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The serviced and co-working market has boomed in recent years, with companies looking for flexibility on lease terms, fitted-out spaces, and all-in cost solutions for running offices. This drive has been led by young and start-up tech companies wanting modern, well-designed schemes, usually in fringe locations far from the corporate world where rents are lower. However, this trend has also spread to corporate occupiers, and co-working and serviced solutions are now widespread across London, including the City of London district.
Morgan Pryce has been an integral part of this spread, as we have acquired over nine offices on behalf of serviced and co-working providers so far in 2017. The tenth and latest deal of this type Morgan Pryce is working on is acquiring three floors on Rivington Street, between Old Street and Shoreditch. Heads of Terms are almost agreed, and the high-end tech design and build plans have been put together to include a café and break out space with two terraces.
Eugene O’Sullivan, Surveyor and Director at Morgan Pryce, believes; “High levels of demand will remain for commercial solutions offering flexibility on lease terms, as there continues to be uncertainty in both the global and Brexit market. Although there will be a saturation point, and I feel we must reach that soon! Especially given that conventional landlords are offering such good incentives and becoming more open to shorter lease terms.”
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.