It may be one of the slowest lines on London’s tube network, but office rents on the District line are racing ahead. Space along London’s green line is the most expensive in the capital, with the average cost in the inner zones over £70 per sq ft.
Taking in the sub markets of Hammersmith, Paddington, and Victoria, rents peak in St James’s at an average of £120 per sq ft for new or refurbished space, according to figures from niche agent TSP. But travel eight stops west and the line passes through the most expensive space in London to some of the cheapest, dropping by more than £70 per sq ft as the District line hits Zone 2 near Hammersmith.
“Occupiers are struggling to relocate with London rents at an average of £60 per sq ft for office space,” said TSP chief executive Zac Goodman. “It is becoming increasingly difficult for investors to find strong long-term returns in the capital, but this data highlights there are deals to be done.”
Areas around the Northern line in Camden and the DLR offer some of the most affordable office locations in the capital, all below £60 per sq ft, while some of the cheapest space can be found along the Jubilee line, with the average cost of new or refurbished space standing at a touch over £51 per sq ft. The graphic below reveals the average and top line rents (and locations) across the network. Click on the graphic for a larger version.
Nadia.Elghamry@estatesgazette.com
