INDUSTRY NEWS

Prime London office space rents up by 17.5 per cent

Recent figures released by a real estate company in the city have suggested that prime office space in London rose by 17.5 per cent during the first quarter of 2011.

It is estimated that for a prime rental space in the city a company can expect to pay £54.40 per sq ft, with renters in the West End paying as much as £92.50 per sq ft.

Quite surprisingly office space in the Docklands only rose by 4 per cent, making it one of the more affordable places to rent in London at the moment.

Dan Bayley, head of Central London at BNP Paribas Real Estate said: “Following an extremely busy 2010 the City is now seeing occupiers undergo a period of consolidation; and whilst this does suggest that the year has got off to a slower start a number of underlying positive trends are still evident.

“Across Central London as a whole a number of new requirements are emerging within the market and there are some significant pre-lets under discussion. The imminent completion of a number of new schemes within the City has also led to a waiting game in which occupiers are keen to see who is going where and what are paying before they commit.”

Commercial property news brought to you direct from DeVono Cresa, experts on London office space.