Traditionally, Spring is when the Japanese market kicks into high gear and this year is no different. What has changed is the fact that more and more Japanese tenants have engaged in online viewing before they arrive in London. This trend means that through February and March, we have already received offers concerning tenancies which start later in April and May.
Stock shortages continue to be a reality and with rents still rising for some properties, individuals have adjusted their budgets accordingly and those with rent limits have had to compromise about what and where they can afford to rent.
In terms of renewals, business is brisk, with the majority of our tenants successfully renewing. Many landlords are also opting to maintain their current rental agreements due to the culture of excellence and respect that Japanese tenants are known for. Even so, the overheating of the rental market has forced many of our clients to rely on our ability to seek out alternative accommodation. The Japan Desk is pleased to say that, with the support of our twenty Benham and Reeves branches, these problems have been quickly and professionally addressed and resolved.
New property developments remain the most popular, and we have had good success in the newly completed Parkside Apartments which is part of the much sought after White City Living development situated next door to Westfield London. Other West London schemes which continue to attract interest from Japanese corporate tenants are Fulham Reach and Sovereign Court in Hammersmith; Filmworks and Dickens Yard in Ealing. In central London, there have been a high number of enquiries for 250 City Road, Battersea Power Station and Casson Square.
In general, our Japanese tenancies tend to be longer term with 48% of our Japanese tenancies lasting more than three years. Service is very important to us, and our tenants expect professional guidance with cultural and language support for the length of the tenancy. Our Japan Desk has been operating for 20 years and is well staffed with a Japanese team who know London well. We are able to assist companies and individuals for tenancies of one year or more.
Get in touch to find out more about how our Japan Desk can be of service to you.
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