London commercial property is particularly sought-after within close proximity of the Circle Line
Central London remains the place to be for businesses, according to chief executive of the
British Council for Offices Richard Kauntze.
Businesspeople considering acquiring new commercial property to let as a base for their firms are being advised to head within the
Circle Line on the City’s underground system.
However, Mr Kauntze has warned that renting commercial property further afield within the capital would not be such a wise move, as there is very little in terms of progression and development elsewhere in London.
Mr Kauntze said: “The Heron Tower is finished and tenants are going in. The Shard of Glass is progressing very well and lots of the towers around are in significant stages of development.
“In the West End and Midtown there is development, but once you go beyond that there isn’t much really.”
The Midtown area is highlighted by Kauntze as the most positive territory for businesses to relocate, citing St Giles, Bloomsbury and Holborn as exciting developments and places to do business.
It is encouraging for small and medium-sized enterprises (SMEs) to see that parts of the City and the West End are bucking the trend, transforming areas into desirable locations for renting commercial property while many other regions continue to flounder.
The number of new developments doesn’t appear to be halting either. Savills recently announced it had secured planning permission on behalf of Development Securities for an exciting new plan in Hammersmith, with 32,000 sq m of commercial property space available to rent.