With a host of new deals in the city centre, the demand for office space in the capital only seems to be rising, which is likely to hike up rents even further than they currently are.
One of the most significant deals is that of electronic commerce giant Amazon who have taken a 10 year lease of 2,610 sq ft of office space in Threadneedle Property Investments’ offices at 85 Newman Street.
Other seals include Tsuko, an Edinburgh branding agency, which has announced plans for expansion which will allow them to launch a business base in London, as well as market research firm Incite who have taken office space in High Holborn.
The joint venture between British land and Blackstone Group is set to fulfil some of this demand with a £340 million office space development of 70,000 sq ft, with prices at £54.50 pet sq ft.
Chief executive of British Land, Chris Grigg, said, “The transaction demonstrates the enduring appeal of this important City of London office estate.”
The Crown Estate have also recently received planning permission to redevelop two sizeable office developments on Regent Street.
Activity such as this really reinforces the importance of London as part of the commercial property market and the continuing promise for prospective developers and occupiers alike.