Those who follow our twitter feed will notice that we’ve started to moan about shoreditch offices to rent and what impact Clerkenwell rents reaching levels of around £60.00 per sq ft per annum exclusive of business rates and service charges may have. These rental levels have been expected for the grade A and newly built properties but with recent quoting rents on nice but not new buildings being with a £6 rather than a £5, this marks a significant shift upwards.
Demand for office space in Clerkenwell and Farringdon has been fueled by companies relocating from traditionally more expensive areas such as Soho or Covent Garden. But when you actually analyse the quoting rents across the different districts in Central London a parity is starting to form. Farringdon in some instances is the same price as Soho !! Although you can still find more spaces in Farringdon for under £50.00 per sq ft p.a. than in Soho.
So where does all this rental growth leave Shoreditch? Lets first look at Shoreditch offices to rent over the last three years:
2010 – £30.00
2011 – £33.00
2012 – £35.50
2013 – £38.50
2014 – £45.00
All rents are per sq ft per annum
Some would argue that the Shoreditch buildings don’t have the specification to achieve a rent over £50.00 per sq ft based on a central London comparative view. Researchers would argue that anyone paying more than £50.00 per sq ft will have demands on their office space beyond simple style and a cool factor.
However Shoreditch does beat to the sound of its own drum. And the City research teams won’t necessarily understand the Shoreditch tenant mix as well as the decision makers choosing which building is for them. Of course most grown up companies need air conditioning, but then whether it’s a four pipe fan coil or VRV system doesn’t matter as much as whether the space has high ceilings and great natural light.
From our corner, representing the interests of tenants in the East London office market we really hope that rents don’t go too much higher as it will restrict the inclusion of startups and young businesses trying to make ends meet.
Shoreditch Office Space is the only company based in East London to represent tenants interests and not Landlords. So if you are looking to pay less rent have us in your corner. Call the office today on 020 3434 3870. Complete understanding of Shoreditch Offices to Rent.