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The SE1 office leasing market continues to tighten as occupiers struggle to find suitable space in the area. Many are being priced out as rents continue to grow as supply continues to shrink. Southwark, London Bridge and the surrounding areas have become increasingly popular for a number of reasons; firstly the location, the area is extremely well connected with London Bridge, Charing Cross and Waterloo all in close walking distance. This means workers from all over the south east can easily transport to work.
Secondly, the type of space which the area offers. Three main areas in Central London offer the Warehouse styled buildings which have become extremely popular with tech firms and they are Shoreditch, Clerkenwell and SE1. This has led to many new tech occupiers looking to relocate to the area in search of their perfect space. Finally, the SE1 area is currently undergoing huge regeneration with notable developments such as the Shard and the bank side development. Just two from a number of new developments in the area. This has led to more local amenities such as restaurants, bars, shops and gyms serving the area.
Unfortunately as the demand has continued to rise steadily in the area the supply has significantly dropped off with agents suggesting it could still be another 6-9 months before we see any real changes in that. This in turn has led to rises in rent as landlords look to take full advantage of the demand and strongly dictating lease length, rent free and headline rent. Alex Goode from Morgan Pryce believes strongly that if you are an occupier looking for space in SE1, it is essential you retain an agent as more and more deals are being done off market, meaning potential occupiers are only seeing 50% of the true supply available to them. However, more importantly more and more deals are going to best bids situations and to get the inside track and have a stronger chance of securing that option, it’s important to have an agent on your side.
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.