City rents rise as return to the office drives up demand
Briefly

from City AM2 months ago
According to global property consultancy Knight Frank, availability in newly constructed office buildings has fallen to 0.3 per cent in the West End Core - which includes Mayfair and St James's - and 0.5 per cent in the City of London.
City AMhttps://www.cityam.com/city-rents-rise-as-return-to-the-office-drives-up-demand-for-the-best-locations/
The firm added that demand for new office space in the context of scarce availability has seen prime rents in the City rise 16 per cent over the past 12 months to £90 per sq ft. Similarly, prime West End rents are up seven per cent to £150 per sq ft.
City AMhttps://www.cityam.com/city-rents-rise-as-return-to-the-office-drives-up-demand-for-the-best-locations/
In comparison, vacancy rates across all London office stock currently stands at nine per cent, with a majority of this being space in average to lower quality buildings.
City AMhttps://www.cityam.com/city-rents-rise-as-return-to-the-office-drives-up-demand-for-the-best-locations/
The most recent quarter saw Legal & General agreeing to pre-let 190,000 sq ft at Woolgate in the City ahead of its move in 2027. Accountancy firm BDO signed a long-term lease for a new UK headquarters at The M Building on Oxford Street.
City AMhttps://www.cityam.com/city-rents-rise-as-return-to-the-office-drives-up-demand-for-the-best-locations/
Read at City AM
#london-office-market #vacancy-rates #commercial-real-estate #prime-rents #post-pandemic-trends
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