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News

The City Office Market 'alive and kicking'

Thursday, February 25, 2021 By Phil Graves

Leading commercial property agents Graves Jenkins has secured another office letting during lockdown even though Government guidelines are to stay at home.

A prestigious second floor professional office suite of 1,938 sq ft has been leased to Mayo Wynne Baxter solicitors on a 10 year lease. The agents were seeking a rent of £25 per sq ft. This is the latest of a number of office lettings undertaken by the same firm in the city which is a strong message that the office environment is not dead.

With the pandemic restrictions seemingly easing and with Companies now looking to return to work, there seems to be an upsurge of office enquiries.

Phil Graves, Director at Graves Jenkins commented, “it’s been a tough time for virtually every industry and almost impossible to plan for the immediate future with the uncertainties of lockdown. With the recent announcements, all office occupiers will have the need to make some decisions on staffing levels and general operational needs so that the workplace can be both Covid compliant and practical. I can foresee plenty of movement in this sector, not in so much any rent changes, but re-establishing optimum levels of occupation.”

Companies have relied on Government bounce back loans, furlough arrangements and for some rent and business rate concessions, but commercial reality is due to kick in soon.

Phil added, “I think it is fair to state that lockdown has provided the opportunity for every organisation to review their working practices and in many cases, they now realise that flexible home working is here to stay. Productivity can be consistent and flexi co-working is an office model for the future. However, social and professional interaction is important and not everyone can practically work from home. The office is far from dead, it just requires repositioning.”

As offices begin to gear up to start reopening in the forthcoming months, this maybe the start of the ‘new office’.