The infrastructure of the Elizabeth line has been a catalyst for office development.
(Picture: PA)The arrival of Crossrail helped office rents skyrocket in areas that sit along the route of the Elizabeth line.
Rents in Shoreditch and Clerkenwell have shot up 123% since the proposal to build Crossrail was given royal asset in 2008, while rents in Paddington have grown 45%.
The rental growth is more than ten times that seen in other parts of London such as the City and the West End, which have historically been the strongest performing markets in the capital.
Ben Cullen, Head of Offices at Cushman & Wakefield, said: “The more underdeveloped parts of London have gained more from cross rail than those parts that were previously developed.
“You’re seeing the development of many large office buildings which provide just the sort of environment that fast growth tech companies want.”
The new line, which was originally scheduled to open in 2018, commenced services on Tuesday 24th May, with one train running in each direction every 5 minutes. The line runs from Reading to Shenfield and will radically cut down the time it takes to get from Paddington to central London.
Cullen said: “Crossrail provides that East-West catchment which condenses London.
“That for employers is good news because people can travel to the office more quickly and more easily, which is more important now as people are coming to the office a bit less than they were pre-pandemic.
“Businesses are telling us: ‘we want people to want to come in, we want people to make a choice, and a choice they make willingly because it’s easy’.”
