Identify Underpriced Office Spaces in Prime London Locations

Explore where businesses are finding below-market office deals in Central London due to older stock, flexible landlords, regeneration pressure, and shifting demand patterns.

Underpriced office space in prime London locations is becoming more common, not because demand is weak, but because the office market is splitting into “prime modern stock” versus “older or repositioned stock.” Many businesses are now securing better-value deals in central zones by targeting the right buildings rather than the right postcode alone.

Prime London areas still showing value opportunities include:

• City of London (EC2, EC3 fringe streets)
• Farringdon and Clerkenwell
• Soho fringe and Fitzrovia back streets
• Southbank and London Bridge secondary streets
• Canary Wharf secondary towers
• Paddington basin older office stock
• Shoreditch fringe (City Road, Old Street edges)

Market data shows that while prime Grade A offices command high rents, secondary or older buildings within the same districts can be 20–40% cheaper, especially if they require refurbishment or sit outside core “trophy” towers.

City of London Fringe Opportunities (Liverpool Street, Aldgate, Fenchurch Street)

The City remains one of the most expensive office markets in Europe, but it also contains pockets of underpriced space in older buildings just outside core EC2 prime zones.

Typical opportunities come from:

• Older financial district buildings not recently refurbished
• Smaller floors in secondary streets near Liverpool Street
• Short-term flexible leases from institutional landlords

For example, some negotiated leases in non-tower City buildings can still sit far below £100 per sq ft, especially where occupiers accept older fit-outs or Cat A conditions. This creates value for professional firms wanting a “City address” without premium tower pricing.

Farringdon and Clerkenwell (One of the Best Value Prime Zones)

Farringdon is one of the strongest examples of underpriced prime-location office space in London.

Why it stands out:

• Elizabeth Line connectivity
• Strong tech and creative demand
• Large supply of converted warehouse offices
• Mixed quality stock (creates pricing gaps)

Average rents are significantly lower than West End equivalents, with many offices still priced well below Soho and Mayfair levels despite similar centrality.

This creates opportunities where businesses can secure:

• High-quality character buildings at lower rents
• Flexible managed offices below West End pricing
• Larger floorplates than Soho for similar cost

Soho Fringe and Fitzrovia Back Streets

Soho and Fitzrovia are considered prime West End locations, but not all buildings command premium pricing.

Underpriced space typically appears in:

• Converted residential-to-office buildings
• Smaller serviced office providers
• Older walk-up buildings off main streets

Soho especially has a wide pricing range depending on building quality, with serviced offices sometimes significantly cheaper in secondary streets compared to Oxford Circus-facing assets.

This makes the area attractive for:

• Creative agencies
• Media companies
• Startups wanting West End branding without West End costs

Canary Wharf Secondary Stock

Canary Wharf is often seen as a premium financial district, but it is also one of the UK’s most value-driven office markets for large occupiers.

Underpriced opportunities typically come from:

• Older towers outside One Canada Square core
• Sublease space from large corporates
• Flexible serviced office floors

Rental levels in Canary Wharf are generally lower than West End and City core averages, making it attractive for cost-conscious firms seeking Grade A space at reduced pricing.

This is why many companies relocating from West End now consider Canary Wharf as a cost-saving alternative while still remaining in Zone 1.

Southbank and London Bridge Secondary Streets

Southbank and London Bridge are increasingly popular, but pricing varies sharply depending on building quality.

Underpriced stock is usually found in:

• Older office blocks away from riverside frontage
• Converted buildings near Borough and Southwark
• Secondary streets behind main commercial zones

These areas benefit from:

• Strong transport connectivity
• Growing residential demand
• Tourism-driven footfall
• New mixed-use developments

Why “Underpriced” Exists in Prime London Locations

The London office market is now heavily split:

• Prime ESG-compliant new builds = expensive, competitive
• Older or secondary stock = discounted, flexible

Key reasons include:

• Hybrid working reducing demand for outdated offices
• High refurbishment costs deterring landlords from upgrading
• Tenants prioritising modern amenities over location alone
• Oversupply of secondary Grade B space in central areas

This creates opportunities for businesses willing to:

• Take older buildings
• Negotiate flexible leases
• Invest in light refurbishment
• Accept shorter-term agreements

How Fraser Bond Helps Businesses Secure Better Value Office Space

Fraser Bond supports companies, investors, and landlords across London with:

• Office sourcing in prime and fringe locations
• Lease negotiation and restructuring
• Commercial property advisory
• Office refurbishment coordination
• Building works and upgrades
• Compliance and EPC improvement support
• Contractor sourcing and project management

Many businesses targeting underpriced office space also need help with:

• Fit-out planning
• Refurbishment budgeting
• Service charge review
• Lease risk assessment
• Maintenance coordination

Fraser Bond assists clients in identifying real value opportunities—not just cheap rent, but sustainable, usable office space in strong London locations.