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Shoreditch is often referred to as ‘Tech City’, and has been consistently unrivalled in it is popularity as a hub for tech companies. However, recent evidence shows that Southbank has had a very large take up from tech firms – such as the huge new acquisition made by HSBC in the Blue Fin Building – and could be set to steal the title from Shoreditch before too long.
Shoreditch has certainly been the trendy place to house a business, but as trends change so do the desirable areas. With its very popular transport links, Thames views and quirky buildings it is no wonder the demand for Southbank is picking up.
Fraser Williams, Director and Chartered Surveyor at Morgan Pryce says: “Rates are much lower in Southbank than on the other side of the river, which is also appealing for occupiers who are trying to keep their overall costs down.”
While this is undoubtedly the case, rents are not dissimilar from those in Shoreditch or The City: newly refurbished buildings in Southbank are seeing rental levels as high as £65.00 per sq ft, Shoreditch’s upper rents are closer to £60 per sq ft, while The City is slightly more expensive, with top rents reaching £75 per sq ft. As Southbank continues to go through development it is anticipated that it will become an increasingly popular location for many sectors.
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