January 4, 2024
View of London skyline by night

Commercial Property Insights for 2024 

Anthony Lorenz, Managing Director of commercial property agency Lorenz Consultancy, says 2024 will be the most uncertain market in his fifty-five-year industry experience. 

Undoubtedly, recent global events – from the conflicts in Ukraine and Israel to the seismic impacts of the COVID-19 pandemic, Brexit, and the looming spectre of global warming – have cast a shadow of uncertainty across the UK property market. 

In the aftermath of Brexit, the UK grapples with soaring inflation and interest rates, prompting a staggering 30% surge in building costs. The government faces the dilemma of borrowing more (which escalates national debt) or printing money, putting increased pressure on inflation.  

Consequently, controlling inflation poses a significant challenge. Failure to do so could see inflation soaring to double figures, while interest rates are anticipated to hover around a higher range, than we have seen in recent years, possibly reaching around 7.5% before gradually falling to 2.5%. 

The ramifications? A potential squeeze on disposable income, stagnant wages, and a ripple effect leading to increased bankruptcies and insolvencies and perhaps even national strikes and social disorder – a scenario that Lorenz believes is not limited to the UK alone. 

Commercial Property Predictions for 2024 

AI will boost employment  

Artificial Intelligence is poised to revolutionise employment. Contrary to fears of job displacement, AI is anticipated to create new roles across various sectors, fuelling opportunities rather than replacing human jobs. 

“Many people fear Artificial Intelligence, suggesting that it will take jobs away from people. I think quite the opposite. It will be a tool to help people do things better – not a replacement. It will likely create opportunities and the need for more staff.” 

Anthony Lorenz, Lorenz Consultancy.  

The end of ordinary offices 

A surplus of approximately 30% in office spaces due to remote working and outdated buildings since Covid, signals a divergence. Prime properties will thrive with record-level rents, while less appealing secondary properties will linger until repurposed, driving a push towards top-spec CAT A+ offices (fully fitted and furnished by landlords). 

Wenlock Works, N1 

Pre-lets will surge 

Anticipate a surge in pre-lets for office developments due to strong demand and limited opportunities for best-quality stock. This arrangement involves agreements between landlords/developers and prospective tenants agreeing to enter into a lease at a date in the future based on agreed specifications of works and plans before a new building has been completed. 

Serviced offices are here to stay 

With remote work gaining traction, flexibility for most businesses and industries is key. Serviced offices, offering short-term leases, flexible renewals, small deposits, all-inclusive payment terms and comprehensive on-site facilities, are positioned as a stable choice in an uncertain business landscape. 

Rising demand for specialised property 

An upswing in educational institutions will create a need for more student housing. Consequently, a rise in students will fuel demand for bars and restaurants, leisure activities and hotels for visiting family and friends. Additionally, the burgeoning life sciences industry presents an opportunity for landlords to convert buildings, offering higher rents than traditional low-quality office spaces. 

Leisure will peak 

78% of millennials prefer experiences over products (according to this LinkedIn article) and with tighter budgets in 2024, consumers will be seeking more memorable activities. This shift is anticipated to fuel a rise in diverse leisure offerings, potentially breathing new life into struggling retail destinations. 

Sustained Strength in Prime Sectors 

Prime retail in London, as a global hub, remains resilient, driven by tourism and local affluence. Industrial real estate, especially last-mile delivery and storage, will stay robust, backed by evolving consumer demands. 

In the landscape of 2024, prime commercial real estate – industrial, retail and serviced or Grade A+ offices – emerges as the primary focus. Keep an eye on the ascent of life sciences and educational markets, while perceiving secondary assets as potentially riskier propositions 

Share this article

Emma Whittle

Executive Team Assistant

Emma joined the team in June 2018 as an executive assistant, having previously worked as an estate agent in sales. Emma enjoys baking, walking her dog, and is very creative in art and crafts in her spare time. 


Welfare Officer

Misty became part of the Lorenz family at the start of 2023. As Head of Office Welfare, she has the momentous job of maintaining client satisfaction and ensuring her colleagues are at the top of their game from 9-5.30 with consistent tail wags and hugs.

Yolandi Verschoor

Executive Team Assistant

Yolandi moved to London from South Africa in January 2022, and joined the team in July 2022 as an executive assistant.

With previous experience in the same role at a law firm in South Africa, she brings a wealth of knowledge and expertise to her position.

Christina Samuel

Executive Team Assistant

Christina joined the team in September 2019 as an executive assistant, having previously worked as general manager for hospitality group The Piano Works.

Christina has a BA and Masters in English from King’s College London, and she enjoys regularly attending yoga, spin, and box fit classes, as well as playing badminton.

