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Morgan Pryce love Shoreditch and we’re not alone as available offices sink to their lowest level for 3 years.
The market has shifted recently to being a value for money hidden gem to one controlled by landlords edging rents ever upwards. More than ever Morgan Pryce’s strong negotiation and expert eye is needed to ensure firstly a building can be found and secondly that it can be secured on affordable terms.
We have moved several companies into shared office arrangements recently simply for budget reasons. Also serviced offices in Shoreditch are in short supply but can still offer value for money for fast growing or small tenants.
12 months ago buildings on Curtain Road were being let for under £20.00 per sq ft per year and now they are closer to £30.00 per sq ft.
In someways this is an endorsement of office space in Shoreditch becoming more popular and acceptable from the corporate media sector who have the foresight to join the mix from a positioning point of view. They also have deeper pockets than your traditional Shoreditch start up which explains the driving up of rents.
At Morgan Pryce, we are increasingly thinking outside of the box (or Shoreditch) for offices with great features and a shabby chic feel. The Eastern fringe is certainly more edgy and for true visionaries it is at the cutting edge of trendy office space. However it’s not for everyone.
There is a lot of hope flying around the streets of Shoreditch fuelled by the Silicon Roundabout movement, and it’s triggering a honeypot effect with a drive of tech based companies being attracted. In fact this in itself is changing the social mix of the bars and coffee houses. You’re now just as likely to bump into a computer/data inputter as you are a marketing or media person.
Morgan Pryce have recently worked with two clients taking office space just off the roundabout one of which paid under £10.00 per sq ft once we’d finished with the landlord. It does prove that you can get space at a low cost still but if you’re thinking of an office in Shoreditch then we’d recommend typing £25-30.00 per sq ft in to the budget spreadsheet.
To discuss our views on office space in Shoreditch or any other area of London call Morgan Pryce on 020 7292 4710.