With competition for office space in the capital ever increasing, more and more businesses are opting for basement spaces. But while this was once a cheaper - and therefore more affordable - option, rent prices for basements have just reached a record high, the London Evening Standard reports.
The West End in particular has witnessed a squeeze when it comes to office space, meaning that occupiers are having to pay increasingly higher rent rates for even a basement unit.
Property agents, Levy Real Estate, recently let the lower ground floor of Cleveland House in King Street, St James's, to recruitment consultant Allen Lane. The tenant will be paying a record-breaking £62.50 per sq ft to rent the space - the highest recorded amount for basement space in the capital and on par with new skyscrapers in the Square Mile in the City.
Simon Tann, a partner for the agency, said that being able to charge this amount came from turning a dark and under-used storage area into "a bright and airy working environment". This was achieved by installing a new lighting system into an already relatively high space, "which recreates the effect of daylight by tricking the eye into thinking the windows and skylights are real," he explained.
The news comes after the recent revelation that Berkeley Square is home to the most expensive office in the UK, with oil company Trafigura reportedly paying £150 per sq ft for space in the prestigious location. Figures also show that vacancy rates are currently at a 15-year low, meaning that competition is hotter than ever - particularly in the City and the West End.
Whether you're in a basement or larger office - both inside or outside of the capital - Saracen Interiors can help you to make the most of your office space and even help relocate your business. For more information, get in touch with our team of expert project consultants today who will guide you through the process.