Real estate

Soaring office rents prompt companies to move

Rents - Soaring prime office rents in London - SantanderCB

Companies from Deutsche Bank to Facebook are searching out new areas of London as soaring prime office rents encourage them to leave their traditional locations. Deutsche said this month that it would move up to 800 staff out of the City of London to the Zig Zag building in Victoria, while Facebook announced in September that it had opted for a new development at Rathbone Square in Fitzrovia for its new HQ. Rents in prime parts of the capital have hit records this year: in Mayfair and St James, the average office rent rose to £120 per sq ft in the third quarter, up from £105 a year earlier, according to JLL figures. Prime City rents rose 10%, reaching £67.50 per sq ft, up from £61.50 a year earlier.


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