Gerald Eve have just published their quarter three review of West End Office Space. WestEndFloorReview_Q3_2015.pdf
This review offers another definition of the West End (that runs right across Bloomsbury and Covent Garden)
The figures for Fitzrovia and Bloomsbury indicate a massive take-up of office space. The rental values are shooting up as well.
The report states that
‘As well as Facebook committing to almost 230,000 sq ft at One Rathbone Place in Fitzrovia, several game and software developers signed up to West End space during Q3. Proportionately, this was most pronounced in Soho, as the TMT sector accounted for 82% of all space taken.’
Having a quick discussion on Twitter this afternoon with Steve Chambers @respros over in Soho, we both conclude that the rise in residential schemes has started to edge office space out of the picture. GE report that demand for small spaces is dwindling – but might that be because the rentals are too high right now for any entry level business to consider.