As global asset management company Schroders PLC draw up a shortlist of potential locations for its new headquarters, London office space developers remain optimistic and excited for future business moves.
Their shortlist includes developments such as office space within Great Portland Estates, 100 Bishopsgate and The Pinnacle; however these are only a handful of possible locations.
Schroders are looking for 250,000 sq ft of office space for their new headquarters in time for the conclusion of their current lease in 2015. Knight Frank is advising the firm who are currently based at Garrard House in central London.
To coincide with this, there are a large number of leases to expire within the next few years, putting pressure on London to cope with the demand – it is expected that many will look to refurbish old office space or upgrade existing grade B office space, rather than build their own.
Fortunately, property company Hammerson are believed to be planning for a due of developments, which will create 500,000 sq ft of new grade A office space.
Schroders have picked a fortunate time to seek office space, as, despite a number of projects mothballing in the recession, there is still a decent supply of grade A space available. It is within the next 5-10 years that the uncertainty lies – both economically and in terms of new developments.