London Office Rates on the Rise

The prices of offices to rent in Central London are continuing to go up, according to one of the biggest commercial property companies in the whole of the United Kingdom. British Land has revealed new figures that show that the rental price for office space in offices located in Central London has increased continuously over the course of three consecutive financial quarters. This in turn has led to a sharp increase in British Land’s own net asset value per share, which has now risen by over 12 and a half per cent for this year so far, currently standing at £5.67.

Changes in the condition of the overall market are behind the very strong performance of the company across the course of the last 12 months, according to the chief executive of British Land, Chris Grigg.”We are invested in the right sectors – that is high quality retail and Central London offices,” he says. “We see signs now of rising rents in both of our sectors. That’s both important, a change, and somewhat different from what many others in the industry are seeing.”

The company’s activities for the rest of 2011 and the first few months of next year are almost certain to be dominated by the number of high profile buildings that are currently in development in Central London, which altogether encompass over two million square feet of new office space.

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