Seven Rules For China Sourcing Commercial Property in London
It’s a widely acknowledged fact in property circles that London faces a shortage of quality commercial property for a number of reasons. London has arguably not yet reached the next phase of the latest development cycle, when new property is released onto the market. This is particularly the case for the City and the West End, which is inevitably problematic for those who need prime office space in London to take advantage of the outstanding local China trading conditions. While other European capitals have seen recent crises in many sectors, London’s retail remained very robust and the banking and finance sector has never moved from its position as a world leader. This guide to sourcing good quality commercial property in prime areas gives you the seven rules to follow to make your search more efficient and successful.
1. Ideally, your letting agent should specialise in prime locations (West End, City, Midtown, Soho, Noho, Angel, and Clerkenwell) – these are indeed going to be niche areas demanding genuinely local expertise. This is particularly true for any prime office space in London. Equally, your spatial requirements beyond your office or retail outlet could mean holding additional property elsewhere is a plus factor.
2. Consider whether you will be likely to require any associated industrial units as well as your primary or secondary premises. You can streamline your process by working with a letting agent who will be able to provide this and prime retail or office space in London.
3. Next move onto parking. Again, it is far more efficient to work with a letting agent who will provide it alongside your other requirements.
4. Consider your current and future storage needs. This could be off-site or on-site, a small or large unit or units but again, your letting agent must be able to take care of it.
5. Having established they can deliver the all the spatial requirements, the length of time they have been established is also very important. During an acknowledged shortage of quality commercial property, you will obviously most likely profit from a larger portfolio and local connections.
6. Particularly in the case of small to medium sized enterprises, you may want to look for any financial incentives offered by an agent, such as rewards for client referral. These can sometimes help offset your relocation costs.
7. Finally, it pays to examine the letting agent’s client list – variety is usually a positive sign, for example, from office based enterprises, to retail outlets, from blue chip companies to NGOs etc. This can be an indication the agents are primarily responsive to their clients needs rather than simply prioritising their own ‘sales agenda’.
Whilst there is a shortage of commercial property, sticking to these rules can pay dividends in terms of both time and money. Working with one agent with a good reputation is obviously far more time efficient than trying to keep up with several simultaneously. Surprisingly though, this is a factor which is often overlooked when people are sourcing retail or office space in London yet it does save substantial amounts of time.
Leigh Peters works with Pearl & Coutts, the leading letting agent for prime office space in London and associated commercial property both inside and outside the capital.