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    7 May 2021

    Commercial Property: What is the London market telling us?

    The Property Market Watch for London has just reported on the first quarter of 2021, highlighting decreases in average rents, vacancies, and property values.

    With a national lockdown in January, and government guidelines advising to work from home where possible until the final stages of the easing of lockdown, June 21st, 2021, it comes as no surprise that the commercial property market remained static in the first quarter of 2021.

    ‘While many city firms initially said they would require less space as workforces combine an office and home working culture, we have seen an increase in commercial property enquiries over the last month’ says Michael Fahy, Commercial Property Solicitor and Director. ‘I believe there will be a hybrid of office and home working there is still a feeling that workers are keen to get back into the office. Companies have also used this opportunity to review their property and lease requirements with many renegotiating or moving to new office space. ‘

    The Pandemic has had a significant impact on the nation’s mental wellbeing, companies are now reviewing their office requirements based on extra space to ensure the safety of all staff, to encourage a happy and positive experience for the returning workforce. In January 2021, we moved our London office from a self-contained space to a serviced office space which gives additional benefits to colleagues and clients. The new offices offer an improved space for staff and within a short walking distance from Liverpool Street Station.

    In contrast to commercial office space, some other sectors, specifically the industrial sectors, have been doing well, particularly warehouse operations, logistics businesses and life sciences.

    To discuss your commercial property law needs with a member of our team, please call 03304 339643, email info@steeleslaw.co.uk or complete the ‘Get in touch’ online enquiry form and a member of the team will contact you.

    *The information provided in this article is designed to provide useful information on the subject, not to provide specific legal advice.

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