Value Office Agency statistics reveal a very interesting thing about the growth in office space in Tower Hamlets, East London. Data from 2000 to 2016 show that it had the second highest total in the capital, only beaten by The City. This is even more interesting when you consider areas in the West End that have very popular addresses and locations that have become tech hotspots such as Soho and Clerkenwell.
In the period mentioned above the amount of office space in Tower Hamlets has grown by an impressive 11.4%. Only The City beat it, with space increasing by 15%. Many people would have expected Canary Wharf to take the top spot. Unfortunately the global financial crisis and recession resulted in a number of office closures and restricted new developments.
Incredibly, 12 inner London Boroughs, including Tower Hamlets, are now home to almost a quarter of the total office floorspace in the whole of England and Wales. This is a huge number and shows the sheer volume of businesses that want to operate in the centre of the city.
Growing office space in Tower Hamlets could be a wonderful result for property investors in the area. It means more businesses could be attracted to the area. These could bring employees with them, especially people who want to live locally. In addition the Borough has The City at one end and Canary Wharf at the other; could there be a better location for people who work locally?
At Finefair we work with investors who want to explore the options open to them. We can help with each of these, offering private lettings, various management solutions and even guaranteed rent. Importantly we are known as the best team for arranging council leasing Tower Hamlets has to offer. Many investors choose to let with the local authority because of the assurance it offers against void periods.
If you are considering investing in a property in Tower Hamlets we would be happy to explain the potential opportunities and responsibilities to you. Simply contact our team to find out more.