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London office rents 'soar'
16 July 2008
The cost of renting office space in London's central districts is soaring, new research has found.
According to recently published research data by agency Knight Frank, within central London, office space rental costs are currently increasing at their fastest rate for seven years, reports the Financial Times.
"Last year no one was predicting the type of rental increases we are beginning to see now," said William Beardmore-Gray, head of Knight Frank's agency in the City.
"It is understood that agents are seeking rents of £69.50 for the last remaining floor of Swiss Re's 'Erotic Gherkin'," he added.
Indeed, according to the firm, A-grade locations in the City now command rental yields of £61.50 per square foot, compared with £49 in 2006, while rent-free periods on long-term leases are reported to have dropped to 12 months.
Knight Frank is a multinational organisation operating within 36 countries.
For anyone seeking a London business address, Executive Offices Group offers a portfolio of virtual office options in locations that include Covent Garden, the West End and Mayfair.
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