Thanks to close proximity to both the City and Tech City, office space in Farringdon is in demand. We take a look at this increasingly popular business location.
A brief history of Farringdon
Farringdon is a vibrant and diverse district on the boundary of three Central London boroughs: Islington, Camden and the City of London.
The area has traditionally been popular with the publishing industry – and this is still well represented here today. However, like many areas of Central London, Farringdon has seen a shift towards the digital industries, as more digital and media companies set up in the capital. It has also attracted a number of more established digital companies looking to expand into larger premises.
What’s going on?
Quite a lot, especially recently. Back in June, Saatchi & Saatchi owner Publicis Groupe acquired 58,000 sq. ft. of office space in Farringdon on Turnmill Street. The new building will occupy a prominent corner plot opposite Farringdon Station.
And now Seven Capital has sold its new Kirby Street development for £14m, after receiving too much interest to turn the sale down. The building is already pre-let on a ten-year lease by BlinkBox, Tesco’s film and TV streaming brand.
Meanwhile, plans to redevelop the historic Smithfield Market site are also set to go ahead. Having received planning approval from the City of London, and some unlikely support from English Heritage, many of the site’s Victorian buildings are to be given a new lease of life creating more retail, residential and office space in Farringdon. New-build developments will also increase the amount of space on the site.
BlinkBox is one of many media and creative companies to move into office space in Farringdon – benefiting from close proximity to both the City and Tech City.
Publishers Datamonitor and Informa Business Information (IBI) are both on Farringdon Road, while research consultancy Kantar Operations, which is part of advertising and marketing giant WPP, can also be found in the area.
And while the area retains its publishing roots, today you’ll find many digital publishers based in office space in Farringdon. It has also begun to attract a growing number of smaller creative companies too.
Office space in Farringdon
Alongside the range of new-build developments in the area, Farringdon is already home to a wide selection of office space, catering to small and large companies.
Companies looking for flexible space are well catered for. Centres like this one on Kirby Street offer design-led office space which is suitable for SMEs, as does this converted warehouse on Greville Street. More traditional corporate space is also available like this space on St John’s Lane. This type of space is often available on short-term agreements.
What’s next for Farringdon?
In all likelihood, more high-profile tenants will move into office space in Farringdon as large companies are drawn by the example of Tesco’s BlinkBox, and Publicis Groupe. However, the area also has much startup space for smaller companies and, as space in Shoreditch becomes ever more sought after and harder to acquire, Farringdon may well see more interest from smaller companies too.
Expansion of the Thameslink Programme is also likely to bring more companies to the area, by adding new destinations and increasing the frequency and capacity of services. This will make Farringdon a better connected and more commutable London location than ever before.
Find out more about office space in Farringdon here.
Image by Matt Buck via Flickr.