Demand for Southbank Office Space Doubles

The media industry has pushed demand for Southbank office space to almost double that of last year's figures, according to research by Knight Frank.

With nearly 700,000 square feet of space already aquired on the Southbank in 2013, demand has yet to peak, with 439,000 square feet in advanced negotiations.

Major deal this year include news broadcaster Al Jazeera; Dow Jones, owned byNews Corp; and publisher Harper Collins.

These figures are particularly promising considering total take-up in 2012 stood at 568,000 square feet.

Grade A office space rental rates are on average 30 per cent lower than those in Soho or Covent Garden, further adding to the area's appeal for businesses.

“Southbank is no longer a fringe location in the capital as it has a tenant base one would associate with a core business district – the polarity of London’s business market is changing,” said Stephen Clifton, head of central London offices for Knight Frank. “This is an emerging city within London, and investors should look closely at the opportunities it offers to tap into the capital’s economic recovery.”

Adding to the increasing growth for London's office market, this news comes after reports that the West End is "booming."

“London continues to attract unprecedented levels of interest from across the world from businesses choosing to locate and invest here, from visitors seeking to experience its unrivaled variety of attractions and from those who live and work here,” reads a July trade report by FTSE.