West End rents to rise 8%

Office design news from Morgan Lovell

Published on 04-01-2011

Office space in London's West End could see rent rises of up to eight per cent by 2015, it has been claimed.

Head of commercial division for Cluttons John Wood said that the availability of grade A office interior space in the capital continues to fall and this is placing an upward pressure on rents.

"Whilst occupier demand continues to improve in the West End, incentives are falling, with rents moving up across most areas as reduced availability becomes increasingly evident," he commented.

He made his comments following the publication of the firm's December 2010 West End Offices Update.

Meanwhile, US investment bank JP Morgan recently announced the purchase of the former offices of Lehman Brothers - 25 Bank Street - at Canary Wharf for £495 million.

The move has eased fears that the company could be planning to leave London in the coming months in protest against government efforts to curb the bonus culture in the finance sector.

Posted by Ian Johnson