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The past 18 months have seen rental records being shattered across the capital. St James’s achieved the global record, with prices reaching £185 per sq ft, whilst rents in SE1, midtown, The City and Canary Wharf have all increased dramatically. London is the centre for commercial real estate; rents have been on the rise for years, finally reaching a staggering 70% increase in prices seen in 2011, with a lack of supply and constant demand for space driving costs up. As such, the cost for new businesses ‘setting up shop’ in the capital has become incredibly expensive. A recent study, by property giants Knight Frank, discovered that London is in fact the most expensive city in the world for tech start-ups.
Shoreditch has seen the fastest rental growth over the last five years. Originally attracting tech companies at a time when rents were low, space is now being marketed at £55 per sq ft and above, bringing costs close to those associated with Fitzrovia and even parts of Soho.
Eugene O’Sullivan, Director at tenant acquisition specialist Morgan Pryce, says:“Alternatives to conventional leases are the best way to assist tech start-ups that are looking to take space. Businesses searching for their first office in the capital are facing difficult battles, with rental levels, rent deposits and fit-out costs all hitting cash flows hard. The options of sub-leases and assignments, shared collaborative space and serviced offices offer great alternatives that can be beneficial over the first few years of a new company.”
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