Reflex Solutions have purchased a new commercial property in London. The commercial property magnets, who became incorporated 12 years ago in 1999 and who offer managed office space to numerous companies throughout the city, have purchased a new office building that is situated in Bloomsbury Square.
The leasing of office space has doubled in the months of May and June this year and Reflex have been at the forefront of the industry's success, as their purchasing of new commercial property testifies. The leasing of office space in May was at a figure that was 24 per cent higher than in the month of May in 2010, statistics confirmed by both a report from CB Richard Ellis and by British Land. The price of rents for office space situated in Central London has also increased continuously over the course of the last three financial quarters, which has led to many businesses seeking office space outside of London itself in a bid to cope with spiralling costs. This in turn has led to a lack of investment in the West End, the likes of which have not been seen since 2004.
"Despite there being some cash rich investors in the market, the lack of available prime assets caused subdued activity," says Eric Nahome, Lambert Smith Hampton's head of Capital Markets and chief executive officer. "Many banks and UK institutions in Central London have already sold prime assets in Central London."
