January is a very underrated month. I can’t help but think about the irony that it is often referred to as the “most depressing month of the year” whilst simultaneously being the month for fresh starts, new beginnings and resets – what an oxymoron!
January for me represents three things; The LDG trip abroad (Vienna this year, I can’t wait!), my personal trainer punishing me for the gluttony of Christmas and reading people’s real estate “predictions for the year” on LinkedIn.
These joyful bitesize reads are meant to set the tone for the year and gushing with positive thoughts gleefully reinforced by industry peers liking, sharing, whooping and hollering – after all who wants to be seen disagreeing with positivity!
If this wasn’t enough to grip you into reading, they almost always end with something pop cultural such as sports to sprinkle it with a little more fun (I guarantee though, that no one predicted Harry Kane would be a Münchner by the summer of 2023 or that Nigel Farage would come third in the Jungle …)
I appreciate that right now you will think I am a sceptic. I am not and do genuinely enjoy reading and agreeing the LinkedIn lists of predictions from my peers especially in the commercial property sector. But it is rare to see anything negative in these predictions unless it reinforces their own ideal for market conditions.
Last January, the big prediction from Landlord’s agents is poor quality and second-hand will struggle to rent for both office and residential properties – which is code for “renovate your investments Landlords”!
This is certainly true, and every real estate agency has experienced the joy and ease of marketing a very good quality product, the trials of marketing something poor quality and challenges of managing a client who undertook a refurbishment, but not quite hitting the mark with what the market actually wants.
Reflecting on 2023, this indeed was a theme for the office market and commercial real estate sector throughout the year. However, it has always been the case in every year and every market I have ever worked in. In fact, every industry has their own version of new and shiny is a lot more popular than dull and old, yet I can guarantee this will make the list of 2024 predictions once again.
Another prediction from last January was the “negotiating power for occupiers and tenants against Landlords”. It won’t surprise you that this Mystic Meg was a solely tenant representation agency, nor will it surprise you the prediction that “more businesses will embrace remote working and pay bigger salaries” came from a recruiter.
The bravest prediction I read was that building costs will come down. That’s one you’d hope no one remembers you said!
Whether it came true or not, based on real data or simply gut feeling, it almost doesn’t really matter. The true message from these predictions is that your engaged, filled with hope and starting the year off with the best of views and intentions so who can blame these crystal ballers, for looking to spread positive energy going into the New Year!
Now I couldn’t end this blog without a few totally unbiased predictions of our own:
The LDG family will continue to be a passionate and caring for their clients, tenants and applicants as ever.
With a couple of new shopfront openings on Great Titchfield Street in 2024, and positive discussions of limiting traffic flow along the street, the reputation of the best street in London will grow, challenging Charlotte Street as a premium foodie and leisure destination in the neighbourhood.
We will start to see the first inklings of a 1-3 year plan to “glow up” within the northern quarter of Fitzrovia thanks to new investment and development in office, residential and leisure. This includes Warren Street increasing in popularity.
Whether it’s Red / Blue or even a surprising Green or Yellow, there will no doubt be plenty of broken promises and even the odd so-called scandal to wind up the tabloids on both sides but irrespective of who wins the election, the property market will no doubt benefit from the usual post-election bounce.
After a year’s break, the LDG Summer BBQ will be back on, and bigger than ever with the welcome return of our resident Pitmaster Neil (Suz’ husband).
Ben’s dominance over the other Partners in LDG Summer Games will continue, with Javier and Daniel never accepting the result.
One Direction will (finally) get back together releasing the album of the decade (specifically requested by Daniel).
We will continue being Fitzrovia’s Property People.
Have a prosperous 2024 everyone!
