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An increase in rental levels, paired with a decline in available stock in the West End, has seen a large migration of tenants from West to East over the last year; more than half of tenants (of 10,000 sq. ft. and over) who moved over the last year left the West End to relocate into one of either the City or Dockland submarkets. In comparison, those of the same size that moved from the East accounted for only one in four moving to the West. With rental records being broken across the capital, the West End has become an especially expensive part of town, especially when business rates are factored in; Mayfair and St James’ can see highs of £45 per sq. ft. for rates alone. As well as rental increases, more significantly the West End has seen a dramatic decrease in stock availability – supply has almost halved over the last 5 years in the West End, whilst it has stayed fairly level in the City and Docklands area.
Ollie Salter, surveyor at tenant acquisition specialist Morgan Pryce, has seen first-hand how tenants are considering alternative London locations,
“We deal with a lot of West End based companies that are coming up to the end of their lease, or to a break point, and who have decided to move due to increasing costs. A lot of leases were drawn up in the midst of the economic crisis, when rental levels were extremely competitive. This is obviously now not the case… however saying that, we are seeing rental levels increase across central London, and the surrounding submarkets. This is expected to continue until new stock comes onto the marker at the back end of 2016.”
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.