The West End remains the most expensive area in London to rent office space, namely as it encompasses some of the most distinguished districts (including Mayfair, Soho, Covent Garden, Marylebone and Victoria). West End industries range from the more formal and financial in Mayfair to the creative industries in Soho, where film, video, and ad companies, many of whom are spreading further out (a prime example was Netflix’s 87,000 sq ft expansion into Fitzrovia last year).
In August 2021, Savills reported the area is fast recovering from the pandemic with 1m sq ft of space under offer. The Professional sector accounts for the greatest proportion of requirements (23%), followed by the Tech & Media sector at 21%, and the Insurance & Financial sector with 20%. The largest transaction to complete in October and the largest of the year so far was Facebook’s assignment from Aegis at 1 Triton Square, occupying the whole building (312,000 sq ft) on a 15-year lease.
Towards Vauxhall, Apple’s 6-floor, 500,000 sq ft UK campus at Battersea Power Station is set to complete next year. Joining publishers, Penguin Random House, the new development will employ over 1,400 people and will become a magnet for other tech firms looking to build business clusters.