Soho office space rents fall further but take-up constant, says EA Shaw
While the recession rages on, rental values on office space in Soho are reported to have dropped in the second quarter of 2009. But despite this, take-up is said to remain “constant”, with the area’s consistency showing positive signs for the coming months.
EA Shaw’s report, as covered in an article by Property Week, states that average rents in Soho are now ┬ú42.50 per sq ft, as opposed to ┬ú47.50 per sq ft in Q1.
However Soho’s office space market could soon benefit from an increase in take-up for Q3, as businesses look to snap up a deal in the area while rates are low.
There is a huge variety of office space in Soho, and the region’s popularity, as well as its proximity to other fashionable areas such as Covent Garden, is a huge advantage that is more than likely to push rates back up again before long.