With space throughout the Central London market at a premium, it is welcome news that the Battersea Power Station development is to open its doors on over 1 million square foot of office space. The development, which includes ultra-high end residential, more reasonable apartments and retail, is aiming to attract ‘World-class’ tenants on large floor plates – expected to be around the 80,000 square foot mark. In a market where little development is expected to come to the market until the back end of 2016, the vast amount of lettable space is good news for large scale occupiers looking to establish themselves on the ever popular area south of the river. 

With over 1.25m sq. ft. of office space around the 42 acre site, there is ample room for large companies to set up shop. However, the knock on effect to SME’s is yet to be seen. Teresa Beatty, agent at tenant acquisition specialist Morgan Pryce, suggests that there will still be a shortage of office space for most companies around London,

“Whilst the news of over 1m sq. ft. of new space in the development is welcome, there is still a lack of new space coming to the market over the next 12-18 months. This is the main issue surrounding availability and the knock on effect for prime London prices.”

This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.