More Money Than Sense?
According to Property Week, the most expensive annual office rent per sq. ft. has been achieved in 8 St James Square, London. The 6th floor office space, comprising 2,959 sq. ft., achieved an unbelievable £185 per sq. ft. and has been let on a 15 year contract to the Helly Nahmed Gallery.
This lease only further demonstrates that prices paid in London for prime commercial property, similar to house prices, have rocketed over recent years with multinational companies as well as wealthy individuals, acquiring some of London’s most expensive office facilities.
To put things into perspective, office properties in Peterborough that are similarly sized to 8 St James Square and are newly built would achieve approximately £15 a sq. ft. per annum, varying slightly dependent on location. Arguably, logic challenges the justification of an annual lease more than 20 times more expensive than these rates, providing you do not need to be in central London. Peterborough is only 45 minutes train-time from central London, and offers an excellent location for a variety of office facilities including large headquarters and smaller departmental office facilities. Peterborough boasts a variety of benefits beyond its transport links and some of Peterborough’s larger office facilities currently house a number of well established names including; BGL Group, who own Compare the Market as well as a number of other well known brands, British Sugar, Thomas Cook Group and many more household names.
For more information about office facilities within the area, use our online property search facility or call our office on 01733 897722