London has been dubbed the third most expensive city to rent office space in the world; with Hong Kong and New York taking the top spots. However, with rent yields high, one area of London leading office rental growth for 2016 is Canary Wharf as seen by a recent report by Knight Frank.
It’s a brand new year, hence the commercial property market will be seeing some serious changes in 2016. We see the following trends as the ones to watch:
Businesses are living concepts owing to the fact that they are fuelled and guided by people. For this reason, a company’s requirements often change as it grows and expands. However, there are instances in which alterations to your office may be a necessity from the outset.
2015 was a huge year; David Cameron won his second term in Parliament, Princess Charlotte was born and the UK’s housing market exploded as typical house prices soared above £300,000. In London and with the commercial property market this was no different, in 2015 the market peaked to new inflation-busting highs with both rents and costs. But what does this mean for tenants and prospective buyers?
When moving premises, there are a lot of important considerations to juggle. You may require the assistance of commercial estate agents London and office space London. But mistakes can be monumental and costly, both in time and finances. It is important therefore to get everything right the first time. Directing a business move can be one of the most stressful undertakings in a managing director’s life.
Whether you’re looking to expand your business or just re-locate to an area synonymous with your industry, looking for new office space can be a tricky business. From practicalities such as the daily commute to trivial matters such as where nearby does a good lunchtime meal deal, there’s a seemingly never ending list of things to consider.
Business rates in the UK are based upon what a property was worth back in April 2010. Since then there has been a huge surge in rental values is areas such as Shoreditch, London Bridge, Southwark, Waterloo, Camden, Kentish Town and other fringe areas. In 2010 rents in these areas ranged from £15-£20 per square foot in Shoreditch up to a maximum of around £45 psf.