London Office Space have published a new report that ear-marks the office market in King’s Cross area for continued growth in 2015.
“Despite anticipated political uncertainties in 2015 as general and mayoral elections loom and the EU referendum comes ever closer, confidence in London as a commercial hub remains stable,” said London Office Space spokesperson Katherine Aird. “However, construction levels are slowing down as several major projects finish, causing rental rates in the West End to begin rising significantly. As such, businesses looking for commercial property in London are beginning to broaden their horizons in terms of office markets.”
London office space rates remained at a steady level in 2014, with investments totalling just under £20 billion being pumped into the sector. Diminishing availability, combined with the fact that London continues to cement its place as a worldwide financial and business hub, means new regions of the city are quickly gaining popularity with the commercial sector. King’s Cross has only recently emerged as a submarket of London and has been massively remodelled, making it increasingly attractive for businesses looking to locate in the capital. The 1990s saw the establishment of the King’s Cross Partnership, which worked to regenerate the region and £2.5 billion has been spent on infrastructure alone over the past ten years, and the relocation of the rail terminus of international rail line Eurostar to Kings Cross has lent a helping hand to the growth and popularity of this area.
The presence of world class rail and leisure facilities has infinitely increased the attractiveness of King’s Cross for businesses wishing to invest in London office space in 2015. King’s Place, a first class office space development, was completed in 2008 and continues to attract high profile corporations such as the Guardian Media Group Plc and Network Rail, both of whom have their headquarters situated within the building. In total, King’s Cross has over 3.4 million square feet of work space spread across 19 newly-built and refurbished commercial properties. Alongside these award-winning office blocks are leisure facilities incorporating music and arts amenities (including an auditorium, teaching and practice rooms) as well as a whole host of trendy waterside restaurants and bars. These exciting and diverse eating opportunities have quickly established King’s Cross as a ‘foodie’s’ paradise.
“The glut of world class facilities has attracted technology superstars Google to choose King’s Cross as the home for their brand new Google UK headquarters,” continued Katherine Aird. “In traditional Google style, the headquarters are slated to include a climbing wall between floors, swimming pool and roof-top running track. But perhaps it is only natural that Google have chosen King’s Cross to be their UK hub; the London BioScience Innovation Centre is only a short step away, and this centre of innovation is – in their own words – Where Enterprise Comes to Succeed. With laboratories and office space that are second to none, the LBIC has a firm grip on attracting companies which specialise in biotechnology as well as diagnostic and life sciences products. Combine with the new medical research institute ‘The Francis Crick Institute’ that is scheduled to be completed late 2015 and King’s Cross is quickly becoming a world leader in scientific and technological research.”
Prices of commercial property to rent in King’s Cross vary hugely depending on the facilities available. An average estimate is roughly £82 per square foot, making it on par with many other areas of Central London. The combination of impressive commercial properties, cultural venues, shopping galleries, big-name businesses and bars, restaurants and entertainments galore make King’s Cross one of the most talked about sub-markets for London office space rentals in 2015.
To read the full report click here.
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