Study Reveals Top 10 Expensive Commercial Property Streets In UK

When it comes to UK commercial property for rent, it seems that certain streets across the country are much more expensive than other areas of the city. A study carried out by property consultancy firm Cushman & Wakefield listed the top ten highest commercial rates based on the rental price per square foot.

Not surprisingly, the top five streets were all located in the centre of London. The most expensive commercial properties were found in New Bond Street at £965 per square foot. Closely following were Oxford Street (£715 per square foot); Covent Garden (£600 per square foot); Brompton Road (£575 per square foot) and Regent Street (£550 per square foot). The remaining five streets which all shared 6th place at £250 per square foot were Birmingham High Street, Buchanan Street in Glasgow, Commercial Street in Leeds, Manchester Market Square and Northumberland Street in Newcastle Upon Tyne.

The report also showed that the overall rental cost of commercial property in Birmingham, Manchester and Newcastle had fallen from the previous year while Leeds and Glasgow remained at the same level. All of the London streets so increases in rental rates with the largest being Oxford Street which saw an increase of 19.2 percent. The survey topping Bond Street in London recorded the highest rental rate in the whole of the UK with an average of £965 per square foot which is a 4.3 percent increase from last year. However, despite the increase on a global scale Bond Street actually dropped a few places. Speaking about the rental prices of commercial properties in retail areas, Stuart Moncur, a spokesman for Cushman & Wakefield, said, “Footfall levels have remained extremely strong over the last couple of years and we foresee this continuing.”

The annual 'Main Streets Across The World' study is conducted by Cushman & Wakefield to give an overview of commercial property across 63 countries.