There was a time when commercial property owners invested in office buildings had no trouble filling space. In all the major metro areas, London included, office space was at a premium. No sooner did new space open up then a landlord had multiple applications for tenancy. Things have changed drastically over the last few years.

A recent report from infinitSpace reveals that more than 60% of the commercial landlords in the UK are having trouble filling office space. If you are among that number, you now know that you are not alone. That may be of little consolation to you at a time when you’re struggling to pay your own bills.

We understand the struggle. We also have a solution: sell us your commercial property. Let us take on the headaches of finding tenants. You get fair price for your property and the ability to walk away from all the challenges that come with being a landlord.

It Started with the Pandemic

Things were going so well in the UK in the years leading up to COVID. But when the pandemic struck, everything changed. You know that. We all know it. What none of us knew at the time was just how bad things would get economically. We look back on it now and wonder how we allowed things to deteriorate so far.

Extended lockdowns were the first step toward where we are today. Forcing people to stay home also forced companies to learn to work outside the office. Necessity made sure companies adapted. But then the unthinkable happened: both companies and their employees figured out there was no need to rush back to the office.

Rethinking Office Needs

Our collective emergence from COVID did not immediately have people returning to the office. In fact, companies began rethinking their need for office space. They had managed to work for a couple of years based on a mainly remote model. Could they continue working this way and still succeed?

As a commercial landlord, you probably know that a lot of companies never did go back to the office. Leases expired and were not renewed. Companies that otherwise would have looked for new office space decided not to. And if that were all commercial landlords were dealing with, it would be difficult enough. But there is yet another culprit here: a very cool economy.

Few Have Extra Money to Spend

A combination of the pandemic and the government financial support provided in its wake created runaway inflation. It was inevitable. Once inflation set in, both businesses and individual consumers had less money to spend. That trend has continued for more than a year.

People do not have the extra money to spend on anything that is not a necessity. Even though there are some UK companies that would like to get back to the office, many of them cannot afford to do so. Their customers are not spending money on the goods and services they offer, so they don’t have the revenues to support renting office space.

Now Might Be a Good Time to Sell

Here’s hoping the economy recovers quickly. Here is hoping something changes in the office space market. Hopefully we will start to see a recovery sooner rather than later. In the meantime, though, now might be a good time to sell.

If you’ve been thinking about divesting yourself of one or more commercial properties, we would like the opportunity to take a look. We are actively seeking to add new properties to our portfolio. You may have a property or two that we find very attractive.