Office Space in Mayfair: What Businesses Need to Know

Mayfair is the most prestigious office address in London. The W1 postcode carries a weight that no other part of the city can replicate. Its combination of architectural quality, social history and commercial credibility has drawn private equity firms, hedge funds, asset managers, luxury brands and sovereign wealth offices to its streets for generations.

The area is broadly bounded by Oxford Street to the north, Regent Street to the west, Piccadilly to the south and Park Lane to the east. Within that roughly one square mile, the density of high-net-worth individuals and ultra-high-net-worth family offices is greater than anywhere else in the UK. Not to mention the professional firms that serve them.

That concentration is self-reinforcing. The right clients expect a Mayfair address, so the right businesses take space here, which attracts more clients of that profile.

The building stock is unlike any other London submarket. Think Portland stone façades, Georgian townhouses, interwar commercial buildings and a handful of significant modern developments. All sitting alongside each other on streets that have changed relatively little in their fundamental layout for 200 years. The newest buildings like 65 Davies Street are designed to complement rather than dominate this context.

This guide covers what you need to know about office space in Mayfair: the streets, the transport connections, the building types and the practical considerations for businesses thinking about making this their address.

Table of contents:

• 1. Working in Mayfair
• 2. Location, transport and key streets
• 3. Types of office space in Mayfair
• 4. Key buildings
• 5. Key considerations
• 6. Office space costs in Mayfair
• 7. FAQs

5 key office buildings in Mayfair

Mayfair’s office market is characterised by prestige and scarcity with a building stock that has changed remarkably little in its fundamental character over two centuries. From the largest interwar blocks on Berkeley Square to the newest development on Davies Street, the range is narrower than most London submarkets, but the quality is consistently high.

The following buildings illustrate that range, from large multi-tenanted blocks capable of housing a major financial services firm to boutique refurbishments where a single floor is the entire proposition.

Why businesses choose it

• Direct access to Green Park Underground station from within the building. One of only a handful of office buildings in London with this feature, providing immediate access to the Jubilee, Victoria and Piccadilly lines.
• A Grade II Listed Portland stone building on one of Mayfair’s most prominent island sites, with views over Green Park and The Ritz on three sides. An arrival experience that carries significant commercial weight with clients.
• 98.2% leased with three small suites available from 50 sq ft upwards, including a 19,375 sq ft first-floor suite. Rare availability in a building of this calibre at this location.
• Typical floorplates of 34,178 sq ft offer genuine scale in a submarket where large contiguous space is limited. A service charge of £21.02/sq ft reflects the quality and depth of building management.

Occupiers

Devonshire House’s tenant roster reads like a directory of alternative asset management. TA Associates, Bain Capital Credit and LMR Partners are among 19 tenants occupying a building that has become a natural home for private equity, credit and hedge fund businesses.

Servcorp operates managed workspace, providing a route into the building for smaller businesses. Achieved rents of £145/sq ft on recent transactions confirm the building’s position at the very top of the Mayfair market.

Features

The Green Park station access is the feature that no other Mayfair building can replicate. For a business whose partners and clients are arriving from across London, being able to walk directly from the Underground platform into the building’s lobby without stepping outside is a genuine operational convenience. That’s especially true in wet weather or for late evening departures. When the building commands £145/sq ft in achieved rents, this kind of detail is part of what occupiers are paying for.

Why businesses choose it

• The largest office building in Mayfair at 483,970 sq ft, with typical floorplates of 43,361 sq ft. The only building in the submarket offering genuine corporate scale on a single level, with a maximum contiguous availability of 65,531 sq ft.
• 100% leased across 23 tenants following the 2020 renovation, with achieved rents of £141/sq ft and asking rents of up to £155/sq ft on available first-floor space.
• Signature by Regus operates managed workspace within the building at 22,268 sq ft, providing a flexible route into Berkeley Square for businesses that want the address without a long lease commitment.
• Green Park station is a four-minute walk and Bond Street eight minutes, covering the Jubilee, Victoria, Piccadilly, Central and Elizabeth lines between them.

Occupiers

Berkeley Square House’s 23 tenants span the financial services and corporate sectors that define Mayfair’s occupier base. Global steel and mining company, ArcelorMittal is the largest tenant at 45,536 sq ft on a lease to March 2029. Greenhill & Co (independent investment bank) and Tristan Capital Partners (European real estate fund manager) sit alongside Signature by Regus’s managed workspace operation.

