In 2014, Blackstone acquired St Katherine Docks – located in the eastern City fringe of Central London – as part of the firm’s £448 million purchase of the Max Property Group, and sought to add value through a series of refurbishments and lettings.

The square mile which makes up the City of London is renowned for its blend of historic listed buildings and innovative modern structures, and three new skyscrapers are currently under construction which will contribute to the city’s already iconic skyline: 22 Bishopsgate, 100 Bishopsgate, and The Scalpel.

The new business rates implementation which took place on April 1st 2017 has been well documented in the media, with many occupiers seeing increases in their business rates bills in the South East and Central London. Fringe areas such as Shoreditch and Clerkenwell have seen huge rental growths over the last seven years, and as such, business rates in these areas have risen considerably – upwards of 80%. However, two recent significant legal cases will undoubtedly impact how and when business rates are paid.

11-12 St James’s Square is the third property on the square to be sold to a Hong Kong-based investor this year, indicating that interest from foreign investors in the UK’s commercial property market hasn’t dwindled, despite concerns over Brexit and global economies. Chinese Estates paid £175m to the Employees’ Provident Fund in Malaysia for the 80,000 sq ft office building, representing a yield of 4.45%.

The first quarter of 2017 saw vacancy rates in the Central London office market rise considerably. The impact of a high volume of second hand space, along with the delivery of new major developments such as Angel Court Tower, has driven up the amount of space available. Morgan Pryce has seen an abundance of second hand space hit the market, with many tenants offering sub-leases or assignments – essentially putting fitted-out, ready to move in to space on the market, sometimes on flexible lease terms.

Morgan Pryce has recently completed on 3,500 sq ft of prime space in the heart of Covent Garden, on behalf of a multi-national media company. The space, which has recently been refurbished to a CAT A standard (fully accessible raised floors, air conditioning, concierge service, and security), was agreed on a five-year term. Morgan Pryce was able to achieve an above market rental reduction and rent deposit level, securing 11 months rent-free.

London is full of a variety of submarkets, all offering different products for office spaces with their own advantages and disadvantages. Factors such as your “company culture” can have just as big an influence on the locations you consider as your budget. Companies with younger staff tend to prioritise trendy offices in areas with tube stations nearby, along with pubs, bars, and lunch spots. The younger workforces also tend to prefer open plan office layouts in character buildings or warehouse-style spaces.

NatWest Bank has initiated a new lending process for small time commercial property developers and investors. Individual, private property investors will now potentially be able borrow up to £2m in a matter of minutes through credit approval decisions.

Laser House, a former printing works and gin distillery situated at 132-140 Goswell Road in the heart of Clerkenwell, is due to be redeveloped by General Projects, in partnership with Northern and Midland Holdings, who purchased the buildings in 1991.

The new trend of co-working spaces has exploded on an international level in every central business district of the world. WeWork, being one of the major players in the market, now holds 168 office locations in 43 different cities.