Southwark: One Goliath and plenty of Davids?

While The Shard undeniably has some of the best views in London, how would it feel to look out onto The Shard from your office window? Not bad at all. And even better when you consider that buildings in the vicinity of the capital’s newest landmark have been identified as a reasonable, cost effective choice for businesses looking for office space. 

The surrounding area is Southwark – and London Bridge – and while no doubt the expensive per-square-foot rent of The Shard itself – some of the most exclusive space in the country – has upped the average cost of rental space in the area, if The Shard is taken out of the equation, small businesses can find great deals. 

There many serviced offices in the buildings near to The Shard which can be a good option for small businesses that want flexibility. The current costs per desk for this a serviced office in this area are often around £350 to £400. There are indications that many businesses have chosen this area over Central London, or have even moved from more central areas, where, last year, per-desk costs in serviced offices were around the mid-£500 range. 

Sally Brough, of Morgan Pryce, comments, “It will be interesting to see what happens in this area over the coming years. It might be that the more popular it becomes with businesses of this kind and of this size – those that might only need three or four desks – the costs in turn increase.” Sally adds,  “It’s good to see this kind of variety in an area: the exclusivity of The Shard set against a community of small businesses.”

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.