London is not only the top office destination in the UK, but also world, according to the British Council for Offices (BCO).
Now sharing this distinction with New York, the capital city’s improving reputation as the top-flight location for world-class offices has seen companies choosing it in favour of others, says a new report.
BCO CEO Richard Kauntze said that the international status that London enjoys is missing in many competitors. He believes that companies that buy or rent office space in London do so to gain the benefits associated with locating to a premier city that has an enviable global image as far as commercial property is concerned.
He added that international companies that seek the best possible locales to expand, move, branch out or relocate their business have very few choices, and London is one among them.
Reputed and large scale global giants are not the only ones desperate to bag commercial property here; smaller players are equally ambitious to set up base in the capital city. The perks of being based in a premier destination are many, and in a well-connected and modern city like London, the opportunities for smaller businesses are immense.
This is also one reason why the commercial property rates in London tend to be rather high, and more so as far as the best areas and most enviable addresses are concerned. And commercial property developers are always looking at ways to capitalize on the growing demand for office space in London.