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Once upon a time there were many start up tech and media businesses who wanted nothing more than to be a part of Shoreditchification; Shoreditch was a much sought after location for these Hipsterpreneur’s who thought the run down, somewhat grotty appeal of Shoreditch was one that would benefit their businesses. Historically, East London’s rental market has been easy on the pocket and this was a major benefit as long as you didn’t mind being in East London. However, Shoreditch has become a victim of its own success and the huge influx of businesses looking for office space in East London has causes rents to rapidly rise to levels which are coming close to that of West London.
Ollie Salter, a Surveyor at Morgan Pryce has noticed an unprecedented amount of businesses looking to relocate out of Shoreditch. This is due to a number of reasons – one client stated that the ‘magic of Shoreditch has somewhat worn off,’ this may be due to the amount of demolition and building work being done, but the ‘value of the brand which once was Shoreditch’ is no longer so strong, its leaked away through the cracks in the pavement. Also, why pay West London rents when you are in East London!
Morgan Pryce’s latest rental map, which is created using all the deals done that month, show prime rents are at an all-time high of £47.50 per sq. ft. and are steadily increasing. Morgan Pryce has relocated 5 businesses during September out of Shoreditch and into Chelsea, Westminster, Notting Hill and Holland Park where the rents are more affordable, and the area much more presentable. Unfortunately, there won’t be any after work ‘jam jars’ or ‘dirty burgers’ but I don’t think that is really a problem.
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.