INDUSTRY NEWS

Commercial property ‘needs flexible contracts’

More flexible contracts are essential to boost the commercial property sector and prevent companies from vacating offices in London and other parts of the UK.

That’s according to the Forum of Private Business (FPB) which says that the commercial property market is facing a tough time and needs to be less ridged.

Other reasons behind the market difficulties, according to the group, include the “competitive disadvantage” placed on smaller businesses because they “can’t afford to locate themselves in the best positions”.

A spokesperson for the organisation said that while commercial property contracts “guarantee an income for landlords regardless of whatever economic climate we are in” they “don’t show that kind of flexibility for the commercial tenant”.

The FPB spokesperson also said that abolishing empty property rates was “a serious oversight” because “every high street is struggling at the moment”.

Figures released by the Confederation of British Industry last month suggest three per cent of businesses had increased their property portfolio in the previous six months.ADNFCR-1329-ID-18867830-ADNFCR

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