Restaurant Amazónico anchors the ground floor on a lease to June 2039. It’s one of Mayfair’s more prominent restaurant tenancies and an indicator of the foot traffic and profile the building generates at street level.

Features

Berkeley Square House’s position on the square is its most valuable asset. The eastern side of Berkeley Square has an uninterrupted view across one of London’s most famous garden squares. No amount of specification can replicate this outlook in a building elsewhere in the submarket.

For a business entertaining clients or holding board meetings, the setting matters. The 2020 renovation has brought the interiors up to a standard consistent with current market expectations, but the view from the upper floors across Berkeley Square towards the western side remains the building’s defining feature. It’s the reason it commands rents at the top of its peer group despite its prewar bones.

Why businesses choose it

• The newest significant office development in Mayfair, completed in 2023 and fully let. Achieved rents of £145/sq ft and an average asking rent of £201/sq ft set the current benchmark for new-build space in the submarket.
• Bond Street station is a one-minute walk, giving occupiers immediate Elizabeth line access to Heathrow (27 minutes) and Liverpool Street (under 10 minutes), plus the full Central and Jubilee line network.
• A PLP Architecture design in terracotta and red brick responds to the Mayfair townscape. The building that looks like it belongs on Davies Street rather than having been inserted into it.
• Grosvenor has owned and managed this part of Mayfair for centuries. That kind of continuity is rare in the London office market, and it shows in the streets.

Occupiers

65 Davies Street’s three tenants are a concentrated expression of the alternative asset management community that defines this part of Mayfair.

Blue Owl Capital, Hayfin and Harris Williams are all on identical December 2033 lease expiries, suggesting coordinated leasing at the point of building completion. All three are significant players in private credit, alternative lending and investment banking advisory respectively.

The building’s 100% occupancy and the profile of its tenants confirm its position as the current gold standard for new-build Mayfair office space.

Features

The Grosvenor ownership context is worth understanding for any business considering 65 Davies Street or any building on the Grosvenor estate. Grosvenor has owned significant parts of Mayfair since the 17th century. It manages the estate with a long-term perspective that’s fundamentally different from an institutional investor with a five-to-ten year hold period.

For occupiers, that means a landlord with a deep interest in maintaining the quality and character of the surrounding streets. It’s the kind of stewardship that helps explain why Mayfair has retained its character and commercial premium for so long.

Why businesses choose it

• Typical floorplates of 2,444 sq ft make each floor a self-contained office for a team of 15 to 20 people. It’s the right size for a boutique investment firm or advisory practice that wants a private floor with a Brook Street address.
• Achieved rents of £170/sq ft confirm market confidence at the top end, while the CoStar estimated range of £108 to £132/sq ft reflects the building’s refurbished rather than new-build status.
• Bond Street station is a three-minute walk, with Elizabeth line, Central and Jubilee line access. Additionally, Marble Arch and Oxford Circus are both within 10 minutes on foot.
• Fully let with 0% vacancy. The consistent track record of occupancy reflects the building’s appeal to the boutique financial services community on and around Brook Street.

Occupiers

CMA CGM Europe Regional Office occupies 2,007 sq ft alongside Clivedale London itself, which owner-occupies space in its own building. The building’s small floorplates mean the tenant base is naturally made up of businesses operating at an intimate scale. Expect the kind of financial services, advisory and investment firms that populate the streets between Grosvenor Square and Berkeley Square.

Achieved rents of £170/sq ft on a recent transaction are among the highest in this selection and reflect the scarcity of small-floor boutique space at this quality level in Mayfair.

Features

73–77 Brook Street occupies a position in the Mayfair market that larger buildings can’t replicate. For a business of 15 to 20 people that wants the cachet and character of a genuine Mayfair address, this kind of building is almost impossible to find.

Along with PLP Architecture’s 2017 refurbishment and the Brook Street location, tenants get high ceilings and natural light that characterise the best of Mayfair’s period commercial stock. It’s no wonder it’s a highly sought-after option in a part of the market where supply is genuinely scarce.

Why businesses choose it

• Typical floorplates of 30,000 sq ft make this one of only two buildings in Mayfair capable of accommodating a large financial services or professional services team on a single level – the other being Devonshire House.
• Having five Underground stations within walking distance gives occupiers more transport flexibility than almost any other Mayfair building.
• 100% leased with 0% vacancy. Achieved rents of £116.45/sq ft confirm sustained demand for large-floor Mayfair space at a price point below the newest buildings.
• An atrium, fitness centre, shower facilities and 24-hour access. While it’s not new-build, the building offers a comprehensive amenity package suited to a large professional services workforce.

