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Morgan Pryce, the London commercial agent, has seen a significant rise in businesses that are seeking offices in Mayfair. Mayfair benefits from being close to a number of key transportation links and is a vibrant and creative part of the capital. Also, offices in Mayfair come with a desirable address that can add value to companies of all sizes.
Tom Lax, surveyor at Morgan Pryce, commented, ‘’Offices in Mayfair, particularly in Hanover Square, are an ideal location for small and growing businesses that need to be situated in the heart of the capital.’’
Rents in the West End approach those of Hong Kong
According to last year’s figures, West End offices are the second most expensive in the world. Yet this has not lured businesses away as demand continues to outstrip supply in the capital. The rise in rents took the notable cost to £92.50 per square foot a year during the fourth quarter of 2011, falling just below table leader Hong Kong, where the average rent stood firmly at £97.11 per square foot per annum.
In 2010, prime rents for London offices in the West End increased dramatically by 31 per cent. Between the first and second halves of last year, they remained stable, but still sound enough to beat all other destinations except Hong Kong.
Morgan Pryce is a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.
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