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Whilst the economic climate has brought widespread uncertainty to many traditional parts of the Square Mile and Mayfair, the Online Sector is booming and creating a demand for London office space that defies the cold draught of recession.
“We are seeing a definite two-tier London office market operating out there at the moment” says Jon Cuthbert, agent with Morgan Pryce, the London based tenant acquisition firm. “The slack being left by the lack of growth in the Financial and Service sectors is being taken up by the rapidly expanding New Media and Online boom which is creating a whole new geographical perspective on what are London’s most sought after office locations.
Over the past decade, demand for London Offices has traditionally been highest in Mayfair and the West End, with prices matching this demand on what seemed an ever upwards curve. In the last couple of years however, demand has shifted to areas such as Shoreditch which is known for its trendy offices and “media friendly” image with prices rising in the area faster than anywhere else in London.
“If you are in New Media and you have caught the right wave, the must have location is around Shoreditch and the Media City project” confirms Fraser Williams, Managing Director of Barclay Fox, the London based disposal Agent. “We cannot get enough stock to supply the demand for Shoreditch office space and we will be opening a local branch to service clients in the area by the end of Q4 this year.”
Fortunately for the London office market, the relentless progress of online businesses is likely to soften the worst effects of the deepest recession in a lifetime. Without this lifeline there would be “blood on the walls” as one Senior Agent at Barclay Fox commented.
Morgan Pryce is a tenant only acquisition agency based in Central London. Barclay Fox is a Landlord disposal agency based near Oxford Circus in London.