Office rents fall in West End

Office design news from Morgan Lovell

Published on 27-11-2008

Aggregate office space rental costs in London's West End have fallen considerably over the last 12 months, it has been revealed.

Office industry news source Choregus has reported that data compiled by CBRE has shown that office interior rental costs have fallen by approximately £140 per sq ft for the year.

Furthermore, it noted that rental costs are set to continue to fall for the rest of the year and into the start of 2009.

Raymond Torto of CBRE commented: "London's West End or places that are showing declines right now are the leading edge of what's going to happen the next six months, obviously."

Meanwhile, figures compiled by the Office for National Statistics recently showed that construction orders fell sharply during the last quarter.

Builder & Engineer Online reported that orders were down by 19 per cent in comparison to the same period in 2007 and were one per cent worse than the preceding three-month period.