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Many British companies remain pessimistic about their future but Morgan Pryce, London’s commercial property agent, has noticed that many Europeans are still coming into the capital. The West End is currently the “hot spot” for foreign investment but offices in Mayfair are still the most sought after.
As investors from Europe continue to choose London in the face of the deepening Eurozone crisis, demand for property in the West End is rapidly increasing whilst supply is falling.
Rhodri Mason, surveyor at Morgan Pryce, says, “It is clear that there is increasingly a lack of supply, and it is becoming ever more difficult to find offices in Soho, Mayfair and Covent Garden. With a persisting high level of interest from Europe, this situation can only continue.”
Demand for investing in the West End has resulted in the cost of leases rising significantly throughout the area. And this has had a direct impact on smaller companies based within London.
“Many smaller firms do not want to pay such extortionate amounts and it is becoming more common to see smaller firms seeking offices in London Bridge and Waterloo,” says Tom Lax, surveyor at Morgan Pryce: “It is possible that if such a high level of interest continues, yet more firms will be priced out of Central London.”
This dependence that Europe has on the West End will succeed in keeping supply low and rents high and as a result smaller companies may seek more viable options.
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.