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It has become increasingly obvious to Morgan Pryce, the London commercial property agent, that the kind of tenants being attracted to offices in the City has started to change. Offices in Bank and the City are now starting to tempt the technology and media industry rather than the major banks for which the City is traditionally known.
Several technology-based occupiers, including Skype (occupying 89,000 square feet), have started to take office space in the City. The City is always an appealing location, especially offices in Bank, which have exceptional accessibility – being supported by several stations and the DLR. Technology, media and telecoms companies have begun to notice that offices in Bank and the City have become more affordable, and therefore an ideal area to consider when relocating.
“Many financial institutions are faced with increased pressure to save money and are relocating to cheaper offices near Canary Wharf,” says Sally Brough, Associate Director at Morgan Pryce, “This exodus has put landlords in the City under pressure, slowing down the rate of increase in rents for offices in Bank and the City which we might otherwise have seen.”
Rising West End rents encourage technology tenants into the City
John Eden, of Morgan Pryce, also comments that, “Rents in the West End, especially for offices in Covent Garden and Mayfair, have also risen significantly since 2009. As the West End becomes an increasingly popular location, the City becomes more appealing to the technology, media and telecoms companies that are seeking to avoid expensive West End leases.”
Landlords are highly encouraged by this new interest and this could re-start the uptake of office space in Bank and the rest of the City.
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.