Decreased availability in Soho office space
As the recovery continues, availability is down as prime office space in Central London is being snapped up
If you’re keen to move your office to a new London hub in order to take advantage of the business networks on offer in the city, you might need to be quick off the mark as a new office report has detailed a competitive market emerging.
Prime commercial property areas such as Soho are seeing an influx of new tenants as availability is seen to decrease by 11 per cent. The figures across Quarter 2 reflect this trend with a drop from 574,000 sq ft in Q1 to 510,000 sq ft. Nearly 38 percent of the total supply of office space in the Soho district is newly refurbished office space, showing that investment into city business space is still a priority. As a result of these changes, the vacancy rate has decreased overall from 21 per cent to 19 per cent.
Take up is down by 29 per cent from 117,000 sq ft and 80 transactions across Q1 to 83,000 sq ft across 59 transactions in Q2. However, take-up is on the up from the same quarter of the previous year by a considerable margin. A 35 per cent increase has been experienced since Q2 of 2009. Since 2002, the average quarterly take up has been around 108,000 sq ft for the area, while annual figures reflect a take up in Soho of 432,000 sq ft.
