Market Society

Businesses in London had stopped leasing offices due to constraints on their budget caused by recession. This also hit the real estate industry badly as there are many offices to let London properties that were empty and not fetching any income.

Boris Johnson, the Mayor of London, has come up with a way to solve the problem of businesses as well as real estate industry. This plan also involves the active efforts of Capital Enterprise, the British Property Federation (BPF) and the Workspace Group. It was created in a City Hall roundtable intended to discuss the growing problem of real estate vacancy in London.

The plan involves creating a new website called ‘London New Enterprise’ which will help businesses in finding offices that will suit their needs as well as financial capacity. The owners are also requested to list their properties at a rate lower than the normal rates which will help in attracting more lessees. The website also helps the owners in providing guidance to the new companies regarding legal and financial matters related to leasing a property.

It was revealed by the report of the Local Data Company compiled at the behest of the BPF that London has a higher vacancy rate as compared to the rest of the country which basically means that the real estate in London has been hit harder due to recession. At the same time there are many new companies cropping up which need office premised. The plan intends to match both.

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