Commercial Property Growth
Published / Last Updated on 23/04/2010
by Ashley Clark, Director
Apparently, office space in central London is back in favour, with rental growth appearing faster than expected. The same picture has been seen in New York too.
The London office sector enjoyed its strongest start to a year since 1998 in terms of occupation, as confidence returns to the markets.
New York enjoyed the same interest but unlike the UK, the US office markets have greater levels of supply, which need to be absorbed before the commercial property market there turns the corner.
With property development at an all-time low, competition to get the best properties is harsh and the lack of availability will start to push rents higher. Currently rents stand at around £45 per square foot for Grade A City offices and circa £80 per square foot for prime West End London offices; levels not seen since the end of 2008.
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