Office for Sale - How to Sell at the Best Price in A Down Market!
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Having an office for sale is one thing but actually selling it is another. Selling an office is a task that you may not have anticipated as being so time consuming, expensive and difficult. After a couple of terrible years, the commercial property market did appear to be pulling itself out of the slump at the start of the year. But whatever your estate agent may have told you, buyers do not seem to be thick on the ground right now. So what is happening in the office property market?
If you dig into the numbers for office property prices, it can be seen that most of the growth was concentrated in central London- many analysts now see the hand of overseas investment funds, competing for 'trophy' assets in the West End, as being the main driver for rising prices and rents earlier in the year. Those funds have now spent themselves out - meanwhile the rest of the UK has seen flat or falling rental incomes.
There are now several bugbears hanging over the market - first, the dumping of vacant offices by government departments, implementing the severe cutbacks announced in the Budget. And then there is the threat the 'double dip' recession, which seems be looming larger, with recent economic news. Already these factors have fed themselves directly into the market for offices for sale.
Vacancy rates are now at all time highs, according to the GVA Grimley annual survey. The value of prime business parks has fallen by 4.1% last year, according to Strutt & Parker's and Investment Property Databank's Business Parks Index 2010, with rental growth falling to the lowest level in 10 years.
So who will you be relying on to sell office space for you in these challenging conditions?
The usual partner for those with an office for sale is the commercial estate agent. But they are also struggling with the lack of buyers, and are now becoming selective as to what property they take onto their books. If you do manage to get an agent to act on your behalf, the sales process is likely to be more time consuming and costly than ever - especially if agents decide to push your price down lower to quicken a deal on your office for sale.
Sellers are also faced with the possibility of "double running". This is where an estate agent acts for both the buyer and seller, where fees are paid to the estate agent by both parties, which leads to a conflict of interest.
A way to cut the time to sale is to go to a commercial property auction house. But the value of your office for sale will suffer seriously if sold at an auction, you will still pay fees, and you are not even guaranteed to find a buyer for your office for sale.
There is, however, another option - cut to the chase and sell direct to SellMyCommercialProperty. We are an investment company with access to considerable lines of finance, looking to buy into the office property market. We can move quickly to get your office for sale valued by our experienced valuation team. A sales agreement can be arranged fast, for a fair market value, and all with no agency fees or commission.
If you get in touch with us at SellMyCommercialProperty today, we could have an initial assessment of your office for sale completed within 48 hours- so the sale of your office could happen quicker than you hoped. So make SellMyCommercialProperty your chosen partner for your office for sale and make the most of being ahead of the market.
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