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Morgan Pryce, the tenant only acquisition agent, has been making a concerted effort to convince clients to at least consider the City as a potential alternative to West End office space. The lack of availability in the West End, combined with astronomic rents and rates, has meant that companies that would traditionally not consider a City location are reconsidering their options.
“We have placed two companies into City office space that would always traditionally have looked at themselves as being West End based” says Sally Brough, Senior Agent at Morgan Pryce. “It was a struggle to get them to consider a different area but in the end, the rents were half those being quoted in Mayfair and the buildings were of a far higher standard and suitability for their needs. Combine that with Business Rates that were a fraction of those further west and the business case was compelling.”
It is not only price that is a driver for City office space becoming more attractive to West End based tenants. The Media City project centred around London’s Old Street area has meant that the geographical centre of London’s Media and Online industries has substantially shifted east, bringing the City into play as an alternative “Fringe” to the Fringe. With rents in some of London’s iconic office buildings in the City starting at £40 per square foot, compared to a starting price of £70 per square foot in Mayfair, it is not hard to see why companies looking to make savings on rental outgoings are less put off by the radical change in address.
Morgan Pryce is a tenant only acquisition agency with a City office in no.1 Poultry, servicing clients looking for City office space.