London office spaces are rocketing to record heights

posted by 5 years ago in News

The landlord of the ‘Cheesegrater’ tower that was completed in 2014 during the summer, says

“demand is showing no sign of slowing down”

The impressive building has managed to rent out 84pc out of 47 floors in the building. Shipping brokers ‘Affinity Shipping’ are making a large payment of £90 per square foot to secure themselves space on the top floors of the tower. This is a record-breaking sum indicating how ‘space’ alone is an increasing factor in London.

The massive increase for office spaces in London is rocketing to outstanding heights. The vast increase is helping one of Britain’s biggest landlords to gain a 12.1pc climb in the value of properties, and a 20.5pc growth in net asset.

The British land is now worth a great amount of £13.6 billion. Office spaces are helping with this huge increase. The costs for London skyscraper offices, last year had risen to an impressive 7.7pc, allowing London to become the fourth most expensive city in the world to rent offices.

Chief executive of The British Land Company Chris Grigg says, ”we have got other irons in the fire… We are happy to continue to develop, but we don’t happen to have a tower project at the moment, particularly given the price of land,” he also stated that the cost of development sites was being driven higher by expectations that rents will continue to spiral.

”we have got other irons in the fire… We are happy to continue to develop, but we don’t happen to have a tower project at the moment, particularly given the price of land,”

He also stated that the cost of development sites was being driven higher by expectations that rents will continue to spiral.

”We have got other irons in the fire… We are happy to continue to develop, but we don’t happen to have a tower project at the moment, particularly given the price of land,”

he also stated that the cost of development sites was being driven higher by expectations that rents will continue to spiral.

Grigg said that the general election had not made an impact on the demand for London offices and no signs of the EU referendum to pause and delay activity. He also stated

“Do I think it’s having an impact on the market at the moment? No, but could that change? Of course.”