City office rents in London hit all-time high

http://www.independent.co.uk/news/uk/home-news/city-office-rents-hit-alltime-high-10205247.html

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One of the highest floors of the Leadenhall Building, otherwise known as the Cheesegrater, has been let out for an astonishing rent of £90.00 per sq ft, shattering the all-time record for the City.

Australian shipping broker, Affinity Shipping, has signed a 10-year lease for 6,584 sq ft of space at the building.

The deal beats the previous record rent which was set when Rhode Island-based insurance group FMGlobal took space on the 41st floor of the Cheesegrater for £83.50 per square foot.

Prime office rents in the City are now higher than they were pre-crash.

Average rents now stand at £65 per square foot, compared to £63.50 in 2007 when the world was first feeling the effects of the credit crunch.

London has seen an increase in demand from occupiers and a fall in office supply, causing the cost of space to soar.

The 224m-high Leadenhall building was designed by Rogers Stirk Harbour + Partners and is the tallest building in the City of London.