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As rental prices have seen some very large increases over the last five years, many occupiers are now wondering where they can move to without doubling their current outgoings. For a long time, Shoreditch was considered a cheap fringe location. However, rents have steadily increased, and the style of the spaces (typically converted warehouses) is undesirable for many potential tenants. Unfortunately, many companies who are coming up to the end of their five year leases are suffering some shocks at how much their rent will increase if they want to stay on in the same location, and have found themselves asking: “Where can we go?”
The answer? Eugene O’Sullivan, a very experienced Chartered Surveyor and Acquisition Specialist, says: “I recommend Dalston, Hackney, Haggerston. These areas are what Shoreditch was 10 years ago, a bit rough around the edges but full of trendy and unique offices, now at a fraction of the price of Shoreditch itself.
We are seeing more and more landlords develop their offices in these locations to the specifications required to attract high-quality tenants. The only downside of these areas is that they are only serviced by overground trains, which can get in the way of recruiting staff as the offices are not as accessible as a central London location.”
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.