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The greater connectivity of Bloomsbury, Fitzrovia and Marylebone will provide multi-sector developer and investor opportunities
Public realm improvements and the arrival of Crossrail will create a powerful London 'Knowledge Corridor' stretching along the northern part of the West End, according to new research from JLL.
JLL predicts rental increases of 32% in Bloomsbury, 23% in Fitzrovia, 19% in Marylebone and 24% in Paddington by 2019. This will be spurred by the linking of Bloomsbury's world-class education facilities, Fitzrovia and Marylebone's office markets and Paddington's potential future development. This will fuel the growth of a 'Greater West End' which will be driven by knowledge intensive sectors within technology, media and financial & business services.
The area has the potential to become an 'innovation district' - where leading-edge anchor institutions and companies cluster and connect with start-ups, business incubators and accelerators that are also physically compact and transit-accessible.
The research is being previewed at today's London Real Estate Forum and will be released in full in July.
Jon Neale, Head of UK Research at JLL, commented: "These areas all have the ingredients together to create a larger 'innovation district' when Crossrail and other infrastructure and street improvements are made. World class institutions such as University College London,, a strong business base concentrated in the high-growth sectors of technology, media and business services and the mixed use leisure, retail and residential environment will be a powerful combination. This will create multi-sector developer and investor opportunities with rents rising in this area more rapidly than for the West End as a whole."
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