Office Space - Replace Letting Woes with Cash from a Direct Sale
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Untenanted office space is an all too common feature of today's commercial office property scene, as owners struggle with reduced demand from across the spectrum of office property owners. This has left many office space owners asking the question - should I persist with trying to let, or would it be better to consider the equity release that would come from a sale of the property?
The experience of the office space market has been a rather tumultuous one, as with much of the commercial property market, since the advent of the credit crisis. A sharp overhang of office property, consequent on the contraction of demand (as the service sector pulled back) left rents depressed by 17% or so, and capital value knocked down hard.
Much of the excess of available office space has persisted, despite some pick up in the market in late 2009- of late, the balance of those reporting an increase in office space to let on the market has risen again. The RICS UK Commercial Market Survey Q2 2010 states that "office space continues to increase in all regions outside London, with the North reporting the highest net balance of +47".
The sorts of office space available ranges from small offices above retail units, through to town centre converted buildings, and purpose built business parks, up to high visibility office space in the City and West End of London. There are indications that a saturation point has been reached, in terms of available office space that can be taken up, for many regional office properties outside London- the Q2 RICS UK Commercial Market Survey has rental expectations as being -20% to -40% across the North, Midlands and South of the UK.
If you are struggling to let your office space, and the above figures suggest you're not alone, should you be looking to sell your property? It does offer the opportunity to release locked up capital, and realise returns, as well as avoid having your hand forced further down the line by the banks.
But of course, in a market of rising vacancy rates, and sluggish rental income, buyers for your office space may also be rare. Seeking agents out may seem the natural course, but could actually be against your best interest- they will also be struggling with a lack of buyers, or act to your detriment to close a sale. There is, however, someone whom you can turn to in this tricky market situation - SellMyCommercialProperty will take on your office space for sale.
We are a direct buy investment company, who have access to considerable funds. We want to place those funds into the commercial office property market, and are looking for properties across the UK. Because our funds are readily available, and not dependent on credit, we can move fast with any sale. SellMyCommercialProperty will pay you a fair price, and all without charging you any fees. Many owners are seeing the advantage of selling direct in today's market - so start the liberation of the funds in office space today - contact SellMyCommercialProperty.
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