Contact Us 020 7292 4710 020 7292 4710

Welcome to
MORGAN PRYCE’S KNOWLEDGE CENTRE


Our Knowledge Centre combines a unique set of useful tools to assist ALL office movers. Use our moving guides, office space calculator, dynamic rental map and other tools to get an idea of what type of office your company needs. We’ll make sure you get there.
Register for FREE now and get full access.

Enter

Market update – Fitzrovia

Market update – Fitzrovia
30th November 2017

Market update – Fitzrovia

Fitzrovia – or Noho as it’s known by local commercial property agents – is the square north of Oxford Street, south of Euston Road, between Portland Place and Tottenham Court Road. It has grown in popularity with the TMT sector over the last three years, partly due to its status as a lower-cost alternative to traditional tech hub, Soho, as well as improvements in the quality and style of office stock, the local amenities, and upcoming Crossrail station at Tottenham Court Road – set to be completed in Q4 2018.

Occupier demand in the area reached its peak in Q1/Q2 2016, which saw the highest average rents ever achieved. This was down to basic economics of supply and demand, with some large demolitions removing stock from the market. However, demand has since softened as a result of the weaker global economy and concerns related to the Brexit vote, and this has led to more secondhand space from tenants, coupled with the introduction of new schemes such as 80 Charlotte Street and Rathbone Square, increasing vacancy rates and reducing rents across the submarket.

That being said, Noho has outperformed the West End, and this is expected to continue. Large pre-lets, from Facebook taking up 242,800 sq ft in Rathbone Square and McKinsey & Co taking up 133,600 sq ft in 80 Charlotte Street, are evidence of sustained TMT demand.

Eugene O’Sullivan, Surveyor and Director at Morgan Pryce, believes; “Noho will continue to perform well. Morgan Pryce has seen huge demand from TMT clients looking to make some financial savings by moving from Soho to north of Oxford Street.”

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.


Login and get FULL AND FREE ACCESS to our unique Knowledge Centre.

Please note that we will not share your information with any third parties.

Forgot your password?

Please enter the email address used to create your account and follow the instructions to recover your password.

Didn’t receive an email? Check your spam inbox!

Create Your Account

Instructions have been sent to

Well Done!

Please check your inbox for a confirmation email.
You can manage your account details, email alerts and shortlists directly from your account.

or continue browsing

Loading...

Thank you for confirming your email address! You are now subscribed to our Newsletters.

By continuing your browsing on this site, you agree to the use of cookies used to perform visit statistics.

Accept