Tenants Routinely Overcharged for London Office Space, says DeVono

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DeVono saved its clients more than £4.6 million on London office space in October and November 2013. The commercial property company, which specialises in advising tenants in central London, says companies need to be aware of the savings that can be made so that they are not overspending unnecessarily.

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Commercial property agents generally act on behalf of landlords and therefore have the landlords’ best interests at heart.

In October and November last year, London commercial property company DeVono saved its clients £4,646,175.75 in commercial occupational costs by advising on all aspects of commercial leasing.

According to the London office firm, these savings are far from typical – most businesses could save around 24% on office rent in London.

However, most organisations miss out on cheap office rents, and end up overpaying because they don’t know where savings could be made.

DeVono’s total savings to date have now reached £16.4 million. One client alone benefitted from £2.4 million of these savings on their London office space terms.

Adam Landau, Director of DeVono, says businesses could be saving nearly a quarter of their annual London office rental costs if they are represented by an agent who only ever acts for tenants.

“Commercial property agents generally act on behalf of landlords and therefore have the landlords’ best interests at heart – and this by definition means they will always try and drive values up,” he said.

DeVono helps empower tenants to negotiate better terms and thereby helps keep London office rents at fair levels. The commercial property firm would encourage every business to use a tenant-friendly agent to obtain the most occupier-friendly terms.

Landau said: “London is known as having the most expensive office rents in the world, so it is vital for businesses to work with a tenant agent who has the expertise to get them the best possible outcome on property costs.

“As well as rent, there are several other areas where savings can be made, so you need excellent knowledge of the London commercial property market in order to negotiate the lowest possible costs.

“DeVono’s aims will always be in the best interests of their occupier clients’ and never landlords.”

DeVono’s commercial property agents aim to make sure that tenants are fairly represented when it comes to commercial occupational costs.

They represent businesses looking to relocate into and around central London areas including West End, Mid Town and The City.

Every quarter, DeVono updates its London Office Market Rent Guide which gives occupiers an understanding of rental values for different quality office spaces & buildings across the capital.

According to this guide, rents for top quality Mayfair offices have now reached £125.00 per sq. ft. with lower quality, economical offices in Mayfair costing on average £50 per sq. ft.

The areas close to Canary Wharf have the cheapest London office space rents – starting at circa £12.50 per sq. ft.

DeVono holds the record for doing the most central London office space deals for the last six years. Some of its clients include Zoopla, E.On, Red Bull and Manchester United.

To find out more about DeVono’s commercial property services, visit http://www.devono.com/


Notes to editors

Press contact:
Kirsty MacGregor
T: +44(0)207 096 9911
E: email info(at)devono(dot)com

About DeVono

DeVono works exclusively for tenants. Its aims are to lower occupational costs for tenants. It helps them with the whole office agency process; from finding them the most ideal central London office accommodation to using their market knowledge to negotiate on their behalf. DeVono advises all its clients on all aspects of their outgoing commercial property liabilities such as service charges, rent and business rates.

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Kirsty MacGregor
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