2 Become 1 ΓÇô Covent Garden Merge for Mayfair Offices.
Yet another large firm is on the lookout for new office space in Central London, with the commercial lawyers Fladgate reported to be on the prowl as it attempts to attract new clients, improve its corporate image and widen its catchment area by merging its current office space in Mayfair into a single site in Covent Garden.
With a growing demand for both commercial and serviced office space within Central London being recorded since the beginning of 2010, news that yet another large firm is looking to secure new office space will fuel suggestions, such as those made in the Telegraph earlier this week, that a battle for the capitals grade A office space is underway.
Fueled by a limited supply and a lack of future developments, the competition to secure commercial office space in one of LondonΓÇÖs premium developments will certainly increase as larger space requirements – such as the 43,000 sq. ft. wanted by Fladgate and the 250,000 sq. ft. requirement of SchroderΓÇÖs also announced this week ΓÇô continue to enter the market.
Currently based in two separate offices in Mayfair, Fladgate are seeking to consolidate their London presence into a single, larger office located in Covent Garden. The firm also appear confident in how the recovery will pan-out, with 10,000 sq. ft. of their 43,000 sq. ft. requirement being an increase on their current requirements. The firm anticipates that this extra office space will be necessary for their expansion as the market improves.
Fladgate have reportedly already instructed a commercial property agent to begin letting some of their former West End offices, with the remainder of the space being let by the time the law firm completes its consolidation in 5 years.