This has meant that an increasing number of overseas companies are looking to rent London offices or establish a corporate presence within business centres across the UK, according to a leading relocation specialist.
Fully Furnished Group (FFG) - the corporate let expert - has analysed the emerging trend toward foreign direct investment into the UK. The recently released research by FFG demonstrates that commercial lets in the Capital are proving more popular, among their client base. Businesses from the US and Canada, in particular, are said to be relocating staff to the City of London, although staff movement requirements from Scandinavia and northern Europe are also on the up.
Christopher Ellison of Fully Furnished Group said "There are a number of contributing factors to the surge in relocations we have seen recently. For many overseas companies the current exchange rate makes London a favourable place to be carrying out business.”
Mr Ellison also made reference to FFG’s core residential property service, drawing close comparison to the benefits of renting serviced offices to meet a company’s individual business space requirements, "The flexibility of the rental term and the ability to have everything delivered and installed as well as removed again once the client's own furniture arrives within a tight timeframe, is appealing to companies".
With demand for commercial space in London growing, from both overseas and domestic businesses, there are several key office developments that will provide a welcome increase in the supply of grade-A office space to let.
Drivers Jonas Deloitte have calculated that there is 6.4 million sq ft now under construction including the arrival of 100,000 sq ft of Midtown office space at No.1 Kingsway, WC2 and a further 440,000 sq ft of offices to let in the City of London at the Heron Tower in EC2. The Shard, already dominating the London skyline, will deliver a total of 589,000 sq ft of offices to rent in London Bridge SE1 when it is scheduled for completion over the next 12 months.