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The trend in respect of rents for offices in Holborn has now reversed, observes the London commercial property agents, Morgan Pryce. From 2008, rents began to fall rapidly, but due to several new developments in the area, it appears that rental figures have started to improve.
The impressive 8-storey development, 280 High Holborn, which includes office, retail and residential units, highlights why people have become attracted to renting Holborn offices.
“More development activity is now likely to take place and this will potentially drive up rents for offices in Holborn further,” says Tom Lax, surveyor at Morgan Pryce. Although a 5% rise in rents has been seen over Q1 2012, one must be aware that a continuing upwards trend will depend on the quality of supply, which in turn may require an increase in demand.
Sally Brough, Associate Director at Morgan Pryce predicts, “Many people will soon be unable to afford more traditional locations, which will encourage demand for offices in Holborn”.
Holborn is an area to watch carefully: as demand for commercial properties increases, this may prompt further development, with the result that the costs of leases for offices in Holborn rise further, a scenario anticipated by many agents.
Morgan Pryce is 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.