Situated within one of London’s most exclusive neighbourhoods, office space in Mayfair lets businesses benefit from the associated prestige and respect of the area, as well as elegant, well-kept surroundings. With foreign embassies, corporate headquarters and hedge funds dominating the area, there are plenty of opportunities for expanding trade, establishing contracts and acquiring new clientele.
Once open fields, and taking its name from the annual May Fair that was held here in the 16th and 17th centuries, Mayfair now comprises 862 office buildings totalling 12,498,395 sq ft of space. At the end of 2015 availability was down to 4.2% with an average asking rent of £78.00 per sq ft, reflecting the high market value of a W1 postcode. Outstanding space can be obtained for up to £130 per sq ft but good quality premises are available for £70-75.
There are a multitude of Underground lines and stations serving the district, with commutes made even easier by the presence of several popular local bus routes. Hyde Park Corner, Green Park, Bond Street and Marble Arch are among those providing straightforward public transport across the area.
There is a high concentration of upmarket restaurants and five star hotels, meaning office rents in Mayfair are among the highest in both the UK and the world. However, the nature of the industries and sectors within the area, in addition to the high standard of amenities, means the district attracts wealthier, more sophisticated patrons and clients. As a result of this high-quality interest and the revenue it garners, the vast majority of buildings here are of top specification (Grade A), serving the ever-growing demand for such space as businesses thrive.
Today, the primary sector is commercial. Regent Street’s beautiful Beaux Arts façades are home to many élite brands and cultural icons such as Hamleys toy store and the BBC’s headquarters at Broadcasting House. Park Lane famously offers extravagantly expensive cars in its showrooms, while well-known auction houses Christie’s, Sotheby’s and Bonhams are all to be found within Mayfair’s bounds. The Crown owns the freehold of a large section of the area, with much of the rest belonging to several large organisations and the Rothschild family.
Office spaces to let around Mayfair are often generously proportioned, with most being housed in Georgian, Regency or Victorian buildings. The distinguished Chesterfield Gardens are a prime example, although newer Art Deco architecture can be acquired in Berkeley Square for businesses seeking a more modern appearance. Both serviced and standard accommodation is available, depending on your requirements.
If you think relocating to one of Mayfair’s premium rented office spaces is the next step for your business, then speak to Stuart Neils to find the ideal place and price.