Update for the West End commercial property market
Thinking of taking up a new office in the West End? Find out more with this market report
By the end of Q2 the West End office market reported that during the month of August, nearly 0.7 million sq ft of office space was under offer. According to the figures that come from one of the latest market reports, the month saw a headline rent of around £76.00 psf pa achieved across the board on average. Around 26 per cent of the office space available was second hand and around 59 per cent of it was reported as being either new or refurbished space.
By far the biggest office transaction reported in the area was the sale of 27-37 Wigmore Street which reflected a deal of 16,469 sq ft (1,530 sq m) across the first and third floors of the property. In all, around 144,276 sq ft of office space has been taken up across the month of August. On average the size of the deals taking place in the West End was around 2,753 sq ft. With approximately 5.6 million sq ft of work space being marketed for offices in the West End nearly 6.5 per cent of it was thought to be still under construction or refurbishment.
For companies looking to move office to the West End this gives some encouragement to the commercial property recovery post-recession and provides an insight into returning stability in the area
