Office expansion in Tower Hamlets now second highest in London after The City
- Credit: Andrew Wood
The worst of the Recession in the past decade hasn’t stopped London’s East End becoming the second hottest location for office space after the Square Mile, according to the latest property industry analysis.
Tower Hamlets has the second-fastest growth for offices out of the 32 London boroughs, now accounting for 11-and-a-half per cent of all their commercial space, according to Savoy Stewart consultants’ analysis of Valuation Office Agency statistics from 2000 to 2016.
Office space in The City grew by almost 15 per cent in that decade, followed by Tower Hamlets at 11.4pc.
A large ‘pull’ factor is Canary Wharf at one end and the City Fringe at the other.
The data includes the recession that spread out from Canary Wharf with the collapse of Leman Brothers back on 2008.
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But Westminster and the West End still remain the most popular location, despite the Docklands expansion.
“Central London hasn’t lost its appeal to businesses looking for swanky addresses,” commercial property analyst Darren Best points out. “But we’ve witnessed the rise of alternatives to central London which has become too expensive in the last decade for a growing number of businesses.”
The 12 inner London boroughs combined, including Tower Hamlets, now account for nearly a quarter of all office floorspace in England and Wales, according to Savoy Stewart’s findings.
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But their analysis also shows office space in the suburbs has actually shrunk by eight per cent in the same period.