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Aldgate Tower, the 317,000 sq. ft. office development due for completion next week was dealt a huge boost with news it is close to securing 130,000 sq. ft. of lettings. With Shoreditch and Whitechapel close by, companies are becoming more and more attracted to the option of leasing space at a good rate that is in close proximity to tech-savvy start-ups. The attraction of Cross Rail is another pulling factor for companies looking to secure space in areas with good transportation links. BskyB (30,000 sq. ft.) Uber, the new taxi firm (40,000 sq. ft.), Maersk Group (20,000 sq. ft.) and Tag are the parties interested in taking space and all are in negotiations. The diversification of tenants shows the attraction the Aldgate Tower holds – good news for the Irish developer-investor Aldgate Developments.
Rents for the development are expected to be around the £50psf mark, further highlighting the notion that the ‘City Fringe’ must now be considered a core London market, and not just a subsidiary. With rents continuing to rise throughout the West End, top rent levels being reached in prime City locations, East London and Midtown are the destinations for many companies, especially those in the TMT sector, Ollie Salter from Morgan Pryce notes that,
“Shoreditch 5 years ago blew up with the influx of tech companies. Now we are seeing Clerkenwell, Whitechapel and Aldgate following similar routes. The introduction of Cross Rail is certainly a factor in this, but being in close proximity to similar companies is also a massive factor. The next few years will prove very interesting to see how the market in these areas evolves.”
The influx of companies looking to secure space is testament to the strength of the market in East London and will surely be a catalyst for more companies looking to move into these areas.
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.