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Morgan Pryce, the London-based office acquisition agent, has secured fabulous brand new office space in Old Street for the creative online recruitment agency Digital Gurus. Digital Gurus took around 4,200 square feet of modern bright office space very close to Old Street Station.
Sally Brough, Associate Director at Morgan Pryce, was working on an incentivised fee based on the money she could save Digital Gurus over the course of their new lease. Therefore she focused on negotiating the most favourable terms possible to form the basis of the Heads of Terms, resulting in a decent rental discount and a great rent-free period. Digital Gurus were very happy with this deal and built a strong, positive working relationship with Morgan Pryce.
Office space in Old Street is in the heart of what has become known as ‘tech city’, attracting all manner of media companies to the area and so creating a high demand for offices in Old Street. This, compounded by a lack of supply of suitable media space, makes it all the more impressive that Morgan Pryce was able to achieve a good deal on this modern space.
For a creative recruitment agency it is the perfect location as a huge number of creative media companies are located in the vicinity of Old Street roundabout, itself dubbed ‘silicon roundabout’. Therefore applicants who aspire to work in an office in Old Street will instantly feel that they are coming to the right place.
It took a while to find the perfect office to suit Digital Gurus’ requirements. The search originally started off in London Bridge but due to a lack of good-quality supply they struggled to find much that worked within budget. Morgan Pryce acts as property consultant to its clients and suggested that a search for office space in Old Street or Shoreditch could result in them finding something more suitable. This proved to be the case and as soon as they walked into the office they loved it, seeing instantly the benefits it could have to them as a business.
Developers move in to free up space
Rents for office space in Old Street and Shoreditch have been driven up and up in the last 12 months due to the incredible desire from media companies to be within the ‘tech hub’ of the City. In some prime office buildings in Shoreditch there are rents being achieved upwards of £40 per square foot and on average prime rents are £37.50 per square foot. Therefore it is vital to negotiate the best terms possible for a client moving into this area in order that the client is satisfied that it is getting good value for its money.
Developers have noticed a lack of supply for office space in Shoreditch, this lack being part of the reason rents have grown at such a rapid rate. These developers are therefore trying to meet the demand by building and renovating new office space in Shoreditch. This process takes time and for the near future, Morgan Pryce predicts that rents will continue to rise.
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.