West End offices head towards the worse shortage of prime space for 30 years
30/06/2011
West End offices in the capital are heading towards the worst shortage of prime space for 30 years.
Property consultant Capita Symonds has warned that because of this West End rents will soar by nearly 50% over the next two years. They are predicting that rents will rise from £70 per square foot to £100 by 2013.
West End offices to let
This situation is reported to have come about as developers put projects on hold during the recession. This is not good news for the consumer, who two years ago held all the cards as office surpluses created a tenants market. The climate at the moment however, is in favour of the owner, West End availability has fallen by 14%, igniting their desirability and driving up the price.
Last years figures illustrated just how in demand the centre of London is, with rent declining throughout the country by 2.6% but growing by 5.7% in central London. The growing attraction of office space in central London forecasts good news for 100 Wigmore Street’s future.
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