West End Office rents “continue to increase” says Kinight Frank
February 27th, 2008 | by Simon Rattray |Knight Frank have predicted that West End of London office rental rates will continue to rise in 2008.
Low vacancy rates and demand for prestigious, grade A office space in the West end will keep the cost per square ft at an average of £115.50 by the end of this year. This represents a rise of 5%, with a further rise of 2% predicted in 2009, meaning that London will continue to be the most expensive place to rent office space in the world. Much of the demand in the West End is from Private Equity companies who traditionally seek to be housed in the most exclusive areas of London.
However while the West End will see rental growth, Knight Frank predict that rental costs will stay unchanged in the City, with a predicted decline in 2009. They forecast that by the end of 2009 the average cost per sq ft for office space will be £62.50.
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