Monmouth Dean have had significant press coverage recently regarding our insight into occupier demand and more specifically what specification and finishes are attractive to tenants in today market. Click here for the Estates Gazette article 02/04/11.
Historically WC1 has attracted many corporate occupiers from both the City and West End markets. Therefore Landlords have had to appeal to a very large audience. The only way they have achieved this is by providing standard grade a offices with suspended ceilings. However this is now a “dated” opinion. Occupiers in various sectors are now seeking quirkier space with much more contemporary finishes and this is within their own office floors and not just reception areas or common parts. That is why Monmouth Dean have on numerous occasional advised landlords to be more brave and finish their offices with wooden floors, plaster board ceilings and feature lighting. The advancement of smaller air conditioning units have also helped to achieve a high specification but incorporating these more funk finishes. Monmouth Dean comment “we are delighted that our clients are responding to demand and listening to us regarding the style of refurbishments which are in high demand. This has added real value to landlords in terms of rents achieved; length of leases and minimised voids”
Traditionally, occupiers who want this style of space prefer Covent Garden as a Midtown location. However, now we are witnessing that this style is in demand in other locations such as Holborn and Bloomsbury and occupiers are prepared to look at these alternative locations for the “right product”
Refurbishments of this nature don’t have to be more expensive than the usual spec so in terms of return for landlords it is well worth it. We are surprised that more landlords with valuable refurbishment opportunities are not considering these types of finishes.