The Independent – Rents for plush offices in Mayfair and St James’s plunged almost 30 per cent last year, hammered by the declining fortunes of many of their hedge funds tenants.

The commercial property agency NB Real Estate has released new research that shows the rent in swanky west London offices tumbled from £120 per square foot at the end of 2007 to £85 at the end of last year, a consequence of a bad year for hedge funds. They have been vilified for short selling bank shares, have suffered mass redemptions and experienced their worst ever full-year losses.

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Tags: commercial property agency, consequence, fortunes, london-offices, losses, mayfair, real-estate, redemptions, rents, square foot, st-james, west london