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A study by property firm Cluttons has shown the competitive nature of the London commercial property market; with Southbank new build rents hitting peaks of £62.50 per square ft., closing in on those achieved by West-End new builds (£65 psf). A lack of availability, cheaper rents on offer during the financial crisis and a more eclectic mix of food and drink establishments in surrounding areas, are a few reasons as to why there has been a rise in rents in SE1 – many companies are also attracted to the transport links on offer in Waterloo and London Bridge. The South Bank is now being viewed as an alternative location to the West End and areas like Shoreditch and Midtown, with warehouse type space and new high end developments attracting all manner of markets.
Ollie Salter, surveyor at tenant acquisition specialist Morgan Pryce, has seen an increase in demand for space on the South Bank,
“More and more tenants are looking for warehouse-media style space in SE1, specifically in London Bridge. The great transport links available in the area, along with a ‘trendy’ scene in areas like Bermondsey Street are drawing prospective companies into the area. Saying this, there is very little space available at the moment in SE1 as a whole; Waterloo and London Bridge are particularly tight. This is therefore driving rents up at a fast rate…”
With little supply coming to the market over the next year, we can expect rents to continue to rise on the South Bank; demand certainly doesn’t seem to be slowing down any time soon.
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.