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Mayfair, the most prestigious and arguably the most well-known part of London, thanks to the children’s board game Monopoly, is also one of the most expensive areas in the world for business to acquire office space in.
So what does it cost to have a slice of Mayfair? This can range dramatically depending of quality and locations. Is it in true Mayfair? Has it been refurbished so the building is as high class as the suburb it is in? These are all factors when it comes to the cost.
Currently at 30 Berkeley Street a deal is being done which will set a record high for the highest rent ever in London. This office space which is on the top floor located in Berkeley square has been speculated to achieve a rent as high as £150 a square foot. This will overtake the previous high in 2007 set by 12 St James’s square at £140 per square foot and this cycles high of £130 a square foot at 23 King Street.
Teresa Beatty from Morgan Pryce quoted “This rent brings the market up to a new level and once and truly shows the recession is over”.
On the other end of the spectrum there is office space available in Mayfair starting around £60 per square foot. This will get you an office space in a tired building which may not had any work done on the floor or in the common parts recently.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.