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Morgan Pryce, the London-based office acquisition agent, believes development of office space in Shoreditch will show no let-up. With the finance sector struggling, causing demand for office space in the City to fall, developers and landlords are looking towards alternative and growing business sectors.
Developers need not look far to find the hub of the media sector which has been booming over the last couple of years, driving rents for offices in Shoreditch through the roof, with prime rents reaching upwards of £35 per square foot. The phrases “Tech City” and the “Silicon Roundabout” have become synonymous with offices in Shoreditch and offices near Old Street.
Media companies at hub of Shoreditch redevelopment
Demand for a certain type of media space, and in the form of offices in Shoreditch is sky-high and there is simply not the supply of appropriate space to meet this demand at present. Developers are taking advantage of this and building bespoke media space or redeveloping buildings to achieve more of a media vibe, to accommodate these businesses that are creating the demand for offices in Shoreditch.
Tom Lax, Senior Surveyor at Morgan Pryce, says, “There is a large gap in the Shoreditch office market between the kind of buildings that are commanding high rents and the great variety of properties where the rent is still relatively cheap.”
This highlights the fact that there are plenty of incentives for developers who are considering redeveloping the properties that are currently unable to achieve the high rents such as are being achieved by prime office space in Shoreditch.
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.