Renting London Office Space Getting the best out of your Commercial Estate Agent

The current recession has had an almost unprecedented effect on the cost of serviced office space in London. As the banks and other major financial corporations decided to downsize in the face of the impending economic downturn, many serviced offices found themselves standing empty. In addition, a number of businesses occupying serviced office space filed for bankruptcy or simply vacated their premises with the same effect. To try and court new tenants and buyers, landlords and freeholders reduced their prices by significant amounts; according to property advisors, the cost of serviced office space has dropped by up to 44% in some parts of the capital, creating a buyer's market.

London is a vast city, with much to offer new and established businesses. It is served by 5 major airports, has its own underground rail service, is connected to Europe by rail and is serviced by a network of motorways and national rail services. London has also continued to be a massive draw for new talent in almost every industry; graduates and trainees head for the capital, attracted by its reputation as the UK's headquarters for industry and commerce. New talent means that business can not only expand; they can branch out in new directions and embrace new ideas. Innovation of this kind can only serve to attract new customers, many of which are from international firms. To the potential landlord or freeholder, this is good news - London is always going to attract business people who need serviced offices.

Striking while the iron is hot is one thing, but making sure you make your investment in the right area of London and purchase the right type of property is another. Various factors affect different parts of the capital at different times. For example, the London Olympics of 2012 will have hugely regenerative effects on parts of the capital. How is an investor supposed to know which area is the best for their needs? The simple answer is to hire the services of a commercial property estate/acquisitions agent. Their local knowledge, combined with an overall insight into the capital's property market will allow them to make educated decisions as to which are the right emerging hotspots for you.

In finding the right commercial property estate agent, there are a number of steps you can take to ensure you hire the right one. Research the services they offer via the Internet as a first step. Ask as to whether they are an independent agency that never under any circumstances acts for landlord's - if they are not, then they will have an inherent conflict of interest that you are wise to avoid. It is also worth finding out which areas they recommend, as well as researching their knowledge of factors such as future building developments and projects.

Finding the right commercial property estate/acquisition agent to manage your requirement can help make the process an interesting and profitable one.

About Author:

Shivani Gurtu-Louth - Operations Manager of Devono Property Limited. Devono are the only commercial property estate agents in London to exclusively represent tenants looking for office space and commercial property in London. We can also help you find serviced offices in London. Our aim is to secure the best commercial property at the best price.

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