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It was only a few years ago that Shoreditch was considered a bit of a dump by most people. A place you would not want to be after dark and a bit run down in general. Over the past two to three years there has been an obvious change in the area. It is now the coolest place to be in London, almost so much so that it is too cool for the really cool people to go any more. The people who went to Shoreditch ‘before it was cool’.
It has been the centre for tech start-ups, of which there has been a huge amount recently. The main reason for this was because it was relatively cheap and well located very close to the City. The influx of these young start up company’s rejuvenated the area very quickly and it is a fantastic place to work and live.
However, this has pushed up office rents a huge amount. In two to three years, office rents have doubled with prime rents going for around £20 per sq. ft. to £40 per sq. ft. Therefore, start-up firms are looking for the next cheap and cool place to set up their office.
So where are people gravitating towards? It seems that companies are looking to stay as close to Shoreditch as possible but far enough out that they do not have to pay Shoreditch prices. Areas such as Haggerston, Whitechapel, Dalston and Islington are becoming very popular and are very competitive price wise. So the big question is will these areas be thriving like Shoreditch in a few years?
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.