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Commercial development is up 8% over the last six months, with 9.7 million square feet of office space currently under construction. Researchers have observed figures in relation to pre-let space for office spaces that are under construction rising to 33%, which highlights the confidence investors and occupiers have in the London economy. 66% of all investment coming into the London property market has originated from foreign investors, indicating that this demographic in particular is helping to boost London’s economy and is benefiting from it as well.
Commercial property developers are intrinsic to this: with 1.6 million square feet of space set to complete this year – the highest amount for seven years. However, it is Mayfair that will see the largest square footage of development completed, with up to 400,000 square feet of new space on track for completion over the next few months. Mayfair is not the only sub-market in Central London to be experiencing a host of newly developed space entering the fray: in particular, building projects north of Oxford Street (Noho), and towards Victoria – as well as a large development surrounding King’s Cross – have been driven by the new Crossrail infrastructure investment. Senior agent Tom Lax from Morgan Pryce believes that certain areas are already starting to see positive effects resulting from the Crossrail development; “Farringdon is already seeing rents go through the roof with some office spaces commanding up to £42.50 per square foot, with many developers looking to cash in on the new demand in the area”.
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.