WC1 and WC2, which separate Mayfair from the City (EC1, EC2 and EC3), are collectively often described as Midtown. The area is regarded by many as the heart of the city as it offers visitors and residents alike a huge variety of entertainment and leisure options, ranging from pubs, clubs, museums and galleries to shops and restaurants for all tastes, and everything in between!
The area has always attracted media-based companies given its close proximity to Soho and the fact that it is surrounded by so many of London’s highly-prized and world-renowned cultural gems, both low and high brow.
Both conventional and serviced office markets have much to offer the area in terms of office space, which is a great thing considering how popular this location is for businesses across the board. However, given the current commercial rental value of the area, which remains high (August, 2008), and the fact that commercial lease space is so tight, it is the serviced office market that has tends to have greater buoyancy. The opportunity and flexibility presented by serviced offices combine to make them an extremely attractive option for many companies; indeed they are often the preferred solution from the outset for many companies wishing to set up base in Midtown. The serviced offices market offers a window of opportunity for companies looking to take residence up in the area without having to take on the long-term risk and commitment associated with conventional leases.
Many of the main serviced office operators have some of their key and landmark buildings around WC1 and WC2, and dominate the flexible office market in the area. Operators such as Regus, MWB, MLS, Avanta and E.O.G all provide an incredibly high standard of space at an affordable rate for companies looking to get a foothold in the area.
Independent serviced office providers also have a place in the market but, given the demand for office space of the highest possible calibre, it the more established operators that tend to take centre stage.