Perfectly situated amongst some of the biggest players in the financial and business world, a City office is often the most popular choice for expanding companies looking to let new, commercial office space. The City has a reputation as a leading trade centre for worldwide economics and is well-founded, with businesses reaping the many benefits of working in such a thriving and competitive environment.
The City currently has 891 office buildings comprising 59,021,169 sq ft of space – vastly more than any other area of London is able to offer. This is in large part due to the many high-rise buildings such as the Gherkin which dominate the skyline. At the end of 2015 availability was down to 6.5% with an average asking rent of £57.21 per sq ft, placing it midrange compared to the rest of the capital. The very best space will go for up to £90 per sq ft, although good accommodation can be found for £50-55.
Eight of the eleven Underground lines run through the City, making the daily office commute a breeze with eleven stations to choose from. The Docklands Light Railway (DLR) also has two stations within the area, and there are three mainline rail termini at Liverpool St, Fenchurch St and Cannon St.
Officially titled the City of London, and often colloquially known as the Square Mile due to its 1.12 sq mile area, this was originally the Roman settlement Londinium. Built in the 1st century AD, since the Middle Ages it has since seen rapid population movement and increase, and the original walled space is now only a small portion of London in its entirety. It is one of only two parts of the capital to hold the designation City, and has its own local authority, police force and mayor.
In the 19th century the district was one of the major world trade hubs, and to this day remains the economic heart of the UK, with most national and international banks having their headquarters here, including the Bank of England and the London Stock Exchange. To the east is the insurance industry, with the famous Lloyd’s building just off Leadenhall Street, while to the west and north lie the Temples, where the legal profession is based. Retail is not a key feature of the area, but is slowly gaining ground in places such as Cheapside, and of course the Royal Exchange is a prominent commercial destination.
There are also several places of historical interest located within the district boundaries, including St. Paul’s Cathedral and the Old Bailey, which combine with some of the other highlights above to bring a significant tourist footfall into the City. Offices to let here offer good public exposure, and considerable business influence can be gained from having an address located in this imposing part of town.
At Stuart Neils we have a selection of City office spaces available for rent on key routes such as Gracechurch Street, Fleet Street and Finsbury Circus, to suit any requirements. If you’d like to discuss any of our properties in more detail, contact us today to find the right workspace for your company.