Press enter

Businesses must have “long-term office space plans,’ experts suggest | 22 October 2014

Businesses must have “long-term office space plans,’ experts suggest | 22 October 2014

An ongoing shortage in the supply of office space in London means law firms in the UK should look further into the future when securing office space, it has been claimed.

Data published earlier this week by Jones Lang LaSalle (JLL) highlighted the lack of prime premises in the capital, by pointing out that the number of companies being forced to pay over the odds for space has risen by seven per cent. The company’s report puts prime rent in the city at £60 per square foot, although a number of organisations are paying decidedly more than this, thelawyer.com reports.

JLL’s research director for Europe, the Middle East and Africa, Tom Carroll, believes firms should prioritise thinking ahead to ensure they get the best deals. He said: “Traditionally firms looked at the two- to three-year horizon but a greater timeline is required now because of the current shortage of stock.”

According to the report, law firms have accounted for a significant proportion of market activity over the last ten months. In 2014 so far, there have been 14 transactions involving organisations from the legal sector, making up 13 per cent of London’s total take-up in that time. Up to now, 399,881 square feet of space has been acquired; a slight drop on the 434,155 square feet recorded at the same point of 2013.

It isn’t just prime space that’s in short supply in the UK’s capital either. Earlier this week, property firm DTZ claimed that grade B premises were at a 13-year-low. According to cityam.com, there is now 5.1 million square feet of space available, 74 per cent less than at the same time ten years ago.

The views expressed in this post are those of the author and are not necessarily those of Qube Global Software. All facts are verified where possible directly by the author.

Share this story
More News

Qube Global Software customers shortlisted at ARMA ACE Awards | 6 June 2017

We are proud to announce that a number of our customers have been shortlisted at the prestigious ARMA ACE Awards.

Just 5% of property businesses consider themselves technologically advanced | 1 February 2017

Research by Qube Global Software reveals that only a tiny proportion of the UK’s leading property and facilities management companies believe they are harnessing technology successfully.

Property software giant invests in PropTech pioneer | 11 January 2017

Qube Global Software and Engage enter joint venture in boost to Build to Rent Sector.

This website uses cookies. By continuing to browse this website you are agreeing to our use of cookies. Please see our cookie policy for more details. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close

This website uses cookies. By continuing to browse this website you are agreeing to our use of cookies. Please see our cookie policy for more details. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close