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Commercial Property News
Large companies 'will choose refurbished business properties'
A recovery in the UK commercial property market will see a trend for larger companies taking on refurbished offices rather than new properties, it is suggested.
David Lathwood, Manchester-based head of the English regions for King Sturge, revealed his predictions for the sector to the Manchester Evening News.
"[Professional firms] will go for refurbished offices or adapt the offices they already have," he stated.
His comments follow research from King Sturge, based on findings from the Manchester Office Agents Society, which said some 40-45% of all office space let in Manchester this year will be taken by the financial services sector.
Just 20% of these business properties will be taken by professionals, the publication noted.
Mr Lathwood explained many firms have been "beaten up" by their own markets and are now too "bruised" to take new office space.
King Sturge employs more than 3,800 staff in its 210 offices, held in 45 countries around the world.
Posted by Suzannah Taylor
David Lathwood, Manchester-based head of the English regions for King Sturge, revealed his predictions for the sector to the Manchester Evening News.
"[Professional firms] will go for refurbished offices or adapt the offices they already have," he stated.
His comments follow research from King Sturge, based on findings from the Manchester Office Agents Society, which said some 40-45% of all office space let in Manchester this year will be taken by the financial services sector.
Just 20% of these business properties will be taken by professionals, the publication noted.
Mr Lathwood explained many firms have been "beaten up" by their own markets and are now too "bruised" to take new office space.
King Sturge employs more than 3,800 staff in its 210 offices, held in 45 countries around the world.
Posted by Suzannah Taylor
Thu, 12th Aug 2010