The West End is one of London’s prime areas for commercial real estate. This market has also been one of the most severely affected due to pandemic-related restrictions, which were felt sharply in addition to the uncertainty created by Brexit.
At the start of 2021, the general situation in the West End was marked by a 91% increase in availability compared to the previous year’s figures. More than 7 million square feet of office space were available in Q1 2021. Vacancy rates for the whole of West London were estimated at just over 8% in early 2021, which is double the rate of the Q1 2020 figure.
Both factors combined led to a slight decrease in prime headline rents, which were calculated at an average of £110 per square foot in Q1 2021. The downward trend in rental values is expected to continue into 2022 with a rent decline forecast between 7.5% and 12.5%.
The majority of deals that recently took place in this market came from the professional services sector and involved small offices of 5,000 sq ft and under. On the whole, occupiers still hesitate to commit to large spaces and/or long leases.
Continue reading “West London Office Space Rental Costs & Vacancy Rates 2021”
2021 started off with gloomy forecasts for the London commercial property market. According to market analysts, the outlook for the first half of the year was to be dominated by soaring vacancy rates, which were 
Over one year after wide-scale remote work was implemented across the UK, approximately 
The London commercial property market entered 2021 surrounded by uncertainty. Weak economic fundamentals and pandemic-related disruption affected every sub-sector, although in different ways. During the first three months of the year, the following themes emerged:
As a renowned global business hub, the city of London has attracted some of the world’s most influential companies. This post looks at some of the first-class office spaces that global brands have chosen as their London base of operations.
London serves as a hotspot for commercial property and is known to have one of the most competitive real estate markets in the world, with a wide variety of providers and prospective occupants interacting daily to ensure that businesses conduct their work in an ideal environment. Due to this competitiveness, it is vital that businesses understand pricing dynamics before signing a lease for an office space, retail shop, or industrial premises in the British capital. In this post we will examine how commercial property in London is valued and how these valuations impact rental rates.
Recent events have illustrated the fragility of businesses in highly competitive markets. Small businesses and start-ups were thrown into disarray as potential clients, suppliers, customers, and employees were all heavily impacted by the new normal of the COVID-19 pandemic. Businesses across the world, both new and established, turned to support mechanisms to stay afloat. Business grants and incentives, often provided by the government or local councils, served as the difference between some businesses surviving and being forced to shutter their doors. These grants, often characterised by non-existent interest rates and obligations to pay back, are highly sought after in the London business scene, particularly in times of uncertainty.
Simon Sinek, a British-American motivational speaker, author, and podcaster, stated that “When people are financially invested, they want a return. When people are emotionally invested, they want to contribute.”