London in top place as the world’s most expensive office market
The London office property market has cemented its position in top place among a host of prestigious global property markets for the third year running.Throughout 2014, several indicators suggested that the average cost of office floor space in the capital was rapidly rising. Take up rates rose consistently during 2014, and so did the level of transactions and the amount of office space under offer. This year, London has consolidated its position as the most expensive office market at international level, ahead of key global players like New York or Hong Kong.
London Office Space 2015: Farringdon
Farringdon is strategically located just outside of the financial and economic hub of the City of London. Along with Clekenwell and Shoreditch, the area makes up the City Fringe North. It is one of two City fringe areas, with the other located to the east and comprising of Aldgate, Spitalfields, and Tower Hill. The area often attracts media and creative industries looking for more affordable office space than traditional locations like Covent Garden, North Oxford Street, and Soho.
Key Office Space Trends and Statistics for London 2015
The London commercial property market is expected to show positive results in 2015. During the last year, office property market sector has shown of a number of trends including accelerated rental growth, declining vacancy rates, and stable investment yields are some of the key trends that have characterized the office market across most London areas over 2014.
London Office Space Growth Areas 2015: Whitechapel
In close proximity to London’s major financial district Bishopsgate, Whitechapel is quickly rising as a prominent spot for growing businesses. Over the years, Whitechapel has altered its traditional trading style to a trendy urban technological hub ideal for up and coming small businesses. Recent years have seen media and internet companies localizing in Whitechapel – thanks to its immediate location to Shoreditch, which is a media hub of London.
London Office Space Growth Areas 2015: King’s Cross
Diminishing availability, combined with the fact that London continues to cement its place as a worldwide financial and business hub, means new regions of the city are quickly gaining popularity with the commercial sector. King’s Cross has only recently emerged as a submarket of London and has been massively remodelled, making it increasingly attractive for businesses looking to locate in the capital.
London Office Space 2015: Expected Growth Areas
Last year was undoubtedly a positive year for landlords and tenants in the London commercial property market. Towards the end of the year, real estate experts released their forecasts for 2015. The predictions are full of positive and encouraging figures and point at a healthy market where growth is set to dominate. Take a look at some of the most important trends regarding the key growth areas for the commercial property market in London during 2015.
Who’s Taking London Office Space in 2015?
Principal occupier industries for office space for 2015
Being one of the world’s economic powerhouses, the British capital attracts a wide range of talented individuals, wealthy investors, and real estate agents from all over the world.
Office Space and Commercial Property in Shoreditch
Situated in the East End of London, Shoreditch is synonymous with the capital’s high tech sector. The district is located within the London Borough of Hackney, just north of the City of London. Once an industrial and working class area, Shoreditch has gentrified significantly with the influx of creative and technology industries and their employees.