London landlords ‘hiring out dead space for Olympics’
A little over a month before the start of the London 2012 Olympic Games, the UK capital is bracing itself for an influx of visitors.
An estimated 11 million fans, sponsors and athletes are expected to descend on the city next month, raising concerns about overcrowding.
While the local economy is sure to benefit greatly from the sporting summer, the staging of the Games has created a number of logistical challenges.
Among the principle concerns is providing sufficient accommodation for visitors and allowing London businesses to make the most of the ‘Olympic boom’.
Latest reports from Reuters suggest that property owners are already capitalising on the Games, by renting out spare space – in a variety of forms – for the summer.
“London landlords are renting out everything from vacant stores to empty sports fields, rooftops and even an abandoned quarry to cash in on the tight supply of space in the UK capital,” said the news provider.
Reuters said that “huge demand” for storage, temporary shops and vantage points for TV cameras is allowing landlords to cash in on otherwise dead space.
With the Olympics helping to further distort the property market, many firms are looking for short-term options.
They want to establish a base in the capital for the summer, but are perhaps wary of taking out a full lease running into 2013 or beyond.
Operators are seeking arrangements which suit their own particular circumstances – much in the same way that many London business seek virtual or serviced offices.
Some businesses purchase their own property when setting up a base in the capital, but many more are required to rent or simply hire a space at a city centre address.
While there are many benefits to trading in London, the city is undoubtedly more expensive to operate in than others around the UK.
And this can prove prohibitive to those who could potentially run profitable businesses and make a positive contribution to the local economy.
But companies should realise they have various options when looking for a base in the capital – they do not have to break the bank getting started.
Whether they are moving to London for the Olympics, or for the longer term, property space is available and can be accessed on a variety of terms.