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Shoreditch, located north east of the City and covering Commercial Street, Brick Lane and Shoreditch High Street, has appealed to many companies leading to the steady rise of office rents: grade-A office space can now reach £61 per square foot. Agents at Morgan Pryce, London’s commercial office acquisition agent, have noticed that the more creative industries, primarily the technology and media-based companies, are those whose interest in working within Shoreditch has been deepening.
The area has always had an artistic edge right back to the Victorian times when it was known for its theatres and art galleries, and it has been home to many actors and artists ever since. As rents have increased many art galleries have closed down but some have survived by ceasing to use space on street level and instead using the upper floors with less expensive rents.
The heart of Shoreditch, branching off Shoreditch High Street on to Redchurch Street and Bethnal Green Road, then heading down Brick Lane, is considered one of the most stylish shopping centres in London, filled with private vintage and design stores, many of which are accessible by appointment only. The area in and around this shopping district is filled with a rich variety of pubs, bars and clubs. This is a major plus for those working in offices in Shoreditch as it is always easy to socialise and relax at the end of the day. Shoreditch, however, is different from most other areas of Central London, boasting more unique venues like Callooh Callay, which is known for its interpretation of the cocktail classics. It is this alternative edge which draws many creative businesses to the Shoreditch area.
The rising interest in both residential and office property is not purely down to Shoreditch’s ‘edgy’ reputation – as this is nothing new. Over the last decade Shoreditch has continuously evolved, with major developments that have appealed to an increasing number of media and technology companies. The redevelopment of The Tea Building from 2001, which was designed in such a way as to maintain its original character, is a key example and has attracted lots of tenants, many of which are in the media and technology industry.
More recently, in the build-up to the Olympic Games in 2012 the transport infrastructure was dramatically improved, including underground upgrades as well as the building of the London Overground network. Accessibility was transformed, making Shoreditch significantly more appealing to live and work in. As Shoreditch is located right next to the City and has great access to Canary Wharf via the Overground, suddenly the area can be as central as anywhere else.
The tech and media sectors are growing fast and Google’s move into major offices in Old Street highlights this rise in popularity. As a result lease rents are also rising at a dramatic rate and will soon leave the City behind.
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.