The area of Noho continues to be in high demand from TMT occupiers seeking accommodation in the heart of the West End. Headline rent levels have increased by 10.7% since Q3 2013, caused by a lack of supply and increased demand. Exemplar, Aviva and Kaupthing have provided grade A space at Fitzroy Place, which has set new rental levels for the area. The addition of Estee Lauder as an occupier will continue to place increased pressure on rents as other like-minded occupiers seek to relocate to the area.
With limited supply we expect rent levels to continue their upward trend towards a figure of £80 - £82.50 per sq ft by Q3 2015.
The Crossrail station at Tottenham Court Road is due to open in 2018, and will act as a major catalyst for increased growth and demand from occupiers in this locality, with an estimated 102,000 users using Tottenham Court Road Crossrail station each day, coupled with the existing 150,000 users of the existing underground station.
- 1 Fitzroy Place, W1 – 140,500 sq ft let to Estée Lauder
- Wells & More, 45 Mortimer Street, W1 – 15,673 sq ft (5th floor) let to Lionsgate UK at a headline rent of £75.00 per sq ft
- Henry Wood House, 3 Langham Place, W1 – Self contained building of 70,500 sq ft sublet by LSH at a headline rent of £35.00 per sq ft