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One of the latest deals to be concluded at tenant acquisition specialists, Morgan Pryce, has shown the strength and rapid increase of London’s submarkets. The deal, at a newly developed warehouse style building in the heart of SE1, was finalised at £55psf – a figure that shows a strong increase compared with previous years. Indeed, over the last 12-18 months, there has been significant growth in areas such as Shoreditch, SE1 and Midtown, with rental levels increasing by 10-20%. With a lack of supply and increase in market sentiment and demand, rents have grown exponentially over the short-long term. The deal concluded by Morgan Pryce is seen as good value with other floors in the office being let at £65psf + a month or so later. This is testament to the speed in which rental levels are increasing.
Oliver Salter, a West End tenant acquisition specialist, believes London submarkets will see continued demand in the wake of prime central locations overheating,
“In the core size bracket I work on, 1,000-5,000 sq ft, we are seeing more and more companies looking to sub-markets. Shoreditch and London Bridge are experiencing rental levels that are similar to Soho and Fitzrovia, so companies are now considering areas a little further afield; Bermondsey, Aldgate, Kentish Town… areas where there is still value to be had. On the larger side of things, with improvements in travel due to come with Crossrail, areas such as Croydon have seen an increase in development and demand. There are still deals to be had in prime London locations, however there are also alternatives for those looking for a deal.”
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.