Welcome to another edition of the LOG. The general consensus seems to be that Central London and specifically the office markets are immune from the overall economy which is still struggling. The lack of new development over the last two years and a recovering financial sector have changed the supply demand equation in favor of the landlord. However, the equation could change very quickly on the demand side if occupiers lose confidence and feel uncertain about the future. The issues that caused doubts about the economic recovery haven't gone away. The impact of big spending cuts and higher taxes here and in the rest Europe, sovereign debt contagion, a slowing US economy and over regulation of the financial markets. There is still a lot to worry about.
Before you start your search for new offices make sure you read the market updates at the beginning of the City, Midtown and West End sections. Also make sure you read the other editorial articles at the beginning of the Guide. The more you know about business rates, service charges, legal issues and fitting out cost the greater your chances of making the right office space decision. Charles Henriques, of REMRoberts has updated the article on Tenant's Incentives which gives you a good idea of what incentives to expect in the current market.
The Office Guide is an important and useful reference source for anyone with an office space requirement in London. We would like to stress, however, that it is always important to get professional advice. We strongly recommend that you discuss your requirement with an agent who specializes in the area where you would like to have an office. Contact an agent whose ad appears in the office directory or in the agent directory.