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A recent study conducted by property agent Knight Frank has revealed that office rents in Shoreditch are set to boom between 2018 and 2020. Traditionally a trendy area popular with tech companies, the East London commercial market continues to benefit from the many tech advancements happening across the industry.
Indeed, figures show that landlords can expect a rise of up to 11.4%, to £78.00 per sq ft, over the next three years.
This prediction may come as something of a surprise to some considering the gloomy forecasts made immediately after the Brexit referendum, which suggested that the commercial property market in the UK would falter, leading to static rents and stagnation.
In fact, the staggering technological innovations that have been developing over the last few years, such as AI and wireless innovation, may even lead some companies to expand in a bid to hold onto their competitive edge.
Chief economist at Knight Frank, James Roberts, explains; “Tech firms essentially live in a borderless world, so the uncertainty of Brexit has less impact on them.”
It is no surprise, then, that areas historically popular with the tech sector are continuing to enjoy strong growth as the industry continues to boom.
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.