Shoreditch Office Space love Clerkewell almost as much as we love Shoreditch, but we can’t help but notice some buildings are starting to gather dust whilst they wait for that elusive tenant. The reason could be a number of things, perphaps the recession is drifting into EC1 or people are finding it easier to secure properties sub -£30.00 per sq ft in more fringe areas. Ambitious Landlords are pushing their agents to quote higher rents as available stock drys up.
Once upon a time rents in Clerkenwell were £32.50 per sq ft at best but now there have been reports of unrepresented tenants paying over £40.00 per sq ft and someone even making an offer of £48.00 per sq ft for a rather nice building on Great Sutton Street.
Although the market in Clerkewell remains busy, there is a feeling that viewings are down and agents are as busy looking for their next instruction as they are letting their existing ones. A true case of supply and demand.
The moral of this story is remember that leasing office space is not only about rent, and please make sure you shop around for the best deal and form your own view of value. Clerkenwell is over priced compared to what it used to rent for, and serviced offices in Clerkenwell are at their fullest for many years with desk rates pushing towards £700 per month, but on an overall basis taking account of business rates and often low service charges Clerkenwell is a mid cost range London office location.