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By August 2009, offices in Marylebone had a vacancy rate of 10% along with no pre-let office buildings signed off in the first six months of that year. The sub market was dominated by betting and charity shops with the area needing serious development and regeneration. If we now fast-forward to the first six months of 2013, it is reported that vacancy rates have now fallen to 3.5% and there has been 85,000 sq. ft. of pre let office space signed off in the first six months of this year. Rents in the area are now expected to achieve over £100 per square foot with developments and refurbishments looking to dominate in Marylebone in the coming years.
So where has this drive come from?
Leading this transformation is the Howard de Walden estate that has continued to have faith in this recent drive from Marylebone and has just secured planning permission to develop a new office development over 10 schemes and totalling 139,000 sq. ft. with sites like 64-66 Wigmore Street included. Further developers have committed to Marylebone as well with British Land and Great Portland Estates committing to speculative developments schemes in the area along with tenants such as Coca Cola and Carter Jonas signing up for leases in these new HQs.
Alex Goode from Morgan Pryce has highlighted the headline acquisitions in the area;
• 50 George Street, which was recently let to Colliers international totalling 40,000 sq. ft.
• 10 Portman Square which has a total of 113,000 sq. ft. of office space with 60,000 sq. ft. of it let to Aspect Capital and Saudi Armco.
• 1 Wimpole Street , which completed last year, has now let the entire 61,000 sq. ft. scheme to Coca-Cola.
Finally, it has also been reported that in the first half of this year 38 applications were made to the council (Westminster) for housing projects that is almost double the amount from last year.
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.