Fringe Benefits in London
The TMT sector continues to help drive the high level of demand in the City and was responsible for 22% of overall take-up in Q2 2015.
The sector’s natural draw to City fringe locations was again
evident with Expedia taking close to 60,000 sq ft at Angel Square & DKLW
Lowe’s 47,000 sq ft deal on City Road. Helical Bar’s new development ‘The
Bower’ located by Old Street Roundabout has also scored its first deal at a
reported mid £60.00 s per sq ft.
Uber’s much anticipated 30,000 sq ft deal at Aldgate Tower
signalled the arrival of the location as a new TMT destination, further
supported by the 60,000 sq ft deal to WeWork within the same building at rents
ranging from low-mid £50.00 s per sq ft.
It is also remarkable to note rents in once and heralded fringe locations. For example UBS launched its 99 Clifton Street refurbishment this month at a quoting rent "from £65 per sq ft". This level is comparable to new low-rise buildings in the City core.
Newton Perkins has also been active within the TMT sector and these locations. We are
close to signing a letting at 79 Clerkenwell Road. We are expecting to
realise the enhanced activity and rental growth when we launch our upcoming
accommodation at 44 Paul Street, EC2.
Please contact Jon Beilin or Paul Vernon-Smith for further information.
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