Shoreditch is changing. No longer can the hipsters and beatniks relax in the forgotten streets of a bygone industrial landscape, safe in the knowledge that City folk don’t even know that they exist. The City is watching as Technology companies and the money men which follow them observe.
The debate continues as to whether City developers are building by building moving north towards the fortresses patrolled by trend setters and creatives. The new threat to creative industries is the emergence of the Tech community and their ability to out bid designers and old media. The City of London are selling an Important site just north of Spitalfields, it could provide about 275000 sq ft of office space. It will be interesting to see who buys it, strongly rumored to be a nearby American land owner.
The offices to let south of Great Eastern Street are now dubbed South Shoreditch, a name thought up by commercial estate agents. In fact the same bunch which came up with tag “The Shoreditch Triangle”. It’s this area where the Tenant mix has really changed, and with it rents as well.
Offices to let on roads like Bonhill Street, Wilson Street or Worship Street have become popular with tech companies such as Google, Gravity, 7Digital and Mind Candy. Chosen mainly for the large floor plates originally built with cost conscious City Fringe companies in mind.
Today the landscape is changing, but the future is even more uncertain with developers dusting off their plans to redevelop vacant sites. The reason being that the Tech crowd and corporate media tenants see Shoreditch as a cheap location compared to places like Soho or Covent Garden. So demand is greater than ever before.
Shoreditch Office Space have already seen rents in Clerkenwell go above £40.00 per sq ft during 2012, and the question is now what happens in 2013. Is £50.00 per sq ft possible and who would pay it?
If you’re worried about finding office space in Tech City then please get in touch with Shoreditch Office Space.
Sean@shoreditchofficespace.com will be able to help 020 3102 4127