Occupiers

1 Curzon Street’s tenant base reflects the full breadth of Mayfair’s financial and professional services community. Global investment bank, Houlihan Lokey anchors the building with 83,150 sq ft on a lease to August 2033. PJT Partners, Moore Europe Capital Management, Gulf International Bank and Third Space complete a tenant mix that spans investment banking, asset management, private banking and wellbeing.

Third Space’s long lease to November 2044 reflects both the building’s scale (a full-service gym requires significant space) and the value that large financial services occupiers place on in-building fitness provision.

Features

The Third Space gym on a lease to 2044 is worth noting as an amenity decision rather than just a tenant. For a building of 221,000 sq ft housing investment banks and asset managers with demanding hours and high expectations, an in-building full-service gym is a meaningful retention and recruitment tool.

Key considerations

Mayfair is one of the most straightforward office markets to understand in principle and one of the most demanding to navigate in practice. The address is clear and the occupier profile is well defined. But availability is limited and specification expectations are high. Crucially, the gap between a Mayfair office that reinforces your brand and one that merely has the postcode is wider than most people expect.

The address is a commercial decision

In most London office markets, the address is one factor among several. In Mayfair, for the right kind of business, it’s the primary factor. Private equity firms, hedge funds and family offices operate in a world where clients form an impression before the meeting begins. The building and the street communicate something instantly, as does the postcode. For businesses in those sectors, the cost of a Mayfair address is part of the commercial infrastructure, not an overhead to be minimised.

Rents are the highest in London outside the St James’s core

Headline rents for Grade A space in Mayfair range from £108/sq ft in older refurbished stock to £176/sq ft at the top of 65 Davies Street, with the submarket average for 4–5 star space running at £117.68/sq ft. Service charges are typically £18 to £22/sq ft. Total occupancy cost is among the highest of any London submarket. A full breakdown is available in Oktra’s London cost guide.

Large contiguous floorplates are scarce

Mayfair’s building stock reflects its residential and heritage character. Most buildings offer floorplates of 5,000 to 15,000 sq ft. Businesses that need 20,000 sq ft or more on a single level are largely limited to Devonshire House and 1 Curzon Street, both of which are currently close to fully let. Planning constraints make it unlikely that significant new large-floor space will come forward in the submarket in the near term.

Fit-out in Mayfair demands a different standard

Clients arriving at a Mayfair office carry expectations shaped by the surrounding environment. A fit-out that would be perfectly appropriate in Shoreditch or even the City can feel incongruous in a Mayfair context.

Whether it’s a new-build like 65 Davies Street or a refurbished period building, the best Mayfair offices share a material quality, attention to detail and a sense of permanence that takes careful design to achieve. Getting that right in a heritage building requires experience specific to this market, given the constraints that listed or protected status can impose.

Alternative areas to Mayfair for office space

Mayfair is the right address for businesses that need their office to carry weight with clients, counterparties and talent at the top of their respective markets. The building stock is distinctive and the transport connections are strong. Crucially, the submarket has a consistency of quality that reflects decades of careful ownership by the Grosvenor estate and other long-term landlords. However, if this isn’t the right fit for your business, there are plenty of alternative submarkets to consider.

St James’s is the closest alternative and competes directly for the same occupier profile. The SW1 postcodes around St James’s Square and Pall Mall carry comparable prestige and similar rents. They also attract a similar mix of asset managers, private equity firms and professional services businesses. Worth considering if the specific client and counterparty relationships a business maintains are more anchored to the St James’s end of the West End.
Fitzrovia, immediately to the north of Oxford Street, offers a more creative character at rents that are typically 30 to 40% below Mayfair. It suits businesses that want a central West End location without the formality or cost of a W1J address.

Soho is 10 minutes east and appeals to financial services businesses that want a West End presence with more energy and a broader amenity offer. 1 Soho Place and 1 Newman Street have brought institutional-grade space to Soho at rents that sit below the Mayfair top end.

Knightsbridge and Belgravia, immediately to the south of Mayfair, offer a similar level of prestige in a quieter, more residential environment. The transport connections are less strong than Mayfair, but the address carries comparable weight for luxury and family office businesses.

Not settled on a location? Oktra’s London area guide compares the main submarkets by sector, character and cost.

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