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As an iconic business district that has traditionally been a financial epicentre in London, Canary Wharf has always seen a different growth pattern to the other areas in the city. This is predominantly due to a lack of range in the occupiers that elect to locate their businesses on the Wharf.
As a long-established hub for banks it is heavily influenced by the economy, and due to its rather sedate reputation, difficulties with accessibility and the formal style of its offices, the Wharf has always struggled to attract other sectors. However, it now has vastly improved transport links, with access via the Jubilee Line, the DLR and, soon, Crossrail. It also offers some very competitive – and very welcome – prices in comparison to the City and City fringes; occupiers who can no longer afford the skyrocketing central rents are making the Wharf their new home.
Eugene O’Sullivan, a managing director and chartered commercial surveyor at Morgan Pryce, says, “The feeling towards Canary Wharf is changing dramatically. Earlier this year we relocated a charity there from Angel. They loved it, as it kept their costs to a minimum, is near City Airport, and they found the area had lower crime rates than comparably priced district, which was really important to them as they often had staff working late.”
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.