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London is full of a variety of submarkets, all offering different products for office spaces with their own advantages and disadvantages. Factors such as your “company culture” can have just as big an influence on the locations you consider as your budget. Companies with younger staff tend to prioritise trendy offices in areas with tube stations nearby, along with pubs, bars, and lunch spots. The younger workforces also tend to prefer open plan office layouts in character buildings or warehouse-style spaces. This makes areas such as Clerkenwell, London Bridge, and Shoreditch very desirable.
Companies with a more mature workforce tend to prefer to be closer to rail lines, as their employees are more likely to commute from outside London. They also tend to favour executive offices and more corporate-style spaces. This makes the City core a very appealing location.
Eugene O’Sullivan the Managing Director and experienced Chartered Surveyor at Morgan Pryce says; “Rental prices in fringe locations remain high as the demand for non-standard office space continues”.
Many landlords of core city spaces are seeing increasing demand for unique, fringe city stock, and are implementing refurbishments that will make buildings attractive to occupiers, such as taking out suspended ceilings or installing media-style receptions.
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.