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With the TMT sector booming in the current market the demand for ‘quirky’ media space has gone through the roof. So what do people mean when they are looking for a media style office? The stereotypical media office these days is a converted warehouse consisting of exposed brick work, wood floors and an exposed ceiling. The rawer the better! Therefore demand for this kind of space has drawn occupiers to where these converted warehouses are located which is generally in Clerkenwell or Shoreditch. Rents in these areas have almost doubled in the last few years and there are no signs to say that this growth will subside in the near future.
This demand for quirky cool media space has moved a lot of occupiers out of the historic media areas such as Soho and Covent Garden. Partly for the desirable space that can be taken elsewhere and also the fact that with business rates being lower it makes financial sense as well.
The majority of office spaces in the West End are carpeted with suspended ceilings and this would certainly not be described as a media space. However, what some people would describe as dull corporate office space can be turned into cool ‘media’ space in a matter of a couple of months work. Rip the exposed ceiling out to show the air conditioning up, put in some suspended lighting and lay some wood floors, suddenly you have a quirky media space which is in high demand. Landlords will increasingly start to do this sort of refurbishment to be able to command top rents in the traditional media spaces in Soho, Noho and Covent Garden.
Morgan Pryce is 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.