Office rents predicted to rise as economy recovers
November 13th 19:26 Cost Management
Commercial property rents are expected to rise next year as the economy bounces back.
According to construction firm Drivers Jonas, the best new buildings are likely to see growth of ten to 15 per cent next year and occupier demand is improving as confidence returns to the business sector.
Matthew Elliott, partner and head of transactions at the company, commented: "We are seeing more confident tenants and strong take-up for the best space. This will drive stronger rental growth than the market is currently forecasting."
Anthony Duggan, partner and head of research at the firm, added that construction of central London offices has fallen by 18 per cent over the last six months and speculative space is down nearly 50 per cent from the peak 18 months ago.
Last month, a study by CB Richard Ellis revealed that 2.6 million square feet of commercial property in central London was acquired during the third quarter of 2009, up from 1.1 million square feet in the opening three months of the year.
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