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Key Contacts

Soho

The Soho office market sits in the heart of the West End in the area bordered by Mayfair to the west, Fitzrovia to the north and Covent Garden to the south and east. Traditionally, Soho is home to London’s film and media businesses, interspersed with significant retail and residential use. Much of the office stock in Soho is comprised of small second-hand units of varying quality, however there are a number of larger Grade A units concentrated around the squares and major boundary roads.

In particular, the western side of Soho has seen some significant office development in the past 10 years, creating landmark schemes such as Air W1 and 30 Warwick Street. In recent years, demand in Soho has been underpinned by a lack of available new supply and its proximity to the Crossrail high speed train link.

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

The area has traditionally been associated with media sector occupiers, particularly film, music and advertising, however, more recently corporate occupiers have been choosing Soho as an office location, in addition to strong appeal from the resurgent technology, media and telecoms sector (TMT). Large unit occupiers have not traditionally been attracted to the Soho market with only 11 deals greater than 20,000 sq ft recorded in Soho over the last five years. This is due to a combination of the types of businesses transacting in Soho and the lack of any recent significant development.

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 Payabke £34.08 £34.86 £39.38 15.55