London office rents reach record high in race for prime buildings
An 'unbelievable shortage' of new offices being built has pushed rents for the best workspaces in London up to record highs, and landlords expect prices to keep on climbing.
Great Portland Estates, the London office developer, reckons rents at its prime buildings have risen by almost 8 per cent over the past year, and it expects them to go up by perhaps another 10 per cent over the coming 12 months.
Landlords are profiting from booming demand for best-in-class bases at a time when there is not much prime workspace being built. GPE, for example, signed a record £38 million of new lettings last year.
'The supply side is unbelievably tight,' Toby Courtauld, chief executive of GPE, said. 'There is a significant drought of high-quality
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Sun
24 minutes ago
- The Sun
Samsung fans can get a FREE £600 tech bundle including a Galaxy tablet, watch & earbuds in mega giveaway – here's how
SAMSUNG is launching a huge summer giveaway, with tech fans able to get their hands on a free bundle of gadgets, worth £600. Android users are in with a chance to bag a Galaxy Watch7, Galaxy Buds3 Pro and Galaxy Tab A9+ completely free, but you'll have to be quick to snap up the deal. 1 To become the proud owner of the new set of tech, you need to purchase a Galaxy S25, S25+ or S25 Ultra phone from Currys owned retailer The order comes with the free air buds and watch, and you can then head over to the Samsung website to claim your free tablet. All together the three pieces of tech come to a whopping £596, making this deal seem too good to be true. The best value phone you can purchase to get your hands on the freebies is the £24.99 per month plan with iD Mobile which comes with 500 GB of data on a Samsung Galaxy S25 128GB phone. The 24 month contract requires a £79 upfront cost, however, it does also come with a six month free trial of Google One AI Premium, worth £113.94. has not confirmed an end date for the air bud and watch freebies, but said that the price drop will end at 4pm today, June 10. The free tablet is only available on order purchased before June 26. In total, the plan will cost you £702.76 over the two year period. This is cheaper than buying the phone directly from Samsung, which will set you back £799. If you would prefer to purchase the S25+ model, iD Mobile's £39.99 a month plan (with a £79 upfront cost) is the best value deal. Samsung Galaxy S25 launch Or, if you fancy splashing out on the S25 Ultra, you can choose the £44.99 a month deal, and pay £119 upfront. Although may not be the first store that shoppers think of when purchasing a new handset, this incredible deal will likely win many customers over. Plus, shoppers have been raving about the store on Trustpilot. One reviewer said: "My go-to. Seamless and such good deals to be had. "I would not look anywhere else.' Another said: "Fast and efficient. Great choice of phones and contracts at the best prices I could find after a comprehensive search of a large number of alternatives. "Clear communication, and my phone was delivered on the day and time it was stated by the company. "Everything about the experience was good.' A third person said: "Such a simple and super quick process to upgrade to a new phone. "Had an issue online but called the call centre and was resolved by a lovely and helpful lady, the new phone arrived the next day."
Telegraph
24 minutes ago
- Telegraph
Reeves to give speech ahead of Spending Review
Rachel Reeves is set to deliver a speech at the GMB union conference as the Chancellor prepares to unveil her eagerly-awaited Spending Review tomorrow. Ms Reeves is expected to use the address to the union in Brighton today to hail the Government's new £16.7 billion commitment to nuclear power projects. The Chancellor has signed off on £14.2 billion of investment to build the new Sizewell C nuclear plant in Suffolk. Meanwhile, Rolls-Royce has been named as the preferred bidder to build small modular reactors (SMRs) in a programme backed by £2.5 billion of taxpayers' cash. The funding is part of a wider programme of infrastructure investment worth tens of billions of pounds over the next decade which the Chancellor will confirm at the Spending Review in the House of Commons tomorrow. The review is expected to set out real-terms funding cuts for numerous Whitehall departments and the Chancellor's speech in Brighton will be watched closely for any clues about where the squeeze could be felt the most.
Telegraph
24 minutes ago
- Telegraph
Labour won't apologise for winter fuel chaos, says Miliband
Labour will not apologise for its handling of the winter fuel payment cut, Ed Miliband has said. The Energy Security and Net Zero Secretary defended the original decision taken last year to strip the support from 10 million pensioners. However he said Rachel Reeves, the Chancellor, had done the 'right thing' by backtracking after she announced on Monday she was restoring the payment to approximately three quarters of pensioners in England and Wales. The original decision plunged millions of pensioners into uncertainty, but Mr Miliband said the Government will not be saying sorry. Asked if the Government was willing to apologise and admit it had got the original decision wrong, Mr Miliband told Times Radio: 'We're not going to apologise for the actions we took to stabilise the economy. That's what happened last year. 'The Chancellor came into office, saw a massive black hole in the nation's finances. She took a whole series of measures. 'Now, what's happened since then is two things. One, we have stabilised the public finances and secondly, we've listened to people.' Mr Miliband added that Labour still believes that the benefit should be means-tested, but they have 'listened to the people' on how high the threshold should be to qualify for the winter fuel allowance. 'Personally, I think it's the right thing that the Chancellor has done. We have listened and we've changed the policy,' he said. Told that pensioners probably wanted the Government to admit it had got the original decision wrong, Mr Miliband said: 'I've talked to lots of people on doorsteps about the winter fuel allowance. I can't remember anyone who said, 'you should apologise'. People wanted us to change the policy and that's what we've done.' The decision to limit the winter fuel payment to only those who claimed pension credit was one of Labour's first acts in government. Ms Reeves argued it was a necessary step to help fill an alleged £22 billion 'black hole' in the public finances, which Labour claimed the Tories had left behind. Ferocious backlash The original decision meant the number of pensioners receiving the payment, worth up to £300 per year, was reduced by around 10 million. The total number of recipients of benefit has fallen from 11.4 million to 1.5 million. The move prompted a ferocious backlash and the issue contributed to Labour's drubbing at last month's local elections. Sir Keir Starmer then announced Labour was backtracking on the policy and Ms Reeves confirmed the details on Monday. The payment will be restored to the vast majority of pensioners who previously received it because anyone with an income of under £35,000 a year will now get the support automatically. Pensioners with an income above the £35,000 threshold will also receive the payment, but it will then be reclaimed from them in tax. Campaigners called it a massive over-complication of the system and raised fears of a 'widow's tax', as pensioner couples will be able to keep the allowance if their individual incomes are both below £35,000. If one dies, and the income is transferred over to the partner under a defined benefit pension scheme, it could push the surviving spouse's income past the £35,000 threshold, meaning they will have to hand the payment back.
