Cost of London office space set to increase
Surveyors predicting second fastest increase in rents since 1998 as office space in the capital dwindles
With the availability of London office space dwindling the cost of setting up an office in the capital is set to soar, according to a new research by the Royal Institution of Chartered Surveyors (RICS).
In Central London, 60% of surveyors say they have seen a rise in demand resulting in the second fastest increase in rents since the RICS’ survey began in 1998 – with 71% of surveyors predicting higher rates going forward.
Offices were cited as the most robust sector in the London market, with 79% of chartered surveyors expecting an increase rather than a drop.
Simon Rubinsohn, chief economist of RICS, commented: “The results of the latest survey suggest the price of commercial real estate will continue to move higher over the next 12 months and quite possibly by another 10%.”
We’ve created a detailed guide on the cheapest places in London to rent office space, view it here.