Michaelmas Day, observed on 29 September, continues to influence the commercial rental market in Britain, with many landlords in the City still basing lease terms on this 800-year-old calendar date. This day historically marked a quarter day when rents were due.
For tenants considering a change in office space, notice periods of three to six months are often linked to these quarterly dates. Carla Castagnetti from Halkin, a flexible office space provider, stated that for tenants whose lease notice period is tied to a quarter day, September is when the clock resets. This means firms looking to move around the end of the year or the first quarter of 2027 need to act now to avoid missing the window for making a decision.
Castagnetti indicated that modern firms do not have to adhere to these traditional rules. Halkin, which operates nine locations in London and the South East, offers agile lease terms that provide flexibility, allowing tenants to scale their space as required without being locked into long notice periods.