An overview of the commercial property market in St James

St James is one of London's most prestigious business addresses and the whole area is thriving in commercial enterprise. From oil and mining giants to financial and consultancy institutions, the London district of St James is home to the headquarters of many top international and city business, high end retail and boutiques, auction houses and many antique businesses.

Being such an exclusive address within one of the world's leading business hubs, commercial property and office space is at a premium in St James, despite the global recession seemingly reducing the demand for top end office space. The current average rental price for commercial property in St James is £80 per square foot with the average business rates for the same are approximately £33 per square foot and service charges average out at £9 per square foot. Overall, the total average cost for office space in the St James area is £120 per square foot, which is around 45% higher than the city average.

Due to the high demand and types of occupants taking commercial property in the area, the average lease period in St James is 2-3 years with many larger businesses signing for 5 years, usually with an option to extend. However, amongst the smaller spaces and many of the retail shop fronts, leases are commonly available on a shorter term. For large spaces and whole blocks, it is rare that occupants or landlords will sign for more than 5 years at a time.

For startups or smaller business, there are many serviced offices available in St James, enabling these companies to benefit from the postcode and address. Services within these offices range from a desk or pod in a shared area to a virtual office arrangement, whereby post can be received and sent on and phone calls can be screened by a receptionist, messages taken and forwarded accordingly. Many of the serviced offices provide all utilities and office amenities, including meeting rooms, video phones, network connections and waiting areas.

About St James History

Located in what used to be the area connecting Green Park and St James's Park, the London district of St James was developed in the 1660's by Henry Jermyn, with permission granted by King Charles II and the development was aimed, primarily, to build grand houses for the aristocratic and high society of London. This was achieved and the area remained predominantly residential all the way through to the Second World War when the area was still regarded as one of the most exclusive residential postcodes in the city. However, since the mid 1950's, with property prices rising, London growing and changing and the demand for city office space increasing, St James has transformed into one of London's top commercial areas , attracting some of the world's biggest corporations to house their head offices there, most notably in St James's square. As such, St James now demands many of the highest rents in the capital.

Most notable areas

St James's square - one of London's prime addresses is headquarters to some of the world's largest companies including BP and Rio Tinto. The square is now mostly offices with a mix of residential apartments and exclusive clubs.

Jermyn Street - is a well known and popular street for mostly top end shopping and retail. The street is also the 'Saville Row' for shirts with many bespoke tailors who specialise in shirt making having shops there.

Pall Mall - another famous London street starting at Trafalgar Square, Pall Mall has a mix of high profile organisations in the financial, consultancy and management industries. Pall Mall and smaller roads off it are well known for the infamous gentleman's clubs of London, many of which have been running as exclusively male private clubs for hundreds of years.

Haymarket - is in the heart of London's west end and is home to tourist sites and restaurants. Commercially, the Haymarket and surrounding areas have become very popular for marketing, advertising and creative companies.