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Mayfair already attracts the highest rents for offices in Central London and it appears that these rents are increasing. This has been the experience of the Agents at Morgan Pryce, the London commercial property agent. Prime rents for offices in Mayfair are currently averaging around £95.00 per sqft and are increasingly achieving over £100 per sqft. Agents have anticipated that the record high for rents for offices in Mayfair could be broken when prestigious locations, such as 30 Berkeley Square, hit the market.
“It is easy to see why rents in Mayfair could become so high in such prestigious locations,” says Sally Brough, Associate Director at Morgan Pryce “especially if landlords are prepared to accept shorter leases and on a floor by floor basis”.
For many this sudden rise in Mayfair office rents is hard to understand given the Central London office market is still considered fragile. However, it is believed in some quarters that the rents for offices in Mayfair is symptomatic of the lack of supply of prime properties.
Morgan Pryce is 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.