Gill Pritchard

Operations Manager & Executive PA to Anthony Lorenz

Gill has been an integral part of the team since its formation in November 2007. With vast experience working as a Legal PA in London for various UK law firms, Gill currently serves as the Operations Manager & Executive PA to Anthony Lorenz.

Her extensive knowledge and skills ensure the smooth functioning of the company’s day-to-day operations.

Gill is a music fan often attending concerts and collecting vinyl records. She also is an enthusiast of historic trains and planes often visiting museums and train / air shows. 

Sammy Conway

Associate Director

Sam joined The Lorenz Consultancy in January 2022 as an Associate Director, bringing more than a decade of experience in various aspects of commercial property, including agency, lease advisory, and management.
He is a qualified professional, having received certification in October 2016.

With a specialisation in transactional disposals and acquisitions across various asset classes, Sam’s niche lies in central London offices and retail & hospitality, and his focus is working in the expanding agency department in lettings and lease acquisitions.

Additionally, works closely with the lease advisory team, further strengthening firm. Sam is also a registered counsellor, providing support to APC candidates.

Sam is a football enthusiast supporting Arsenal FC, and enjoys frequent travelling with South America being a favourite destination. He also plays multiple instruments and is a member of a band as the drummer.

Bailey Crouch

Associate Director

Bailey became part of The Lorenz Consultancy team in October 2016 and was promoted to Associate Director in 2021. His expertise lies in providing advice to both tenants and landlords on the acquisition and disposal of commercial property in the UK, with a particular focus on office spaces in central London. Bailey also collaborates closely with the professional department to facilitate successful negotiations for lease renewals, rent reviews, and lease restructuring.

Bailey is a Formula 1 and Rugby enthusiast, and enjoys golfing and is a member of West Sussex Golf Club, where he has an impressive handicap of 1.

Andrew Knights

Head of Agency

Andrew is head of agency who joined The Lorenz Consultancy team in March 2008, the inception of the agency department. With a strong focus on the core West End and Central London, Andrew specialises in acquisitions and disposals across various sectors, including office, retail & hospitality, and industrial. He brings a wealth of knowledge and expertise to our firm, helping clients to identify and capitalise on opportunities in the competitive London & UK market. Andrew also collaborates closely with the professional department to facilitate successful negotiations for lease renewals, rent Reviews, and lease restructuring.

Andrew grew up and continues to reside in North London. In his free time, he enjoys staying active and participating in sports, including tennis, football, and golf. He spends most weekends playing golf at his local course.

Frank Perri

Associate Director

Frank is an Associate Director at The Lorenz Consultancy and has over 10 years of experience working in property, qualifying as a Member of the Royal Institution of Chartered Surveyors in 2016.

His primary focus is Lease Advisory, where he works alongside Anthony Lorenz & Richard Russell in rent reviews, lease renewals, lease restructuring, and asset management for a wide range of clients. He has experience in providing both written and oral evidence at third party and in Court.

Outside the office, Frank is a football enthusiast who brings a competitive spirit and dedication to the team. He won The Property Cup 2022 alongside a team of peers in the industry.

Richard Russell

Head of Lease Advisory Professional Department

Richard is our Head of Lease Advisory, who joined our team in July 2016. With over 25 years of experience in the commercial property industry, Richard brings a wealth of knowledge and expertise to our firm. His focus includes rent reviews, lease renewals, lease restructuring, and asset management across London and the UK.

Richard has represented both landlords and tenants in negotiations, and he is experienced in preparing expert witness reports for arbitration, expert PACT, and court procedures.

He also has a strong background in portfolio strategy, helping clients identify opportunities within their portfolios and advising across all commercial property sectors, including offices, retail, leisure, and warehouse/industrial.

Outside of work, Richard enjoys a family lifestyle with his wife and two daughters.

Anthony Lorenz

Founder & Managing Director

Anthony Lorenz is a highly respected figure in the London commercial property market with over 55 years of experience in the industry. Anthony founded Baker Lorenz in 1972, focusing on agency and professional work, including rent reviews, lease renewals, and lease restructuring. Under his leadership, the firm quickly became a nationally recognised name in the industry.

In 2001, Baker Lorenz was acquired by Hercules PLC and merged with Dunlop Heywood to become Dunlop Heywood Lorenz.

However, Anthony’s passion for delivering exceptional service to clients led him to form The Lorenz Consultancy in 2007.

Anthony enjoys spending time in his Mayfair home entertaining clients and friends in the evenings. On weekends, he retreats to his 13th-century country home, where he enjoys an equestrian lifestyle and plays competitive polo throughout the summer.