The Christmas period is fast approaching and everybody says it is a quiet time for them as not much gets done in December, as the party season kicks into gear. Not for us, with 6 office transactions to do before we finish for Christmas, 2 of which we have got over the line, then this is a critical time for us. That’s not to say we will be having a bar humbug Christmas, on the contrary, but it will be more in moderation. We are working hard and pitching hard to identify those office and industrial deals and or instructions for the start of next year.
Interestingly we have got 4 live west end office searches for clients for between 2,500 to 7,000 sq ft, with the first of them going under offer just off Oxford Street The deal we have agreed is £37.50 psf with a 12 month rent free period for a 5 year lease. Interestingly, a lot of what we have and have been looking at in the west end office market, has been on the market for some time, is now starting to go under offer. We think that this could mark the turning point, as rents have dropped considerably and incentives have risen considerably. Occupiers are clearly looking to lease events to improve their accommodation and snap up a west end bargain…..bit like the millions of Christmas shoppers that have descended upon the west end.
We also have the spectre of our first VAT return this month which now put’s into better perspective why timing of fee invoices needs to be thought about. If you are 2 weeks away from your next VAT return, then wait to bill it after the return is in, so you have 3 months to both bill and collect the money.
We would like to wish all our clients/friends who operate in the south east office, West end office and industrial markets a very merry Christmas and a prosperous new year and let’s hope for all our sakes that it is a better year than both 2008 and 2009……..we think it will!!