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London’s office market is booming. There is currently over 11 million sq. ft. under development across the capital, in addition to more stock that is due to become available over the next 12-18 months, arriving at a pivotal time where demand is far outweighing supply. Sub markets are seeing record levels in terms of both vacancy rates with sub 3% across most of the capital, and rental levels with 200 Aldersgate in Farringdon recently letting floors at over £80 per sq. ft.
However, London is not the only location with a flourishing office market. The South East saw a significant increase in take up of space throughout 2015 – up by 28% in comparison to 2014, and 13% higher than the five year average. The M25 region in particular is seeing high activity, especially in the 10,000 sq. ft. bracket and above. New grade A space is in demand, and with speculative development continuing there is currently over 20 schemes under construction in the South East, totalling over 3m sq. ft. in the next two years, demand is expected to continue.
Eugene O’Sullivan, Managing Director at tenant acquisition specialist at Morgan Pryce, said: “We believe that the markets will continue to increase with regards to take up and rental growth over the coming years.”
“Regional markets such as Manchester, Liverpool and Edinburgh, addition to areas in the South East, like Oxford, are seeing vast growth in take up and rental levels compared with the last few years. These regions are recovering slower than London from the recession, but due to the rising costs associated with being based in the capital, companies have started to look at the mentioned areas as a cost-effective alternative. Nevertheless, when new stock becomes available in the London market, companies may be more inclined to take up space in the capital again.”
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.