INDUSTRY NEWS

West End is most expensive in the world

New statistics recenlty published have revealed that Office space in London’s West End is once again the most expensive in the world according to a leading London property company.

The company’s Global Real Estate Market’s report has stated that the cost of renting office space in the region is now £85 per square foot.

Growth has also been reported in London’s financial district, reporting the average rental costs of around £55 per square foot, which has come in at number five on the list.

Part of the report stated that: “At the start of 2010, prime office rents were still falling in a significant number of the continent’s markets but by the end of the year, rents had either stabilised or begun to recover in most markets.

“The central London office market has led the recovery in demand and rental values. Take-up improved strongly in 2010, largely as a result of increased demand from the financial sector. London saw the most dramatic rise in prime rents in Europe.”

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