City of London

The Best Postcodes in Central London for Your Office

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Dusk view down the River Thames of the illuminated Tower Bridge spanning the river with a purple and blue cloud-strewn sky in the background and riverbanks lined with buildings with postcodes in Central London.

Following the widespread adoption of remote work during 2020 and 2021, the majority of industry sectors are returning or have already returned to the office.

During this period, employee expectations regarding the office environment have changed. For example, many companies now report that staff increasingly demand shorter commutes, dedicated collaboration and relaxation space within the office, and upgraded amenities.

As a result, many business owners are considering downsizing and/or relocating their offices so the new location meets the needs of existing staff and future hires.

Since location is a key consideration, let’s look at what the most desirable central London postcodes are for your office in 2023 and beyond.

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2023 London Office Market Predictions

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The 2023 London office market looks to be characterised by a number of primary influencing factors. These drivers of change, and the trends that will be solidified as a result, include: record completions, lowering lease lengths, ongoing recovery in the flexible workspace sector, and a supply crush of prime office space due to a continued flight to quality.

Read on to find out more about how these, and other factors, are going to shape London’s prime markets in 2023 and beyond.

Stats Hinting Towards the Future of the London Office Market

  • 13.6 million sq/ft of office space is under construction
  • Around 9 million sq/ft of office space is scheduled for delivery in 2023
  • Over 50% of projects are targeting ‘Outstanding’ or ‘Excellent’ BREEAM sustainability ratings
  • Forecasts for construction price inflation have blown out to 6.1%, up from predictions of just 3.8% at the start of 2022
  • Around 12% of the West End’s under development office product is pre-let

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Central London Office Market Report Q2 2022

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Central London Market Overview

Over the past few years, most major UK office markets have witnessed an occupier flight to quality. The priority seen when it comes to the leasing and acquisition of high quality office space is understandable, particularly when you consider the volatility and uncertainty that dominated the global commercial real estate market in recent times. As a wide range of businesses, particularly SMEs, continue to be unsure about whether or not in-person working will return to prior prominence. This reality makes putting pen to paper especially difficult, as physical occupancy levels remain difficult to gauge and physical spaces become harder to justify.

A flight to quality makes sound investment sense in a volatile market, largely due to high-end assets tending to at least retain their value during periods of uncertainty. Additionally, large firms with a heavy investment in the smooth transition back to the office, both in terms of time and money, have sought to secure quality space to attract their workforces back in a physical capacity.

This priority for tenancy in Grade A office space has been extremely clear in London for a number of years, resoundingly consolidating itself during the pandemic and continuing to show no signs of abating.

So, how exactly is the Central London office market faring after years of upheaval? In this Central London office market report, we take a look at the most current industry data, explore ramifications of this data, and predict where currently observed trends will lead us.

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City of London Office Space Rental Costs & Vacancy Rates 2021

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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 expected to reach a 10-year-high.

In Central London, changes to vacancy and supply rates have certainly been a constant for the past few quarters. In this part of the city, increasing vacancy rates have been mainly driven by the release of large amounts of secondary and Grade B space.

Earlier in the year, vacancy rates in the City were slightly over 10%, but supply was still rising, so they were expected to continue increasing. However, the second quarter arrived with a decline in vacancies, which ended up averaging 8.7% across the City. Despite the improvement, at more than 6.5 million square feet, these are the highest availability rates since mid-2012.

The second quarter of the year also brought some improvement in office take up rates. While these are still significantly below the ten-year average, there was a quarterly increase of over 20% across central London.

However, demand remains rather weak and take up for Central London offices is largely down when compared to 2020 figures. Although demand is weaker, it is still there with an increased focus on quality office space, whether it is new, refitted, or retrofitted to a high standard. The majority of demand so far has come from the public sector, professional services, insurance, and financial services companies.

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Lloyds Building London

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Lloyds Building London LondonOfficeSpace.com @officeinlondonLocated in the heart of the City of London, the iconic Lloyd’s building is a unique construction, home to the large UK insurance and bank institution, Lloyds TSB. The site was originally home to the very first Lloyd’s building, constructed in 1928, but as the organization grew, more space was needed. Initially, an additional building was developed but in 1978, due to further expansion, the original construction was demolished and the building that now stands built and opened by Queen Elizabeth II in November 1978 after 8 years of construction.

The Lloyds building is made up of 6 towers, (3 main and 3 service) built around a rectangle area. The building is unique due to the position of the services such as lifts, staircases, water and electrical lines being on the outside of the building, leaving the space inside completely free for use without distractions.

The building itself is 88 meters tall, with 14 floors, 4 glass lifts and an adaptable interior whereby the partition walls can be moved around to create any desired office layout. The main focal point of the building is the ground floor, where the underwriting room that is overlooked by galleries on the first four floors and lit by a vaulted glass roof. The galleries are accessible from lifts inside the building, however, the remaining floors are only accessible via the glass lifts that run on the outside of the main construction. The building is entirely used as office space for the Lloyds Group, apart from the 11th floor where the committee room is found. The committee room is a dining room, originally created for the Earl of Shelburne in 1798. The room was brought across, piece-by-piece from another Lloyds building nearby.

The Lloyds building was designed by British architect Richard Rogers, known for his modern and functional design, including developments such as the Millennium Dome in Greenwich and the Pompidou Centre in Paris – where you can see some similar influences in design with the Lloyds building. The build cost was approximately £75 million.

The Lloyd’s building holds open house days for visitors to tour the building with the dates are available on the Lloyd’s website. The building is situated at 1 Lime Street, City of London and is easily accessible via the following London underground stations:

Bank – on the northern, central and city line. Additionally, Docklands Light Railway

Liverpool Street – on mainline services as well as central, circle, metropolitan, Hammersmith and city line.

Monument – on circle and district lines