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The London office market has seen vast increases in rent, with demand for office space eclipsing the supply and availability across the central market. Rental prices have hit record highs in many core areas; £180 per sq. ft. in St. James, £80 per sq. ft. in SE1 and for offices in the City, whilst areas that have historically been used to seeing lower rental figures, such as Shoreditch, have seen increases to £50-£55 per sq. ft. With over 9.6m sq. ft. of development under construction at the moment, there will be more space available, but not until the back end of 2016. The knock on effect of this is rents are continuing to increase, and the Central London market is now far outweighing other Greater London areas.
Ollie Salter, surveyor at tenant acquisition agent Morgan Pryce, believes subsidiary areas are offering great value for money, in comparison to the landlord driven Central London market,
“Central London has seen a boom in rental prices over the last 5 years, and in the shorter term even in the last 12-18 months. Shoreditch is a great example of this – 5 years ago a prime office space would cost you around £25psf at the most. Prices are now more than double that figure. We are seeing a lot of clients looking at the opportunities available in secondary London locations. Croydon and Brentford are areas that have seen rental growth, but you can still find prime office space for below £35 per sq. ft. in both areas. With transport into Central London only improving in the coming years, these areas offer great opportunities for savvy tenants.”
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.