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The technology, media and telecoms sector, TMT for short, has been noticeable in its take-up of office space in London.
It has, for some time, influenced the commercial property market in the capital, particularly in terms of the style of space in demand. With warehouse-conversion style developments having proved the ideal space over the years – not least because of the initial (but no longer) low rents – any creative business knew where they wanted to be located in and in what kind of building. However, this popularity led to a lack of supply and rents being pushed up.
There has, however, been another pattern emerging. Flexible-term space (in respect of space and length of rental) are now a burgeoning sector in itself, partly in response to requirements from TMT start-ups.
These flexible office spaces reduce the demand for staff, providing cleaners and receptionists, as well as space, since meeting rooms and shared spaces can be shared. Space can be added and deducted easily, and the leases tend to be month-to-month. Naturally, such flexibility appeals to other sectors, especially start-ups, resulting in many such offices to choose from. Flexible spaces are also looking attractive to investors, given the demand for them.
British Land is planning its Blossom Street development of 2.2 acres in the Elder Street Conservation Area to accommodate the flexible needs of today’s businesses. The company has said that it is designing the space to cater for businesses ranging from one-desk start-ups to fully grown companies who need more traditional lease terms. This means that some of the floorplates will be smaller than usually catered for in such environments, which can only give more options to smaller occupiers.
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.