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It’s no news that the desirable office spaces are near easily accessible transport hubs. Who likes a long commute? Not me, and I believe much of London will agree with me. This can be seen by increased development in areas following the development of transport accessibility to the area.
A prime example is the development of the Eurostar terminus at St Pancras, this was the push factor for a 400,000 sq. ft. office development to feed the demand as the area became increasingly popular. As London’s population continues to grow (predicted 1% every year for the next decade) it is crucial for the commercial development of new areas and gentrification of old areas to satisfy the market.
Teresa Beatty, Surveyor at Morgan Pryce quotes “following transport development is a crystal ball when it comes to predicting up and coming areas.” We can already see evidence of this as office prices sky rocket and new development plans are made in Farrington after Crossrail 2 plans have become public.
5 years ago, Shoreditch was seen as a “rundown” and “to far” from the city. Now it is seen as trendy with high demand on the desirable converted warehouse style office space it provides to the market. As the Crossrail 2 is said to hugely benefit East London, development and demand in Shoreditch and further East is predicted to continue to grow in density.
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.