Location, Location, Relocation?
For London’s office tenants, geography is an increasingly irrelevant concern. More than half (57%) of office occupiers that moved in 2018 left their existing submarket.
Office occupation is now much more geographically fluid, and occupiers are now much more willing to move some or all of their operations away from an existing location. The average distance moved by London occupiers is now 1.23 miles and the direction of travel is predominantly east.
Mayfair, North Oxford Street and St James’s witnessed the greatest net out-migration of occupiers in 2018, losing 12, six and four occupiers, respectively. The City core experienced the greatest net positive balance, gaining 32 occupiers.
If you would like to discuss the pro’s and con’s of moving your business around London and understanding the impact on your clients and employees, please get in touch!