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Key Contacts

Covent Garden

The Covent Garden office market refers to the area of WC2 bounded by Kingsway, the River, Charing Cross Road and New Oxford Street. It is associated with the former fruit and vegetable market in the central square along with the Royal Opera House which drove a movement of theatre and the arts, still present today.

In response to the rapid growth of commercial demand, many contemporary office buildings were developed, in addition to the refurbishment of historic Art Nouveau buildings. There is now approximately 11.0m sq ft of stock. More recently, limited speculative development activity in the Strand / Covent Garden market, has resulted in a pronounced lack of quality large units, which has meant the area has struggled to attract interest from occupiers with large relocation requirements.

2021 Rating Revaluation - Impact on Business Rates across London

Businesses across the Capital will need to be aware that their rating assessments are currently being re-valued with the new Rating List coming into force on 1st April 2021.

Click on the map to view business rate changes by London area or select an area from the dropdown.


Occupier profile

To the west, the area is popular with media occupiers due to its creative history and proximity to the Soho and Noho submarkets. The eastern portion accommodates a number of large city-type occupiers.

2021 Rating revaluation impact on business rates across London

Business Rates Map

 

The new Rating List will come into force on 1st April 2021 and this will herald changes to the level of business rates charged across the Capital. Our heat map reflects the anticipated impact businesses will face next year within each submarket.

Those with the strongest increases are in dark red and those in the lowest are in lilac. By way of background, the rating lists are based on the rental market two years before the list comes into force. The 2021 Rating List will reflect the changes in the rental market between April 2015 and April 2019.

The new rating list will come into force next year and the anticipated changes in business rates for this locality are set out below.

Per sq ft2019/202020/212021/22Change (%)
Rate Payable £31.64 £32.37 £33.75 6.66