Bulletin

Elizabeth Line and business rates double whammy to push up London office costs

Office space - Occupancy costs in offices across London and South East to rise - SantanderCB

Occupancy costs in offices across London and the South East are set to rise due to a combination of the new Elizabeth Line and the government's business rates revaluation. Research by residential and commercial property firm JLL predicts that occupancy costs for grade A office space that is in close proximity to stations on the new line will be pushed up when it officially opens in 2017. With the next business rates revaluation due to come into effect on 1st April 2017, many occupiers will see their expenditure on occupancy costs rise. According to the research, a number of areas in central London which sit on the route of the new Elizabeth Line will see especially big jumps in the cost of grade A offices. Paddington, which is estimated to see an average rise from £14.40 sq ft to £30.31 sq ft, Stratford (up to £17.47 sq ft from £8.16 sq ft) and Whitechapel (£16.09 sq ft to £26.20 sq ft), are all predicted to see some significant increases.

 

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