Diary of Commercial Property Girl - Week #2
Has our intrepid Head of Agency Relations Gail managed to navigate her way through London's commercial property market yet? Let's find out...
Another week in commercial property world has flown by. Another week of learning and getting lost in London. Whoever designed Bank tube station is definitely laughing at me and many others, as we walk around trying to find a way out that doesn’t involve doubling back on yourself at least 3 times. King's Cross too. Bloody hell. I have worked out I need to add at least 10 minutes to my journey time if it involves exiting at these stations. I have managed to avoid King's Cross lots, but Bank station is proving tricky especially when meeting with City commercial property agents. But only cried once this week. Every cloud and all that…
Meeting commercial agents has been an interesting part of my job. Learning about their side of the business, talking shop, getting insight and then getting round to sport over a cup of coffee has been great. I love finding out how people have got into the business.
"...never ever offer to walk with a commercial property agent - unless you are, or have been at some stage of your life, an Olympic walker."
However, and this is a big tip for you, never ever offer to walk with a commercial property agent - unless you are, or have been at some stage of your life, an Olympic walker. They are ridiculously fast. Borderline on the super-human fast! If the Olympic Games were to open the qualification process for the 20km race-walking to the London commercial property world, there could be some exciting new medal prospects. I have to jog to keep up! And that’s not easy as I am often wearing heels. I look a right idiot trotting along. I really did think I walked fast… not at all!
I am beginning to learn the lingo as well. This week I have used the word ‘Acquisition’ at least 4 times and now I understand the term ‘fag-end lease’. I had to google this one. It did make me giggle for the first 3 weeks and thought that I should really look up the meaning of it… so here it is:
A fag end lease is an agent's term for a short term lease available by way of either a sub-let or an assignment. They usually become available when tenants either outgrow their space or are looking to downsize. There are a number of benefits that companies are finding in taking on a fag end lease.
There you go. Every day is a school day right?
I’m now signing off from the office, but you know who you need to contact for all your serviced office needs ;) [email protected] See you next week!