The Mayfair office market experienced some challenging times during 2020. The start of the year saw the outbreak of the COVID-19 pandemic. Lockdown orders and working from home caused many West End offices to stand empty. However, despite the challenges of the global health crisis, the Mayfair office space market remains resilient.
There are several reasons for this. Offices in the West End have the prestigious W1 postcode, the area has some of the most luxurious workspaces in the Capital, and Mayfair has high-end shops and restaurants. Because of its affluent reputation, companies are willing to pay premium rates to be in Mayfair.
What else is it about Mayfair that makes it resilient to recessions, pandemics, and financial slumps? How will current trends affect the Mayfair office space market? Read on to find out.
Factors Why COVID Hasn’t Affected the Mayfair Office Space Market
The COVID pandemic affected the commercial property market throughout the country. And West End office space was not immune. Now that vaccination is well underway and the country looks set to reopen in early summer, the future looks brighter for Mayfair.
Here are two reasons why the Mayfair property market tends to weather any storm.
Mayfair is a sought-after location
The quality of buildings, proximity to large parks, and luxurious properties make Mayfair a highly desirable location. Traditionally, Mayfair is home to top financial institutions. These companies are willing to pay higher rent for smaller floor space to be in the West End. In Mayfair, the office space market quickly bounces back because it’s one of the world’s top commercial hubs.
Serviced office space in Mayfair gives businesses a prestigious address. Offices are located in some of the most beautiful buildings in London. With excellent amenities, quality of buildings, and great transport links, Mayfair offers some of the best services in the Capital.
Post-COVID Trends for the Demand for Mayfair Office Space
Current trends show that the Mayfair office space market will continue to grow throughout 2021 and into 2022. One of the reasons why the market will grow is because a large amount of space is under offer. With most serviced office space in Grade A buildings, the competitive rates in Mayfair are highly attractive.
Another positive trend in 2021 to benefit the Mayfair market is the high demand for Grade A office space. During the pandemic, new office developments were put on hold or delayed. This means that demand will continue to rise for top-quality spaces.
It is vital to remember that London continues to be a significant player in the global economy. Investors continue to view exclusive areas of London as choice destination to set up corporate offices and headquarters. Additionally, with some of the best international transport links in the world, Mayfair will continue to attract global investors when travel returns to normal.
Even though the COVID pandemic saw a shift to a working-from-home culture, many analysts predict that employees will want to return to working in the City, even if it’s not for five days a week.
Despite global challenges due to COVID, the Mayfair office space market continues to show tremendous resilience.
If you’re looking for office space in Mayfair or wish to lease your office space, contact the RIB commercial property team today on the contact details below. We have extensive experience in selling and renting commercial property in the Mayfair area and would be happy to assist.