As regular subscribers know, we provide quarterly rent estimates for quality office space across Central London. We take pleasure in uploading the latest London office rent figures for 24th June.
Despite a volatile economic backdrop, office rents are pretty stable for quality space, largely because of a relative scarcity of supply. If we were analyzing lower quality stock, the narrative would be slightly different. So perhaps the 2 tier market is widening.
Despite a volatile economic backdrop, office rents are pretty stable for quality space, largely because of a relative scarcity of supply.
We always remain busy during July and August. Nevertheless, it’s fair to say many of our office finders are thinking more about travel insurance and hot sunny beaches! The availability of office space in London’s West End can wait until the autumn…
Personally, I rather like working this time of year. In particular, the roads are emptier and my daily bike ride to work is faster and far less polluted. And now Trump has gone back to America, it is quite pleasant doing circuits of Regent’s Park on the way in to Marylebone, without police obstructions outside Winfield House! The only people that really get my goat are riders on electric bicycles. Why don’t they get motor bikes? It is very hard for the old self-esteem when they shoot past so quickly. You can’t work out if they are battery-powered or not!
The growth in secure bike storage in London offices
Talking about cycling, I think it would be a good idea to conduct a survey of buildings with secure bike storage. I was out with clients this week looking at 10,000 ft2 floors from Clerkenwell through Holborn to Covent Garden. All the buildings we inspected had well thought out separately accessed bike storage areas. Not that surprising, given the London cycling boom and the efforts being made to encourage commuting by bike. The stand out building for me, however, was the Bureau in Fetter Lane. In particular, we were impressed by its ground floor reception (with features like facial recognition) and the sharp open plan office space upstairs. What really caught my eye were swathes of basement bike racks, served by luxurious shower facilities and perfectly laundered white towels. It felt more like a spa hotel, than the basement of an office in building in Holborn!