Silicon Street: Facebook and Google moves drive Marylebone rental market boom
The team now reckons that over 50% of tenants currently renting in the Marylebone market work for either Facebook or Google. What’s more, they’re expecting another 80 moves from them before the year is up.
According to Savills’ latest insight (here), Marylebone rental market values dropped by 2.7% from 2012-2013. However, with the arrival of these large corporates, they’re expected to grow by 20.4% up until 2018. Apparently 66% of people are renting here due to relocation, which is above the London average of 61%.
The Howard De Walden and Portman Estates should take a lot of the credit, says Druce, for developing the area over the last ten into one of London’s most desirable districts (with arguably the best high street around). The firm has let 38 properties belonging to the Howard de Walden Estate over the last year – to a total value of £1,407,363 – with the majority being snapped up by corporate tenants.