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The Morgan Pryce team have been watching letting progress at Derwent London’s Shoreditch office The Tea Building, as a key barometer for how far the office market has changed in recent months in Shoreditch.
Three years ago rents were under £10.00 per sq ft per annum and today the landlord is seeking rents in the region of £30.00 per sq ft, per annum.
Once a building earmarked for redevelopment the letting policy was simple – cheap rents and short leases. However the landlord decided to change direction and instead of planning a knock down and rebuild they decided to invest in the property and attract new tenants.
So for tenants looking for cheap Shoreditch office space, then The Tea Building may not be for you, but if you’re looking to join what has become one of the areas hottest buildings this could be right up your street…