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Office relocations – is now the right time to move?


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Interviewee: Alan Wight, Partner, Commercial Real EstateInterviewer: Alan, within the realm of City Office Leasing what trends are we noticing in tenancy.Alan: Well we are seeing trends at the moment because a few years ago tenants really were taking the decision to stay put they weren’t taking the risk of moving into new space and they were renegotiating leases on their existing buildings. Now I think there is more confidence building in the market and people are taking that decision to move to something new. For instance BLP has been involved with the letting of 20 Fenchurch Street and we have seen 30 floors lease up in two years. Interviewer: What are tenants predominantly looking for then.Alan: I think the key for tenants is really flexibility, they want flexibility to use the space how they want to use it, they want flexibility to take more space, maybe contract a little bit, flexibility to carry out alterations during the terms of their leases and making sure it really works for them as a building.Interviewer: But I am guessing Landlords don’t like the churn?Alan: In reality they do because the churn creates new deals, it creates new rents, it creates a market, it’s good for rent reviews, it keeps things buoyant.Interviewer: And Alan, what’s the interplay between the leasing transactions and the wider real estate market?Alan: Well people always talk about these big sale transactions for multi million pounds with international investors coming in and buying up London but actually you have to remember that it’s those initial leases that create that value and create the rental streams that people want to buy.Interviewer: And I am guessing for you with the City of London and Canary Wharf as part of your patch things are very buoyant at the moment? Alan: Things are certainly buoyant in the City and down at Canary but actually we are seeing quite a number of transactions now in the West End as well.Interviewer: Alan, thank you.Alan: Thank you.

In this short video interview, Alan Wight, Commercial Real Estate Partner, summarises the current trends in London office leasing and whether now is the right time to move.

He looks at the market from over the last few years as well as what he is seeing now whilst analysing the key factors tenants are looking for when it comes to leasing new space.

Alan references BLP’s recent work with 20 Fenchurch Street and gives his take on the current buoyancy of the market for office relocations,  across the City of London, Canary Wharf and the West End.

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