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Mayfair is now the most expensive area to locate a business, beating Hong Kong which previously topped the charts. Offices in Mayfair, Soho and St James’s are not only highly priced but there is also a huge lack of stock on offer as well.
As companies physically cannot move to the traditional desired location of London, they are not setting up in alterative areas which are now being deemed the new office hotspots of today.
As said by Christina Weguelin of Morgan Pryce, “There is a different kind of client that is looking for space in Soho to one that is looking in Mayfair or St James’s. The media; TMT client for Soho and the Hedge Fund/Private Equity client for Mayfair and St James’s, nonetheless both of these types of clients are struggling to find space in their traditional postcodes.”
Buildings have begun to sprout up in locations such as Kings Cross and Victoria, once run down and certainly not considered as alternatives to the west end. However, both areas have experienced major rejuvenating.
Already we have seen the expansion of Sillicon Roundabout, aka Old Street Roundabout where the TMT sector headed into hoards and left behind the old media location of Soho. Victoria is now becoming more fitting to financial and commodity companies as opposed to St James’s and Mayfair, this shift over has most probably come from the recent developments in Victoria by Land Securities, who have drastically changed the commercial supply of office space in the area. Victoria can also lend itself to similar buildings that one would find in the West End, such as the grand period buildings which are mostly owned by Grosvenor.
When there is such a lack of supply, occupiers have no choice but to set up in the fringe of prime historic locations, or even to create a new hotspot of their own, organically dispersing across the city.
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.