High retention rates and increasing demand for high-end serviced office space have prompted Landmark Plc to expand their City of London portfolio.
The premium serviced office provider, which specialises in the high-end Central London market, has taken an additional floor on Old Broad Street. The expansion will add more than 11,000 sq ft of space to their existing business centre.
Overall, the company operates five business centres in key locations across the City and the West End. Across this portfolio the client retention rate is currently 92%.
Speaking about the expansion, Richard Gill, Landmark managing director, said: “Due to the continuous success and heightening demand for high-end serviced office space, it was a quick decision to add the eighth floor of 125 Old Broad Street to the Landmark Plc portfolio.”
The expansion of Old Broad Street is the latest in a long line of achievements and developments for the company, as it looks to achieve a turnover in excess of £20m for the 2014/25 financial year.
Previously specialising in the City of London market, in 2013 the provider announced plans to expand its operations to the West End. This saw the launch of its business centre in Dover Street. The Mayfair-based property achieved a 50% occupancy rate pre-launch; further proof that high-end serviced offices are increasingly sought-after among London occupiers.
The Landmark brand, with its reputation for high quality, designer offices, is ideally positioned to provide London-based businesses this kind of luxury space. And with the expansion of their Old Broad Street business centre, they are already doing just that.
But would-be occupiers will need to move quickly to secure their space: the new floor of Old Broad Street isn’t due to open until next month but already pre-lets have been secured on 77% of the space.
With this kind of take up and a booming London office market, surely it won’t be long until Landmark is expanding its portfolio once more.
Read more about serviced offices in London:
- Office Envy: Award-Winning Boutique Space in Bishopsgate
- Office Envy: High-End Design in Knightsbridge
- “Gotham City” Skyscraper Gets Go-Ahead in London
(Image: courtesy and copyright of Landmark Plc)