Office Space to Rent West Central London

Office Rental Costs & Considerations

Generally speaking, the West End presents limited opportunities for start ups, as the local industry base mostly consists of large companies that are already established and that are prepared to pay the high real estate costs that characterise the local commercial property market. The typical occupier profile includes business involved in TMT, business and professional services, and the high percentage of large / multinational companies means that start ups have to face tough competition.

In addition, limited availability and commercial-to-residential conversions have pushed average office rents in the West End to £120 / square foot. Mayfair is another commercial property hotspot, although headline rents average £120 / sq ft and can go up to £150 once business rates and service charges are taken into account.

More affordable alternatives (such as co-working space and office accommodation in business centres) are available in the area between Holborn and Charing Cross. In Soho and Covent Garden, refurbished office space ranges between £75 to £88 / sq ft.

Retailers interested in setting up a business in Bond Street and Oxford Street should also be aware of the high retail prices, which can reach £1,000 / sq ft / year. For retailers, the area north of Oxford Street (also known as Fitzrovia) could be a more cost-effective alternative, as rental costs average £95 /sq ft.

Other considerations to bear in mind include the designation of Tottenham Court Road as an 'Area of Opportunity', and the existence of Special Policy Areas in the borough of Westminster, which are designed to support and encourage certain types of business activities and property uses, such as wholesale showrooms in Marylebone, institutional uses in Portland Place, and medical facilities in Harley Street.

Business in West Central London

London's West End, Leicester Square, and Piccadilly Circus are known for being well-established hubs for the performing arts, entertainment, leisure, hospitality, and tourism-related activities. The visitor economy alone employs nearly 300,000 people in the area. The West End and the Oxford Street - Tottenham Court Road axis are also known for having the UK's highest concentration of businesses per square mile, and are also at the top of the list with regards to footfall figures, since local shops receive more than 4 million visitors per week. Oxford Street is considered the country's retail capital, and is closely followed by nearby Mayfair - although retail businesses here target different niches (high end and specialist shops).

High-value industries like ICT and software development also have a strong presence in West Central London, and particularly in and around Soho. Moreover, this area is home to 1 in 5 creative jobs in the city (more than 46,000 jobs), and is the location of choice for many companies involved in film and video production, media, digital, and advertising.

About West Central London

West Central London covers a relatively small area in the Borough of Westminster and the City of London. At the heart of the city, West Central London boasts excellent transportation links via underground, commuter train services, and river buses. Moreover, West Central London is within easy reach of Waterloo station and London City airport, and can be accessed by road via the A40.

Like South Central London, West Central London is part of the city core and constitutes one of the main economic engines of the British capital. In fact, the West End alone generates more than £51 billion in GVA. Although all of West Central London is a commercial area, the most important business hubs are Covent Garden, the West End, and the areas adjacent to Oxford Street.

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