Swiss financial services company UBS Group AG, led London’s biggest leasing agreement since 2002, when five years ago they secured a rent deal of £54.50 per square foot from landlords British Land Co. and GIC Pte, during the struggling recession.
As UBS’s office building nears completion, the increasing demand for London office space and a rebounding financial industry, results in new office rent prices costing upwards of £8 per square foot more than UBS will pay.
Rents for the best offices within the London district are predicted to climb up to £70 per square foot this year.
The building, which started construction in 2010 is designed by architectural firm ‘Make’. Due for completion in Spring of this year, 6,000 UBS workers are expected to begin moving into the property in 2016.
The building which forms part of the Broadgate Estate, will provide 700,000 square feet of office space for UBS over thirteen storeys, within its unique design structure.
With expectations for City of London office space demand to overtake the supply, and new office builds across all of London, Deloitte Real Estate claim that half of the space has already been leased ahead of build completion. Primarily due to business expansion from the economy improvement as of 2013.
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