Fitzrovia’s office rental price trends 2025: comparison with Mayfair & Soho
Fitzrovia continues to stand out as an in-demand office location in Central London. Despite economic challenges, its office market remains resilient, expecting to expand through 2025. Therefore, here are Fitzrovia office space price trends.
Fitzrovia office rental prices in 2025
Fitzrovia’s office rental market remains strong, with prices reflecting the area’s central location and evolving tenants’ preferences. According to estimations from The Langham Estate, rental prices are approximately £25.45 to £88.50 per square foot per year. This broad price range shows the diversity of office spaces and is influenced by several factors. These include:
- Location within Fitzrovia: Offices in prime locations, especially those within the central Fitzrovia corridors, command higher rents than those in peripheral zones.
- Building grade and age: New or refurbished Grade A buildings offer premium amenities that set them at the upper end of the market.
- Size of the office: Larger spaces often receive better rates per square foot. Meanwhile, smaller suites may come at a premium due to high demand from startups and creatives.
- Lease length: Longer leases often offer more competitive rental agreements. On the other hand, shorter leases or flexible contracts may attract higher rents due to convenience or reduced commitment.
- Market conditions: Fitzrovia and broader London’s office market conditions (1) significantly determine rental values. These include supply pipelines, vacancy levels, and microeconomic factors like inflation and shifting interest rates.
Current trends that shape Fitzrovia office rental prices
Multiple interlinked trends shape Fitzrovia’s 2025 rental prices, indicating broader shifts in Central London’s commercial property sector. Below are the most impactful developments.
Rising vacancy rate
A recent office market report shows that the average office vacancy rate has surged to 10.6% across Central London. The figure is the highest in two decades and nearly double the pre-pandemic average of about 5%. The increase can also be due to the ongoing economic uncertainty and surge in new office supply. For instance, nearly 16.2 million square feet of new space are under construction.
The new supply will likely meet a higher demand as office tenants shift from older spaces. However, Fitzrovia and the surrounding areas maintain a comparatively stable vacancy rate despite this macro trend. For instance, Fitzrovia’s vacancy rates are estimated to be between 4% and 7%. The figures indicate sustained demand in this submarket, thanks to several local advantages. These include a strong presence of creative and media firms that favour central, well-connected areas with character.
Limited supply of new office space
One significant trend shaping Fitzrovia’s rental office space is the limited supply of new developments. Between April and June 2024, London saw only 500,000 square feet of new office constructions. This is the lowest quarterly total in over 15 years. Therefore, the shortage of new office spaces leads to higher competition for the available supply, which pushes rental prices up.
In Fitzrovia, specifically, development constraints stem from various factors. These include:
- Heritage protections and conservation areas, limiting large-scale redevelopment.
- There is a shortage of large lots for new builds, as most land is already developed or allocated.
- A focus on refurbishing existing stock rather than constructing new spaces.
The constrained supply environment particularly affects modern, energy-efficient Grade A offices. These are the most sought-after spaces as companies prioritise ESG goals and employee well-being.
Shifts toward flexible and serviced office spaces
Demand for flexible and serviced office spaces has significantly shaped Fitzrovia’s office market. The need for collaborative working zones with flexible settings has existed for years. However, it has increased recently as many firms seek spaces with wellness-focused elements that enhance employee satisfaction and productivity (2). For instance, the table below shows the average price per workstation in Fitzrovia in 2024.
| Type | Average price per workstation |
| Hot desk (3) | £200 – £350 |
| Dedicated desk | £300 – £550 |
| Private office | £450 – £900 |
As of 2025, the average price for co-working and private offices increased to £500 per person per month. This indicates increased demand for flexible workplaces (4) in Central London, from 6% in 2019 to 10% in 2025. Therefore, Fitzrovia’s office rental price is expected to rise further. That is especially true as more companies prioritise flexibility, cost control, and location appeal.
Key comparisons with Mayfair & Soho
Fitzrovia offers a more comfortable and flexible alternative to the Mayfair and Soho districts. Its £57.98 per sq ft per year average places it comfortably below Soho (£81.00) and significantly beneath Mayfair’s premium average (£128.16). This is ideal for those seeking an affordable central location while still accessing modern high-end specs.
Fitzrovia also boasts competitive serviced office rates. The lower entry point of £250 – £1,100 appeals to businesses seeking flexibility and scalability. Moreover, while Mayfair and Soho have strong transportation options, Fitzrovia’s central placement provides a unique balance. This is evident in its 7.5% vacancy rate, which shows higher tenant retention than other districts.
| Feature | Fitzrovia | Mayfair | Soho |
| Average Rent (per sq ft/year) |
£57.98 | £128.16 | $81.00 |
| Price Range (per sq ft/year) |
£25.45 – £88.50 | £52.05 – £204.26 | $48.00 – $114.00 |
| Serviced Office Rates (per desk/month) | £250 – £1,100 | £850 – £1,200 | £345 – £1,210 |
| Vacancy Rate | 7.50% | 3.40% | 5% |
| Accessibility | Excellent transport links (Tottenham Court Road, Goodge Street, Oxford Circus) | Prime location with access to Green Park, Bond Street, and Oxford Circus stations | Central location with access to Oxford Circus, Tottenham Court Road, and Piccadilly Circus stations |
Explore more: Best areas to work in London (5)
Get the best office space in Fitzrovia, Central London
Are you considering setting up a business or getting an office to rent Fitzrovia? The location offers competitive rental prices and a broad spectrum of options. However, securing a space that suits your budget and business needs requires a strategic balance between office grade and lease flexibility.
Working with a trusted partner like The Langham Estate at this point is essential. The Langham Estate provides diverse, flexible office spaces, including equipped, empty, serviced, and fully fitted spaces in the heart of London. These make it ideal for all businesses, from creative agencies to tech startups and international law firms.