Bloomsbury rents remain buoyant
7 February 2018
The sustained strength of office rents in London’s Bloomsbury have been underlined by a letting in Great James Street, WC1, at a rent of £55 per sq ft. A medical practice has taken 2,626 sq ft of refurbished space in the Grade II-listed 35 Great James Street.
Matt Causer from Farebrother CORFAC International – who advised the landlord – comments: “The fact that many of these Georgian properties have been converted in to homes could give the impression that there is diminished demand for space in this sort of period building. However, this letting is at a near record high for the location and shows the level of competitive occupier demand”.
Office take-up during 2017 across London’s Midtown was 3.03m sq ft, and the vacancy rate remains historically low at 4.5%.
Matt Causer observes: “Despite the uncertainty of Brexit, the local office market remains healthy for well-located properties in prime locations and refurbished to a good specification. However, there is substantially less demand for unrefurbished offices in secondary and tertiary locations and these will continue to be affected by poorer demand throughout 2018”.