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
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