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Midtown has now officially beaten its previous record rental rate high in 2008 after seeing a 6% increase in rent in the last six months, how long can this carry on before tenants say enough is enough? Well it appears that time has come. Midtown has traditionally been the trading grounds for the legal industry, but as a reaction to the continuously increasing rents we see industry leaders making a move to new areas.
One of London’s most renowned barristers has just signed a 10 year lease in the City, this is a very uncommon trend for barristers to leave Midtown. There are many reasons for a move from Midtown to the City, lower rents and space often refurbished to a higher standard has been the main feedback we have been hearing from clients. With the very low vacancy rates in Midtown means Landlords are able to get away with minimum refurbishment.
As we see businesses move away from Midtown, we see its fringe areas benefit from a higher demand. With the movement away from Midtown, we must ask ourselves, how long will the rental high last?
This news was brought to you by Morgan Pryce, 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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