According to Drewent London’s Q1 Interim Management Statement there has been an increase in occupier demand for its office accommodation in areas just outside prime central London.

Drewent has found that ‘despite tougher economic conditions, the latter part of the quarter saw an increase in occupier demand for our accommodation’. It found areas such as Victoria, Covent Garden and Paddington becoming increasingly attractive to businesses that are trying to keep costs down by finding competitive rents. In these areas the rents are currently £430-700 sqm, compared to a minimum of £1,290sqm in the West End.

Outside of the city centre, Drewent found that areas such as Shoreditch, Clerkenwell and Holborn are appearing more resilient to current market conditions. This has been put down to lower vacancy rates and less speculative construction.