Chiswick Rents Now Higher Than Docklands
Report suggests office costs rising fastest in the UK
A report by city investment bank BNP Paribas has highlighted Chiswick as the area with the fastest growing office rents in the country.
Charges for for Grade A offices over the first six months of the year rose in Chiswick, by 15% to £64 per sq ft. This is now higher than the same measure for Docklands offices which fell to £62 per sq ft, compared to £64.50 six months ago, due to a lack on rental activity.
Dan Bayley, MD of Central London at BNP Paribas Real Estate, said, “It is unsurprising that occupancy rates have remained fairly stable across the country, as occupiers are still looking to secure good deals within Grade A offices. A lack of quality space tends to be the main reason for the rise in rates within various locations, such as Chiswick.”
“Looking forward, new enquiries are likely to be slow during the summer months and the Olympics. However, as we draw closer to the end of the year we expect activity to pick up again slowly, as there is already a number of high profile deals in the pipeline.”
In other areas charges rose in Croydon, by 7% to £35.50 per sq ft, Hammersmith, by 5% to £53 per sq ft, Hemel Hempstead, by 3% to £33.50 per sq ft, Bracknell, by 1.5% to £34.50 per sq ft, and Edinburgh, by 1.2% to £43.50 per sq ft.
August 14, 2012