London remains a magnet for businesses of all sizes. Serviced by five airports, including Heathrow and its new Terminal 5 and the latest European rail connections, it is still favoured by major corporations.
Knight Frank's most recent survey of commercial property activity within the M25 revealed 72 per cent of property take-up was in out-of-town developments, with budget office moves enjoying units one-third greater than town centre lettings.
There has also been a marked interest in the West End, which remains popular with the developing media industries. Investment has more than doubled during the first three months of this year, compared with the final quarter of 2007. Property group, Frank Knight, has revealed £1.15 billion was spent on commercial property in the West End since January.
Media reports have recently noted a decline in commercial property markets. However, for companies planning office relocations there is much good news. With a number of commercial properties nearing completion, vacancy rates have risen to 6.2 per cent and there is 13.7 million sq ft of commercial property available across Central London. Added to this, the ongoing credit crunch has contributed to lower rental prices in the City, which now average £60 per sq ft reduced from £63.50 per sq ft.
Managing office moves can be made easier by first considering your firm's needs and the cost of moving - will it involve a new IT system and office design, or can the cost of office refurbishment be limited by continuing to use current equipment?
London's skyline is filling with high-profile commercial property, although it is equally likely when moving offices firms will find themselves in renovated or refurbished buildings.
In the next 12 months, 15 separate refurbishment projects are set to be completed within the boundary of the M25 adding a further 833,789 sq ft of accommodation.
Successfully relocating in the capital and ensuring an efficient office move can be better achieved with expert help. Employing the services of a relocation advisor that maintains its loyalty to your business and not the building would be an excellent start.
Whatever the reason for your relocation, its effect on staff is likely to be considerable. Estate agents, Savills, in its recent study, What Workers Want and What this Means for Property, revealed the importance employees place on quality offices. It found 82 per cent of respondents said immediate workspace conditions, such as comfort of work area and lighting, were most important.
Firms planning corporate relocations will have many properties to choose from. By recruiting the help of experts in managing office moves, they increase the chance of getting office moves right and minimise disruption to their business.
Shivani Gurtu-Louth - Operations Manager of Devono Property Limited. Devono are the only commercial property agents in London to exclusively represent tenants looking for office space in London to rent. Our aim is to secure the best commercial property at the best price.
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Devono Operations Manager
Tel(DDI): 44 (0)20 7096 9911