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London office rents have reached new highs after it was confirmed that the family office of Helly Nahmad, a prominent Art dealer – specifically with regards to Picasso, has agreed to take 3,000 sq. ft. of space in 8 St James’ Square for more than £185 per square foot. This represents an increase of around £45 per square foot on the previous rental set in 2007 by Permal Investment Management who secured 12 St James’s Square at £140 psf.
Ollie Salter, surveyor at tenant acquisition specialist Morgan Pryce, believes we may be reaching the top of the market,
“Prime London rents are reaching heights that haven’t been seen before. The record breaking rent achieved at 8 St James’s shows the nature of the current market – people are willing to pay premium prices to secure the best space. With more space due to come onto the market in the next 18 months, I believe there will be a tail off in prices. However, who is to say we may not see a £200 per square foot rent achieved in the Mayfair area in the near future?”
Mayfair and St James is no doubt pulling away with rent levels – 30 Berkley Square is expected to achieve a rent of around £150 psf in the coming weeks. However, there must be a point at which rental levels plateau; they surely cannot keep on the meteoric rise they are currently on…
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.