Set within a key area of central London that’s also a hub for both commerce and transport, it’s unsurprising that office space in Victoria is at a premium, with rental opportunities in great demand. Workplaces here are popular with all sectors, due to the excellent commuter links, booming business prospects and high footfall from the tourist trade and travellers.
The district, encompassing main routes such as Buckingham Gate and Vauxhall Bridge Road, has 288 commercial buildings, providing a total of 7,495,996 sq ft of space. Office availability in Victoria was down at the end of 2015 to 3.5%, with an average asking rent of £52.91 per sq ft. Optimum office accommodation lets for around £80 per sq ft, but decent premises can be acquired for £40-50.
Excellent transport links make this a worthwhile location for any business, with the eponymous mainline train, bus and coach stations - as well as the Victoria, District and Circle lines - serving the region. Local Underground stations include Pimlico, Sloane Square and St James’ Park.
Named for England’s second-longest reigning monarch, the neighbourhood attracts a higher than average proportion of the city’s tourists, with cultural attractions such as Westminster Cathedral, the Houses of Parliament and Hyde Park within walking distance.
In recent years there has been a big regeneration surge in Victoria, creating new offices and commercial structures along several of the major routes. The heart of the district is seeing considerable improvements with the brand-new glass-fronted office blocks of Cardinal Place and Bressenden Place, while the ornate façades of Buckingham Palace Road mask airy, open-plan workspaces.
Offices spaces to let around Victoria range in size to suit varying needs, with both modern and traditional accommodation available. Equally there are opportunities for both high street rentals and quieter back-street addresses.
All these factors contribute to making this an attractive setting for companies looking to invest in centrally-located premises. The retail industry has a particularly strong foothold here to capitalise on the tourism trade, but more and more businesses are finding the redevelopment projects to be boosting trade across all sectors.
If you think Victoria has the office space your business requires, contact Stuart Neils to discuss suitable properties to rent within this area.