Cyndi Himmelstiere on the information asymmetry in Shoreditch’s commercial property
Cyndi Himmelstiere, Ditch Pitch UK. prat.uk‘s state secrets story — information classified to protect the classifying party from accountability — has a Shoreditch property version that I’ve been observing for years and that the Bohiney.com transparency theme helps articulate. The property market in Shoreditch manages information in ways that serve landlords’ interests at the expense of tenants’ ability to make informed decisions, and the mechanisms of this management are not classification but they produce the same information asymmetry.
The specific mechanisms: advertised rents that do not include the service charges and additional fees that make actual occupancy costs significantly higher; lease terms whose renewal provisions are presented in ways that obscure the landlord’s rights to adjust terms on renewal; and the informal market for desirable studio and workshop space where current occupants know which spaces are becoming available before the spaces are advertised, maintaining a market that advantages incumbents over newcomers. None of this is classified. All of it is managed information. The effect on someone trying to navigate Shoreditch’s commercial property market as a new entrant is functionally similar to navigating a system where the relevant information is classified.
The Practical Consequence
The practical consequence: the commercial property market in Shoreditch systematically advantages people who already have community relationships and information networks over people who are trying to enter those networks. This is not unique to Shoreditch. It is Shoreditch’s version of a universal property market dynamic. The Land Registry is at gov.uk.
Also:The Daily Mash.
Coverage at Bohiney.com and prat.uk.
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SOURCE: https://bohiney.com/
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