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Pre-Christmas expectations of rents rocketing in Kings Cross are an indication of London’s booming commercial property sector; it is no longer the prime locations in the West End that are experiencing rapid increases in rental figures. The London market as a whole is in the midst of a period where demand is far outweighing supply. This is due to be the case for the next year at least, and as a result rents across the city are on the up. Kings Cross is one such area, with Bombardier expected to take 6,500 sq. ft. at Argent’s Two St. Pancras Square in a sublease at £80/ sq. ft. Kings Cross, once viewed as a rundown part of town, is now attracting giants of all sectors; Bombardier, AstraZeneca, CSC (IT Services) and of course Google are to name but a few of the companies that have set up shop in Kings Cross.
Teresa Beatty, surveyor at Morgan Pryce, believes that 2015 will see more of the same for Kings Cross,
“2014 was a pivotal year for Kings Cross as an area. Argent have been developing on a 67-acre site for the last 14 years and 2015 will see Lewis Cubitt Square open, along with various parks across the site. Kings Cross has had major regeneration in terms of image and indeed perception and as a result it has attracted a diverse range of companies.”
With an expected completion date of 2020, Kings Cross still has a number of years to go before it is the finished article. However, current progress has already had the desired impact.
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.