved as anticipated.

Offices

Take-up levels were off to a slow start of the year, which translated into above-average availability. Average vacancy rates in Central London neared 4%, but they increased to 10% in East London. Office take-up in the West End and the Tech Belt remained stable. The business services sector was behind most transactions, accounting for approximately a third of all deals during Q1. Other key occupiers were banking, finance, technology, and creative.

The largest deal of the quarter involved offices in the EC2 postcode, although overall, the City of London remained the most sought-after destination. Outside of the City, Hammersmith and White City commanded the largest number of enquiries.

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Recycling Office Furniture in London

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In this day and age, it is no longer simply an option to select the green choice for disposing of our unwanted office furniture and IT equipment; it is a corporate social responsibility (CSR). We as a society have become more and more aware of the consequences of our decisions regarding the disposal of waste in our domestic and working lives and the importance of sustainability, not only environmentally but also ethically. With the proliferation of businesses, charities and social enterprises dedicated to reuse and recycling, it has never been easier to arrange for clearance of unwanted office furniture in a socially responsible way.

There are a number of organisations in London who offer a comprehensive service including a survey, quotation, clearance and recycling or reuse of office furniture and goods. Where possible, most of these companies are committed to reuse and cultivate a network of organisations, charities and car-boot and Ebay sellers to repair, re-home and distribute the goods among charities, schools and businesses. Very rarely has office furniture reached the end of its intended life span at the point of disposal, as more often than not it has simply been replaced during a refurbishment or redecoration project. Reuse is by far the most ethically and environmentally friendly approach since the process of repairing, grading and re-installing reused furniture sustains jobs and creates 1000 times fewer CO2 emissions than the manufacturing of a new item. Where it is not possible to reuse, goods are broken down into separate materials to be effectively recycled. Waste goods that are not recycled end up in landfill which may contribute to air pollution due to methane emissions and contamination of water and soil.

Below are some companies offering office clearance in London: Continue reading “Recycling Office Furniture in London” →

London’s Office Buildings Making It Big In Hollywood

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For decades, London has been a top location for the film industry. Hundreds of movies and TV series have been set in London, whether in famous studios like Pinewood, Ealing, Leavesden, or Shepperton, or in the city’s streets and iconic buildings. More recently, some of London’s most representative office buildings have drawn the attention of filmmakers, since their varied architectural styles lend themselves to becoming the setting of everything from comedy to action films. Let’s take a look at the London office buildings that are making it big in Hollywood.

1. The Gherkin

One of London’s most iconic buildings, the Gherkin has received multiple awards due to its unique design and futuristic architecture. This 41-storey high office building was completed in 2003 and its tenants include Regus, Standard Life, JDA, ION Trading, and Kirkland and Ellis (1).

The Gherkin has appeared in several Hollywood blockbusters, including:

– Match Point (2005)
– Basic Instinct 2 (2006)
– A Good Year (2006)
– Harry Potter and the Half Blood Prince (2009)
– Thor: The Dark World (2013)

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