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London is again showing its strength as a global business hub. Take up of office space in the Capital is at its highest point since 2000, with approx. 15 million sq. ft. of space taken up in 2014 – leaps and bounds above the 10 year average of 13 million. Not only is take up on the rise, rents are also hitting new record levels. City averages of £62.50, Midtown and Clerkenwell £52.50 and Mayfair £107.50 psf show the strength of the London market across the board – this is expected to continue throughout 2015. Ollie Salter, surveyor at Morgan Pryce, notes how the continued take up is having an effect on rents,
“There is no doubt that we are currently in a Landlord’s market. With more and more take up in 2014, paired with a lack of supply coming to the market, rents inevitably are on the up. This is apparent throughout London – record high rents have been achieved in Mayfair, the City and Midtown.”
Record rents and take up are not the only indication of the property market in London being back towards the top if its game. Q4 2014 saw record levels of investment into the capital – £20.5bn, driving total investment for 2014 to £59.6bn – the second highest level on record. However, this is not just a London phenomenon, with regional investment also posting their second highest figures.
With more investor appetite in both London and the UK regions, there is a case to suggest that the UK property market is back to its best.
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.