BCO welcomes free office initiative

Office design news from Morgan Lovell

Published on 19-03-2009

London mayor Boris Johnson has received backing over his scheme to offer foreign businesses free office space in the capital for 12 months.

Richard Kauntze, chief executive of the British Council for Offices (BCO), has said that this initiative should help London maintain its position as one of the premier destinations for businesses around the world during the recession.

He noted: "[It] is an imaginative response to the severe economic downturn.

"Rent-free periods are often used by landlords to incentivise tenants to take space."

Furthermore, Mr Kauntze stated that London offers firms a combination of skills, culture and opportunity and represents excellent value to businesses.

Meanwhile, the Royal Institution of Chartered Surveyors reported in December that commercial property capital values could fall by 25 per cent in the next two years.

Furthermore, it predicted that the UK commercial property market could record a drop of at least 16 per cent in capital values in 2009.