INDUSTRY NEWS

Rest of UK slips further behind London in office space rental prices

According to research by a leading property company, the gap between rents for London office space and the rest of the UK widened in 2010.

Office space rents in Birmingham, Leeds, Edinburgh and Glasgow all fell in 2010. Manchester was the only city in the survey where office rental prices remained stable.

The report also indicated some positive news that there is expected to be a lack of supply for office space in 2012 which will drive up the price of rent across the country.

A London property spokesperson, said: “We are expecting an improving outlook across the UK during 2011, with rental growth in London set to continue and the stabilisation witnessed in the regions during the second half of the year showing further improvement as the lack of new development allows supply to fall.

“Prime commercial property in London will continue to attract investors, and as the regional cities maintain their recovery investors will be increasingly looking beyond the capital.”

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