Square Mile rents rose 25%

Office design news from Morgan Lovell

Published on 11-01-2011

The average rent for office interior space in London's Square Mile rose by 25 per cent over the last year, new figures have revealed.

According to research from Drivers Jonas Deloitte, 2010 witnessed the largest annual increase in rents in the area for the last 22 years, with the cost of office space now standing at up to £55 per sq ft in the City.

Head of research at the firm Anthony Duggan said: "After a significant slowdown in the face of the financial crisis, the London market has bounced back in terms of both occupational and investment markets."

Elsewhere in the capital, head of commercial division for Cluttons John Wood recently noted that West End office rents are set to increase by up to eight per cent over the next four years.

He argued that the availability of grade A office interior space in the capital continues to fall and this is placing an upward pressure on rents.

Posted by Ian Johnson